…We remain committed to building a resilient economy capable of attracting investors – Sanwo-Olu
…As FG, five states woo Investors on N4trn funding prospects at ‘Invest in Lagos 3.0’ Summit
President Bola Tinubu has projected Lagos as a leading destination for business, innovation and economic growth on the Africa continent.
The President described Lagos as the gateway to Africa’s economic future and a strategic hub for global investments and trade opportunities.
President Tinubu spoke on Monday at the opening ceremony of the third edition of Invest Lagos, tagged ‘Invest Lagos 3.0′ held at Eko Hotels and Suites, Victoria Island, Lagos.
The event themed “Lagos: Business Gateway to Africa, Powering Africa’s Next Era of Trade, Talent and Global Economic Leadership,” was organised by Lagos State Government in conjunction with the Commonwealth Enterprise and Investment Council.
Speaking at the event attended by top government officials, global and continental leaders, policymakers, investors, business leaders and development partners, the Federal Government as well Governors of Lagos, Abia, Imo, Nasarawa and Plateau States wooed investors present to invest in critical sectors at national and subnational levels, promising great returns on their investments.
President Tinubu, who was represented by Vice President Kashim Shettima, said Lagos has maintained its position as Africa’s commercial nerve centre through deliberate policies, strong institutions and a business-friendly environment that continues to attract multinational corporations and foreign investments.
He said Nigeria possesses the demographic strength, entrepreneurial talent and economic potential to rank among the world’s largest economies by 2050, if the country continues to invest in innovation, leadership and infrastructure.
President Tinubu also reaffirmed the Federal Government’s commitment to collaborating with states and the private sector to improve infrastructure, expand trade opportunities and strengthen the ease of doing business across the country.
In his Opening Address, the Governor of Lagos State, Mr. Babajide Sanwo-Olu, said his administration had consistently implemented policies designed to encourage investment, support startups and create an enabling environment for businesses to flourish.
He said Lagos remains committed to building a resilient economy capable of attracting local and international investors while creating jobs and opportunities for residents.
Governor Sanwo-Olu therefore called for increased private sector investment across key infrastructure sectors, including rail transport, energy, agriculture, and agro-processing.
He said Lagos State is opening up major opportunities to bridge its infrastructure gap and unlock economic growth, noting that Lagos State has significant untapped potential, particularly in transportation and utilities, adding that solving mobility challenges would have far-reaching economic benefits.
The Governor stressed that Lagos’ long-term growth depends heavily on efficient mobility systems, particularly rail and waterways.
He added that improved transport systems would directly enhance productivity and household incomes while improving the ease of doing business for investors.
“We have opportunity in water, we are currently enjoying some credit facilities, but we still have a lot of opportunity. If we solve transportation issues in Lagos, what we are doing is we are unlocking the economic potential. Travel time will be completely reduced. People can get to one point or the other easily, quicker, and faster,” he said.
Governor Sanwo-Olu also used the opportunity to court investors into Lagos’ expanding technology ecosystem, particularly in digital infrastructure and data services.
He said: “Today, we are building what we call not just data centres, we are building fibre connectivity around the city. The future is technology. Lagos is actively scaling up digital infrastructure to attract hyperscale data centre investments.
“Lagos is already positioning itself as a technology hub, but requires more private capital to expand capacity. We are opened one, but there are still huge opportunities in technology, in data, and infrastructure.”
Governor Sanwo-Olu emphasised agriculture and agro-processing as critical investment frontiers, citing Lagos’ large population and consumption demand as a major advantage for investors.
He said that with 24 to 25 million population, Lagos is a ready market, adding that food security and supply chain logistics remain strategic priorities for the state.
The Governor said that Lagos is developing a central logistics park and seeking additional investment to strengthen agro-processing capacity and improve food distribution. “We need a lot of processing plants. We need a lot of agro-processing opportunities that are there,” he said.
Speaking during the “Governors’ Investment Showcase” Governors of Abia, Imo, Nasarawa and Plateau states presented investment opportunities in key sectors of their respective economies.
They underscored the growing role of sub-national governments in driving investment, economic diversification and sustainable development across Nigeria.
The Governors urged investors to bring investments into their respective environments, promising a conducive business environment, a good returns on investment, tax incentives, among others.
The Governor of Abia State, Dr. Alex Otti disclosed that his administration is redesigning the architecture of Aba and critical market and business clusters in the State, leveraging the industrious nature of the indigenes of the State.
He said Abia State is producing its energy, such that some communities, which used to experience epileptic power supply, now have 24-hour electricity supply, thus, reshaping the operating business environment that allows for growth.
On his part, the Governor of Imo State, Senator Hope Uzodinma, said his administration is creating a State that can generate its revenue internally by fixing some of the infrastructural deficits he met on ground, to attract both local and foreign investors in its industrial revolution.
He said his administration has provided a friendly environment for investors to boost investments in Imo State.
In the same vein, the Governor of Nasarawa State, Engineer Abdullahi Sule, said the State has vast land for agricultural activities and it’s deepening reforms around this by attracting investors in that space.
He said Nasarawa has also leveraged its proximity to Abuja, the nation’s Federal Capital City, to attract more people and businesses into the State.
The Governor of Plateau State, Mr. Caleb Mutfwang, said his administration has done a lot in the area of agriculture, tourism and infrastructure. He therefore implored investors to invest in Plateau State.
Speaking earlier, the Minister for Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, highlighted ongoing economic reforms aimed at improving Nigeria’s investment climate.
The minister assured investors of the determination of the Federal Government to create a conducive operating environment for businesses to thrive.
He said recent fiscal and tax policy initiatives were enhancing investor confidence and opening up new opportunities for sub-national economic growth.
Oyedele said the President Bola Tinubu administration will create a good operating environment for businesses to thrive. He promised the over 2,000 high-level physical and virtual delegates and participants comprising innovators, global institutions, sovereign wealth funds, development finance institutions, multilateral institutions, structured finance specialists, trade networks across the Commonwealth and senior public officials that the Federal Government is pursuing a trillion dollar economy and iits providing the needed fiscal and monetary policies to make this a reality.
In her welcome address, Lagos State Commissioner for Commerce, Cooperatives, Trade, Investment and Industry, Mrs. Folashade Ambrose-Medebem, called on policymakers, investors, business leaders and development partners to make the most of the three-day summit.
She urged participants to explore investment opportunities in key sectors of the Lagos economy, including infrastructure, energy, finance, manufacturing, creative industries and urban development.
The Secretary-General of the Commonwealth, Hon. Shirley Botchwey, called for stronger regional cooperation through improved power supply, efficient logistics systems and enhanced security across the continent. She urged African leaders to harness innovation and talent as drivers of job creation and sustainable economic development.
Also speaking at the event, the Chairman of the Commonwealth Enterprise and Investment Council, Lord Marland, commended Lagos and Nigeria for their strong entrepreneurial spirit and leadership.
Marland, who noted that Nigeria’s economy is becoming more stable and attractive to foreign investors, said increased investment would help address some of the Country’s major economic and social challenges.
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