Monday, June 21, 2021 / 9.00AM / Ayomide Oguntoye for
WebTV/Header Image Credit: NBCC
A Deal book brochure that provides real-time information to investors on the opportunities for investments in the Lagos state will be unveiled in July, 2021. Governor Babajide Sanwoolu disclosed this as the keynote speaker at the Nigeria-British Chamber of Commerce (NBCC) forum "Meet the Governor" session that discussed investment and business opportunities in Lagos State.
The Governor said his administration was driven by a sense of urgency to reposition Lagos as a modern mega city and leading light in Africa.
According to him information on potential investments by sector in line with the "T.H.E.M.E.S" project has been conveniently detailed in the Lagos State Deal Book for potential investors, covering the following areas; Energy and Power, Housing, Transportation, Agriculture, Science and Technology, Environment, Education, Health, Tourism and Commerce.
He said Lagos state at the moment has over 120 active concessions across different sectors of the economy, leveraging public-private partnerships.
Giving a fiscal performance overview for the year 2020, Sanwoolu said Lagos state realized 94% of its revenue budgeted for 2020, while 76% of it was internally generated revenue.
Speaking further the Governor informed participants at the NBCC Webinar that Lagos was the leading investment destination, attracting 86% of capital inflows into Nigeria.
He noted however, that economic realities have significantly increased the challenges to the Lagos State Government fiscal position in the past few years.
Governor Sanwo-olu speaking on potential investment opportunities in the traffic management and transportation, said that there are investment opportunities in the construction of roads and bridges like the opebi-mende link bridge and the 4th mainland bridge. He added that there is a need for investment in the procurement of last mile buses and additional ferry services, improved technology enabled traffic management systems and technology to power a well-structured intermodal transport system.
Addressing health, the mentioned that the state government is committed to building world class hospitals, diagnostic centers and hospital management systems to reduce capital flight of $1bn on medical tourism year.
Speaking on entertainment and tourism, he mentioned that there is a need for the development of the film city and investment in the Nigerian Film Industry in order to create more job opportunities for young creatives in Lagos state. He also mentioned that the state government is currently developing a 100km of Lagos Coastline on the Atlantic Ocean.
In the area of technology, the Governor noted that technology being the new oil is the way to go for everyone, therefore the state is currently developing the Knowledge Innovation Technology and Entrepreneurship (KITE) hub which is located at Yaba where innovative minds can develop themselves and make a living.
Governor Sanwo-olu also noted that the state government is committed to ensuring that investment and doing business are easy for investors, from the start of business to location, access to finance, day-to-day operations and a secured business environment.
Mr. Kayode Falowo, the President and Chairman of council, NBCC delivering his opening remarks noted that the governor of Lagos state, during his inauguration highlighted his vision through the project T.H.E.M.E.S, an acronym for his administration's 6 strategic development agenda namely;
In furtherance of this vision, Falowo mentioned that the state government has made positive impact across various sectors. With a population of about 12.5 million, ranking as the state with the highest GDP and Internally Generated Revenue base in Nigeria. He reported that the state recorded IGR of about N419 bn in 2020, accounting for over 32% of the total IGR in the country.
The recently published Book of States by Nigerian Investment Promotion Council also showcased Lagos as the 7th fastest growing city in the world with the highest concentration of young, skilled and educated workforce. Lagos state is also the largest economy and financial capital of Nigeria. The state has the largest tourism, fashion and entertainment industry in Nigeria and has been recognized as the best city for startups in the continent.
Mr. Falowo said the NBCC has enjoyed a mutually beneficial relationship with Lagos as the base for its Headquarters for 44 years and commended the government for allocating a landed property to the chamber for the building of its plaza complex.
In his remarks the British High Commissioner to Nigeria Mr Ben Llewyn Jones restated the commitment of the United Kingdom in promoting trade and investments in Lagos state. He described Lagos as a strategic gateway for trade, commerce and economic activities in Nigeria.