Lagos reaffirms commitment to business-friendly environment at LCCI Conference

Lagos State Governor Babajide Sanwo-Olu has reaffirmed his administration’s commitment to creating a conducive environment for both local and international businesses in Lagos.

Speaking at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2024, themed “Invest Nigeria,” held at Eko Hotels and Suites on Wednesday, Governor Sanwo-Olu emphasized the ongoing efforts of the Lagos State Government to attract and retain investments through strategic policy implementation and infrastructural development.

Highlighting his administration’s vision of building a “21st Century Economy,” Governor Sanwo-Olu underscored the importance of infrastructural development in sectors such as public transportation, logistics, digital ecosystems, and agriculture. These initiatives aim to boost investor confidence and create employment opportunities for the state’s youth.

“Lagos, Africa’s economic hub, offers a conducive business environment, strategic location, vast market, and a pool of energetic talent,” Sanwo-Olu stated. “We are investing in upgrading and expanding our infrastructure, including transportation, telecommunications, healthcare, education, and digital infrastructure, to support our rapidly growing population and drive economic growth.”

The governor also discussed ongoing projects, including the construction of Africa’s largest food logistics hub in Lagos, aimed at enhancing food security and supporting millions of farmers, traders, and stakeholders in the agricultural sector. He also mentioned investments in tourism and entertainment infrastructure, including the John Randle Centre for Yoruba Culture and History, the revamped National Theatre, and a new 10,000-seat entertainment arena.

Governor Sanwo-Olu reiterated his administration’s commitment to creating a business-friendly environment through incentives such as tax breaks, streamlined regulatory processes, and a competent judicial system. “We will continue to roll out incentives for investors,” he said. “This is not mere talk. We walk the talk, as evidenced by the numerous successful projects and investments in Lagos.”

The governor highlighted notable achievements in Lagos, including the establishment of the world’s largest single-train crude oil refinery and Africa’s largest granulated urea fertilizer complex. He also mentioned the recent arrival of the world’s longest submarine cable in Lagos, further strengthening the state’s digital infrastructure.

The event also featured remarks from Alhaji Adegboyega Oyetola, Nigeria’s Minister of Marine and Blue Economy, who spoke about the country’s strategic location and abundant resources as opportunities for investment. He emphasized the federal government’s commitment to promoting export-oriented businesses and improving port security.

Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, assured investors of Lagos’ openness to business and highlighted various opportunities available to both local and foreign investors. She noted that Lagos contributes more than 30 percent of Nigeria’s Gross Domestic Product (GDP) and that the state government has set up infrastructure to ensure ease of doing business.

The conference, attended by members of the diplomatic corps, entrepreneurs, industry leaders, and other stakeholders, included discussions on opportunities in Nigeria for international trade, understanding the regulatory environment for investment, and bilateral business sessions.

Governor Sanwo-Olu commended LCCI President Gabriel Idahosa and his team for their dedication to the development of Lagos, praising their sense of belonging, guidance, and support to the business community. He concluded by inviting investors to partner with the Lagos State Government in building a prosperous future for Nigeria.