• Thursday, March 28, 2024
businessday logo

BusinessDay

Sanwo-Olu to woo British investors at UK investment forum

Reasons Idale is new destination for buyers, investors as Lagos inaugurates 252 homes

Governor Babajide Sanwo-Olu, will on Monday, January 18, 2021 lead members of his cabinet to engage British businesses and policymakers in a new push to attract foreign direct (FDI) investment into Nigeria and Lagos State in particular.

Sanwo-Olu will present business opportunities in Nigeria and the significance of investing in Lagos as the keynote speaker at a virtual event organised by the United Kingdom’s Institute of Directors (IOD).

The event makes Sanwo-Olu the first elected black leader to address the United Kingdom Institute of Directors (IOD-UK) in its over 100 years of existence. Specifically, the governor will take the platform to showcase Lagos to the British investors for investment consideration following the UK’S exit from the European Union.

“As a state contributing about 40 percent of Nigeria’s $410bn GDP and housing over 10 percent of the country 220 million population, Lagos is evidently a fertile ground for investment and a big market for commerce,” said Samuel Egube, the Lagos State commissioner for economic planning and budget, who is also the co-chair of Ehingbeti – Lagos State Economic Summit scheduled to hold next month.

Read Also: Covid-19 second wave in Nigeria: What does the data say?

“Over 100 British businesses have registered to participate in the virtual investment forum, while Helen Grant, Prime Minister Boris Johnson’s special trade envoy to Nigeria, Granr Shapps, secretary of state for transport and Elizabeth Truss, secretary of state for international trade and president, board of trade, will lead British public sector leaders to participate at the forum” according to Helena Drake, IOD branch manager for Yorkshire and North East.

The IOD director-general, Jon Geldart, who will lead his executive and other board members, will moderate the event. An excited Drake added that “the IOD is committed to facilitating business relations and seeking investment openings for its members in any part of the world”.

Nigeria is a major investment and trade destination for Britain following its exit from the European Union and the British government’s £37 billion to boost trade expansion in Africa, where Nigeria is the biggest economy and Lagos holds the enviable position as the 6th largest economy with its 40 percent contribution to Nigeria’s GDP of $410 billion, which is bigger than that of 20 African countries.