Lagos Attracts Over N50bn Investments, Wins World Bank Funded Ease of Doing Business Rating
Lagos State government yesterday disclosed that it has attracted over N50 billion through Foreign Direct Investment (FDI) and Domestic Direct Investment (DDD in the last one year.
Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose Medebem stated this while giving the report of her 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 packages into retail units here, has now committed to fully manufacture its products in Lagos with the acquisition of an industrial site in Ogba. The N38 billion 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).
