• Monday, June 24, 2024
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How Lagos attracted N50bn investments in one year – Official

How Lagos attracted N50bn investments in one year – Official

The Lagos State government says it has attracted foreign and domestic investments worth over N50 billion in the last one year, aided by an improved business environment.

The investments were in key sectors like healthcare, retail, fast-moving consumer goods (FMCG), education, financial services, cybersecurity, agriculture and manufacturing.

Folashade Ambrose-Medebem, the state commissioner for commerce, cooperatives, trade & investment, disclosed this during a ministerial briefing to mark the first year of the second term of Governor Babajide Sanwo-Olu, in Ikeja, on Wednesday.

According to Ambrose-Medebem, one such investment is Twinings Ovaltine Nigeria Limited (TONL), owned by Associated British Foods Plc, which is expanding the state’s productive base and generating jobs.

“TONL, which formerly imported from China and packaged into retail units here, has now committed to fully manufacture its products in Lagos with the acquisition of an industrial site in Ogba. The N38 billion investment will employ 112 people directly and over 200 others as distributors by 2025 while generating over $8 million in exports to West African countries.

Also, many trade missions have gone from Lagos to the United Kingdom (UK) with the organised private sector and business membership organisations to explore new trade opportunities.

“Our participation in investment and business summits across the world seeks to retain and bring investment opportunities in the state to the attention of potential investors, to attract capital, skills, innovation and technology to create more local jobs, increase productivity and generate higher revenue,” she said.

The commissioner said the current administration was even determined to formulate more business-friendly policies and create the right environment to attract for investments.

“The Sanwo-Olu administration is leaving no stone unturned in improving the Ease of Doing Business (EoDB) in Lagos.

“For instance, Lagos State applied and met all criteria to qualify for the first phase of the World Bank-funded State Action on Business Enabling Reforms (SABER) programme set under the Four Disbursement Linked Indicators (DLIs) covering Improved Land Administration and Land-Based Investment process (DLI1); Improved investment promotion environment (DLI2); Increased transparency of official fees and procedures (DLI3) and Increase transparency of fees and levies for inter-state trade (DLI4).

“The state also completed the reforms for the additional next stage comprising Eight DLIs for the first year cycle of the SABER programme, and it is fully on track to meet all subsequent evaluations by the programme”, she said.