LIVE UPDATES
The Lagos State Government has announced that the state has attracted more than N50 billion in investments through Foreign Direct Investment (FDI) and Domestic Direct Investment (DDD) in the past year.
The Commissioner for Commerce, Cooperatives, Trade & Investment, Folashade Ambrose Medebem, made this known during the Ministerial Press Briefing to commemorate the first year of Governor Babajide Sanwo Olu’s second term in office.
According to the Commissioner, the new multi-billion naira investments, including Twinings Ovaltine Nigeria Limited (TONL), will contribute to the state's economic growth by expanding its productive base and creating employment opportunities.
TONL, which was previously importing and packaging its products from China, has committed to manufacturing its products in Lagos, with an investment valued at N38 billion.
This investment is expected to directly employ 112 people and create over 200 distributor jobs by 2025, while also generating over $8 million in exports to West African countries. Additionally, other investors in various sectors such as healthcare, retail, Fast Moving Consumer Goods (FMCG), education, financial services, cybersecurity, agriculture, and manufacturing are also showing interest in investing in Lagos.
Furthermore, several Trade Missions have been conducted from Lagos to the United Kingdom (UK) with the Organised Private Sector (OPS) and Business Membership Organisations (BMOs) to explore new trade opportunities.
"We actively engage in investment and business summits worldwide to showcase the investment opportunities in our State and attract potential investors. Our goal is to bring in capital, skills, innovation, and technology to create more local jobs, boost productivity, and increase revenue.
In alignment with the T.H.E.M.E.S+ Development Agenda, we are dedicated to developing policies, infrastructure, and trade expansion programs to accelerate the economic growth of the State. The Sanwo-Olu administration is fully committed to improving the Ease of Doing Business in the State."
"Lagos State has successfully met the criteria to qualify for the World Bank-funded State Action on Business Enabling Reforms (SABER) programme.
This includes meeting the Four Disbursement Linked Indicators (DLIs) which cover areas such as land administration, investment promotion, transparency of fees and procedures, and transparency of fees for inter-state trade.
The State has also completed reforms for the first year cycle of the SABER programme and is on track to meet all subsequent evaluations.
Additionally, the State Government and the Bank of Industry (BOI) have agreed on funding of N1 billion each for Nano, Micro, Small and Medium Enterprises (NMSMEs) with exportable products.
This funding aims to help these businesses grow, increase regional and global trade, and boost the State's contribution to non-oil exports.
Furthermore, there are plans to facilitate agricultural products and value chain to the Gulf States through the Nigerian Trade House in Dubai in collaboration with the Nigerian Arabian Gulf Chamber of Commerce (NAGCC)."
