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Thursday, May 23, 2024

Lagos attracts over ₦50bn investments in 1st year of Sanwo-Olu’s 2nd term

The Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, said this while presenting the ministry’s scorecard at the ministerial news conference on Wednesday in Lagos.

The news conference is part of activities lined up to commemorate the one-year anniversary of Governor Babajide Sanwo-Olu’s second term in office.

According to the commissioner, one of the new multi-billion naira investments, the Twinings Ovaltine Nigeria Limited (TONL), will expand the state’s productive base, generate employment and improve its economy.

“TONL, owned by the Associated British Foods Plc, which formerly imports from China and packages into retail units here, is now committed to the full manufacture of its products in Lagos, having acquired an industrial site in Ogba.

“The N38 billion valued investment will employ 112 people directly and over 200 others as distributors by 2025 while generating over 8 million dollars in exports to West African countries.

“Other investors in healthcare, retail, fast-moving consumer goods, education, financial services, cybersecurity, agriculture and manufacturing are also coming into Lagos.

“Many trade missions have gone from Lagos to the United Kingdom with the organised private sector and business membership organisations, to explore new trade opportunities,” she said

The commissioner further noted that the state’s participation in investment and business summits across the world actively sought to retain and bring investment opportunities available to the attention of potential investors.

“This is with the aim of attracting capital, skills, innovation and technology to create more local jobs, increase productivity and generate higher revenue,” she said.

Ambrose-Medebem said that the state, in line with the T.H.E.M.E.S Plus Developmental Agenda, remained committed to formulating enabling and supporting policies as well as executing infrastructure intervention.

She added that it was also committed to designing trade expansion programmes and projects, to accelerate economic development.

The Gov. Sanwo-Olu-led administration is leaving no stone unturned at improving the ‘Ease of Doing Business’ 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.

“They include Linked Indicators (DLIs) covering Improved land administration and land-based investment process, and (DLI1) Improved investment promotion environment (DLI2)

“It also includes Increased transparency of official fees and procedures (DLI3) and Increased transparency of fees and levies for interstate trade (DLI4).

“The state also successfully completed the reforms for the 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 ₦1 billion each.

She said that these could be accessed by Nano, Micro, Small and Medium Enterprises (MSMEs) 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 to facilitate agricultural products and value chain to the six Gulf States through the Nigerian Trade House in Dubai,” she stated.

Ambrose-Medebem assured that the state government would continue to engage, collaborate, support and work with the organised private sector to ensure a conducive environment for doing business.

Kaylie Pferten
Kaylie Pferten
A pilot of submersible crafts in a former life, now married to my husband David and writing about investment advice.

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