Sanwo-Olu tasks manufacturers on business policies, incentives

Lagos State Governor, Mr Babajide Sanwo-Olu, has charged manufacturers and industrialists to take advantage of the state’s economic policies and incentives aimed at providing a conducive business environment.

The Governor made the call in a statement issued by Mr Kayode Oyekanmi, Director, Public Affairs, Ministry of Commerce, Industry and Cooperatives (MCIC) on Thursday.

He spoke at the maiden edition of the Lekki Peninsula Region Conference and Expo 2021 organised by the MCIC in collaboration with Lekki Development Ventures.

Sanwo-Olu, represented by Dr Lola Akande, Commissioner, MCIC, said the conference was aimed at unveiling the commercial and industrial opportunities and government incentives to attract and support investment in the Lekki axis.

He noted that the Lekki region was demarcated geographically to diversify the economy of Lagos state and Nigeria, through the establishment of Lekki Free Zone.

Sanwo-Olu stated that there existed facilities and preferential policies for prospective investors in the Lekki Free Zone inclusive of the permission to sell 100 per cent of manufactured, assembled or imported goods in the domestic Nigerian market.

“There are also 100 per cent foreign ownership of investments, 100 per cent repatriation of capital, profits and dividends as well as waivers on all imports and exports and imports licenses; waiver on all expatriate quotas for companies operating in the Lekki Free Zones.

“The Lekki Deep Sea Port when completed and operational in the third quarter of 2023, will be the most modern port in the West Africa.

“These two projects are strategic as they will further open up the Lekki axis and unlock huge opportunity for investments and general development of the region,” he said.

Commending the efforts of the leadership of Lekki Development Ventures, Gov Sanwo-olu said the conference/ expo would  optimise and showcase investment opportunities in the region to Nigeria and beyond.

He, however, implored all potential investors to harness the investment opportunity in the region for a flourishing business.

Secretary to the Lagos State Government, Mrs Folashade Jaji, said the essence of the conference was to draw the attention of investors and Medium Small Micro Enterprises (MSMEs) to the business opportunities available in Lekki axis.

“There are many opportunities that investors can tap into, you might have other businesses you run now but I will implore you to also look elsewhere just like Nigeria is doing presently in order to harness the benefits made available by the state government.

“When you know and take advantage of opportunities and benefits inherent in businesses, you will only get stronger and it will be beneficial to you and the economy,” he said.

Also, the Chief Executive officer of Lekki Development Ventures, Mr Ayotunde Akinfolarin, said that the conference would become an annual convergence of Nigeria, foreign companies and agencies.

Akinfolarin noted that the state government’s efforts had so far encouraged the desire of investors to contribute to the commercial, industrial and investment growth of the Lekki region