Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose, says the state attracted investments worth over one trillion naira in the past one year.
Ambrose disclosed this on Tuesday during the ongoing sectoral ministerial press briefing organised to celebrate the second year of the second term of Governor Babajide Sanwo-Olu’s administration.
The Commissioner stated that the major chunk of the investment came from the strategic conclusion of various deals amounting to about $600 million across Information and Communications Technology (ICT), digital innovation, healthcare, logistics, port operations and others.
Her words: “Lagos State Government, through the Ministry, successfully concluded a $200 million investment deal with Abu Dhabi Ports aimed at driving growth within the Lekki Free Trade Zone.
“The State also welcomed a $50 million investment in Lagos Free Zone from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
“These and other inflows are evidences of the potential of Lagos, the compelling enabling environment and high returns on investments, which remain major pulls for investors trooping into the State.”
Ambrose also mentioned the Memorandum of Understanding signed with the Commonwealth Enterprise and Investment Council (CWEIC), a globally recognised organisation dedicated to fostering trade and investment among Commonwealth nations.
“Through this partnership, Lagos State has further positioned itself as a leading gateway for Commonwealth trade and investment in Africa.
“The MoU represented another pivotal milestone in our journey towards economic transformation and global relevance.
“For information, the Commonwealth, comprising 56 nations spanning Africa, Asia, the Americas, Europe, and the Pacific, with a collective GDP exceeding $13 trillion and unparalleled network of businesses and institutions, offers Lagos the opportunity to connect with global enterprises, attract investments, and foster economic activities that will create jobs and elevate the living standards of our people,” she said.
The Commissioner ascribed the phenomenal growth of the state to the dedicated and focused leadership of Governor Babajide Sanwo-Olu, with the able support of the Deputy Governor, Dr. Obafemi Hamzat.
According to her, the cooperation provided the impetus for the Ministry to undertake extensive engagements with potential investors, riding on the fourth Pillar of the T.H.E.M.E.S Plus Development Agenda, which is Making Lagos A 21st-Century Economy.
“Our priority is to ensure that the state does not slow down in its drive to further improve the business environment, but continues to make Lagos more conducive for businesses and investors.
“We are very committed to ensuring that we support businesses, strengthening them to grow and scale, while partnering with other stakeholders to facilitate the removal of barriers that hinder their operations.
“That is why our watchword for the year 2025 is Transformational Development across commerce, cooperatives, trade and investment buckets as we continue to engage, listen and take action in the interest of businesses in particular and the State in general,” she said.
The Commissioner emphasised that the various investment initiatives by the state will generate more than 50,000 jobs in the immediate, saying that the number will grow as the businesses scale up.
(vitalnewsngr.com)
