Lagos govt. attracts over N50bn investments in a year

Ibrahim Quadri

Lagos State Government has met all criteria to qualify for the first phase of the World Bank funded State Action on Business Enabling Reforms (SABER) programme on the Ease of Doing Business.

The State was adjudged and emerged successful on Four Disbursement Linked Indicators (DLIs) covering Improved land administration and land based investment process (DLI1);.

The state also mproved investment promotion environment (DLI2); Increased transparency of official fees and procedures (DLI3); and Increase transparency of fees and levies for inter state trade (DLI4).

Commissioner for Commerce, Cooperatives, Trade & Investment, Folashade Ambrose Medebem revealed this while giving the report of her Ministry at the ongoing Ministerial Press Briefing to mark the first year, second term, of Governor Babajide Sanwo Olu’s administration at Alausa, Ikeja.

According to the Commissioner, the State also completed successfully the reforms for additional 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.

Her words: “The SABER programme is designed to assess the whole processes of doing business from registration, to obtaining approvals, setting up and actual running of the business and the outcome for Lagos demonstrated the determination of Mr. Governor, Babajide Sanwo Olu’s administration, to continuously formulate enabling and supporting policies, executing infrastructure intervention, and designing trade expansion programmes and projects to improve the ease with which businesses operate in the State.”

While assuring that State will leave no stone unturned to accelerate the economic development of the State in line with the THE.MES+ Development Agenda, the Commissioner affirmed that the sincerity and commitment of the Sanwo Olu administration to business prosperity has yielded over fifty billion naira in investment through Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) in the last one year.

“The new multi billion naira investments, one of which is the Twinings Ovaltine Nigeria Limited (TONL), owned by the Associated British Foods Plc, would expand the State’s productive base, generate employment and improve its economy. TONL, which formerly imports from China and package into retail units here has now committed to fully manufacture its products in Lagos with the acquisition of an industrial site in Ogha.

“The N38billion valued investment will employ 112 people directly and over 200 others as distributors by 2025, while generating over $8million in exports to West African countries.

“Other investors in healthcare, retail, Fast Moving Consumer Goods (FMCG), education, financial services, cybersecurity, agriculture and manufacturing are also coming into Lagos, while many Trade Missions have gone from Lagos to the United Kingdom (UK) with the Organised Private Sector (OPS) and Business Membership Organisations (BMOs) to explore new trade opportunities,” she said.

Ambrose Medebem maintained that the State’s participation in investment and business summits across the world actively seeks to retain and bring investment opportunities available in the State to the attention of potential investors, with the aim to attract capital, skills, innovation and technology to create more local jobs, increase productivity and generate higher revenue.

Speaking further, the Commissioner also revealed that the State Government and the Bank of Industry (BOD has concluded on two billion naira matched production and trade funding to be accessed by Nano, Micro, Small and Medium Enterprises (NMSMEs), with exportable products, to scale their businesses and earn foreign exchange.

“This is a bold move to internationalise and empower our NMSMEs to grow their productive ventures, bolster regional and global trade and increase the State’s contribution to the nation’s non oil export. The funding will complement our current engagement with the Nigerian Arabian Gulf Chamber of Commerce (NAGCC) to facilitate agricultural products and value chain to the six Gulf States through the Nigerian Trade House in Dubai,” she stated.

She assured that the State Government will continue to engage, collaborate, support and work with the Organised Private Sector (OPS) to ensure conducive environment for doing business in the State