Lagos attracts $8.32 billion foreign investments in two years

Hammond briefing newsmen

The Lagos State Government on Tuesday said it has attracted investment worth $8.32 billion into the state in the last two years.

Special Adviser to the Governor on Sustainable Development Goals and Investment, SDGs, Mrs Solape Hammond disclosed this at a press briefing to mark the second year of Governor Babajide Sanwo-Olu’s government in office.

Hammond said the Office started on a strong footing that had seen investment worth close to 8.32 billion dollars being proposed for start-up in the State.According to her

‘The Office in the last two years of this administration and in line with its mandates to facilitate investments that will bring about the attainment of the global development goals and the State’s development Agenda (T.H.E.M.E.S) has strategically carried out series of programmes and activities to achieve these targets.

“The Office started on a strong footing that has seen investment worth close to 8.32 billion dollars in investment being proposed for start-up in the State,” she said.

The special adviser the Office participated in high level investment forum that would eventually yield the desired investment target for the State.

“Some of this investment forum include but not limited to: TICAD 2019, Yokohama Tokyo,Nigeria-Atlanta Investment Summit, World Urban Forum (WUF10) held at the National Exhibition Centre, Abu Dhabi, UAE, 2020 Fair Saturday’s Virtual Forum and second West Africa Cold Chain Summit & Exhibition (WACCSE),” she added.

She said her office successfully trained over 5,000 youth-led SMEs on digital skills, to make towards the achievement of Goal 8 ,Decent Work and Economic Growth, and 9, Industry, Innovation and Infrastructure, in conjunction with Alibaba Foundation, SME 100 Africa, e-Founders collective, Riby and Beyondperception.io..

Hammond added that the programme would continue this year with a target of training additional 10,000 youth-led MSMEs.

She noted that more than 12 private sector were supported in investing in Lagos in the area of transportation, telecoms, real estate, marine sustainability, entertainment, renewable energy, waste management, water, agriculture and car manufacturing, with up to N190 billion investment in the pipeline.

Hammond also disclosed that the office has been granted permission to establish a ‘One-Stop Shop Secretariat; a centralized office for ease of approval for both potential and existing investors who are desirous of setting up businesses in the State.

“It is aimed at facilitating the process of granting approval for lands, buildings, taxes etc from all the MDAs that are involved in business start-up. Personnel from these relevant MDAs with required approval authority will all be in the office to Fast-track the ease of granting these approval,” she said.