8th July, 2015
Kazeem Ugbodaga
In a bid to shore up investment for Lagos State, Governor Akinwunmi Ambode, has met with international investors and banks to fashion out modalities of investing in the state’s economy.
At the event held at the State House, Ikeja, Lagos, southwest Nigeria, on Wednesday, Ambode said government had decided to meet with a group of investors who have actually taken keen interest in what had been happening in Lagos in the last six weeks in order to move the state to greater heights.
“Like we promised, we said we are going to open up Lagos for greater business and what you have seen today is a demonstration of that. We have businessmen and investors who are interested in our infrastructure, water, health and also power. Like I’ve always said, Lagos is moving to greater heights. They have shown commitment this afternoon, they have also promised that in the next four years, Lagos will be something totally different from what it used to be.
“We’ve had fruitful discussions; we’ve looked at areas where we can partner together and areas where they can actually even invest freely, because they have confidence in Lagos State and that’s why they’ve been able to demonstrate that Lagos is actually open for every other investor to come into,” he said.
According to Ambode, government is committed and had shown that Lagos is reliable enough to be the hub of investment in Nigeria as well as shown that “we are going to be transparent and we are going to be credible and that we would obey the rule of law and ensure that investments are safe in Lagos.”
He said government believes strongly that it would grow the Gross Domestic Product, GDP of Lagos and create more jobs for people, stressing that “that’s the step we’ve taken today, we’ll take the right steps and the right decisions.”
Leader of the Group of investors, Pastor Idowu Iluyomade, said the team had been encouraged to invest in the economy of Lagos, saying that “we have international and local investors and we have international banks, UPS, JP Morgan, who have shown interest in partnering with the Lagos State Government and I pray what we have started, this seed that we have sown, it would grow and germinate and transform the whole of the state.”
Mutiu Sunmonu, Director of Julius Berger, said the meeting held with the governor was very profitable, saying that the governor has very bold steps and very bold ideas for Lagos State.
“This interactive session has also opened the way for further discussions such that we can actualise some of the projects that we have discussed today. I think it’s really a thing of pride that the governor has opened his door for investors,” he said.
Oluwatosin Adewuyi, Managing Director, Senior Country Officer for JP Morgan in Nigeria, said the company had been in Nigeria for 43 years, adding that he was very excited that some bold and creative plans had been put in place by the state government to enhance investment.
“I believe that is actually what is required in the next decade in Lagos. It’s always refreshing to spend time with the Governor who understands financing, and he does. It was two hours well spent and it’s best for us to move Lagos forward. We’re a global bank and essentially, our key skill set is to attract investors into countries and taking local companies out of Nigeria to raise capital and so from our perspective, there’s a myriad of projects that need to be financed and that’s where we need to come in,” he stated.