22nd May, 2024
Lagos State Government on Wednesday revealed that the State attracted over N50 billion investment through Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) in the last one year.
Commissioner for Commerce, Cooperatives, Trade & Investment, Folashade Ambrose-Medebem stated this while giving the report of the 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 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.
Her words: “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 Ogba. The N38billion valued investment will employ one hundred and twelve people directly and over two hundred 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.
“Our 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.”
Ambrose-Medebem expressed that the State, in line with the T.H.E.M.E.S+ Development Agenda, remains committed to formulating enabling and supporting policies, executing infrastructure intervention, and designing trade expansion programmes and projects to accelerate the economic development of the State, noting that the Sanwo-Olu administration is leaving no stone unturned at improving the Ease of Doing Business (EoDB) in the State.
“For instance, Lagos State applied and met all criteria to qualify for the first phase of the World Bank funded State Action on Business Enabling Reforms (SABER) programme set under the Four Disbursement Linked Indicators (DLIs) covering Improved land administration and land based investment process (DLI1); Improved investment promotion environment (DLI2); Increased transparency of official fees and procedures (DLI3) and Increase transparency of fees and levies for inter state trade (DLI4).
“The State also successfully completed the reforms for additional next 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,” she said.
Speaking further, the Commissioner said that the state government and the Bank of Industry (BOI) had concluded on matched production and trade funding of N1 billion each 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, under the leadership of Governor Babajide Sanwo-Olu, would continue to engage, collaborate, support and work with the Organised Private Sector (OPS) to ensure conducive environment for doing business in the State.