The Lagos State Government and Republic of India have resolved to explore enduring investment and business opportunities that will be mutually beneficial to both parties across various sectors.
This followed the State Government’s successful hosting of the business delegation from the Confederation of Indian Industries (CII) in collaboration with the Indian High Commission, Abuja, led by Indian Consul General in Lagos Chandramaouli Kumar Kern and Second Secretary (Commerce), Abuja, Pranay Sinha.
Speaking during the visit held at Alausa recently, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment (CCTI), Folashade Ambrose stated that Nigeria and India have a lot in common, describing the business visit as timely.
Her words: “The essence of continuous engagement with investors is to promote focal sectors that the State government has identified with projects listed for potential investments. These include rail transportation, development of Lagos State Medical Industrial Zone with focus on health, biotechnology and others, development of Omu Creek, finance and technical expertise in the operation of cyber security and knowledge information technology entrepreneurship, including expansion of the real estate sector, amongst others.”
Ambrose remarked that the Ministry’s strategy is driving economic prosperity and growth, focusing on trade, and strengthening the organised private sector through the development of the industrial sector, along with the NANOs and informal sector, in line with 30-year Lagos State Development Plan (LSDP) 1952 and T.H.E.M.E.S Plus Development Agenda that guide the administration’s policies, programmes and projects towards achieving a greater Lagos.
“One of the things the State is doing to enable business is building massive infrastructure. We have projects like the Light Industrial Estate, Imota, which we are developing into a complete business zone. There are abundant opportunities at the Lekki Economic Zone to be explored. We are also working with Federal agencies to harmonise our positions relating to removing barriers to trade and investments. We have concluded plans to train hundreds of MSMEs in export readiness, and we invite CII to partner with us to achieve this.
“We can have conversations around these opportunities and facilitate engagement with specific ministries in charge of the projects or sectors in which you are interested. Your team is in the right place as Africa is the next frontier for development, and Lagos is a leading player across sectors,” she said.
Indian Consul General in Lagos, Chandramaouli Kumar Kern, described the visit as exploratory, as some members of the team were in Nigeria for the first time.
“We have come to understand how we can collaborate with the State to enhance business prospects, and instead of coming and going for trade activities, I have advised the team to focus on building long-standing relationships by considering the establishment of their manufacturing businesses here. I will also advise the CII to send the prospectus for training for review and alignment with the State’s plan towards capacity building of MSMES,” he said.
Permanent Secretary, MCCTI, Olugbemiga Aina, observed that Nigeria and India, in view of the ongoing global policy shift, have to embrace a paradigm shift by looking beyond increased trade to have stronger economic relations through the deepening of manufacturing activities.
“Lagos State is the champion of Ease of Doing Business in Nigeria, it is the fiber optic capital of Nigeria and it is currently creating a new investment horizon in the generation, transmission and distribution of energy through the recently passed Lagos State Electricity Law. We need to develop local capacities to maintain middle-level technicians for maintenance services in sectors like the light rails and power, and Lagos would need the support of India to grow the MSMEs. They are small and are developing, and we need to ensure both local and Indian businesses are integrated in the same value chain instead of competing with each other,” he said.
Second Secretary (Commerce), Indian High Commission, Abuja, Pranay Sinha, acknowledged the State for being hospitable and for hosting the largest concentration of Indians in Nigeria.
“The Confederation of Indian Industries is a major investment promotion organisation in India, and the delegation comprised investors from medical, technology, manufacturing and other sectors. I must also mention that India has an all-expense-paid training programme (covering visa, accommodation, flight ticket) to accommodate 250 Nigerians, and Lagos State should take advantage of it because it runs on a first-come-first-served basis,” he said.
African Director, CII, Aditya Ghosh, stated that the organisation is not just a business association but also a development agency running centres of excellence that promote investment and trade.
“Nigeria is a country that many Indians look forward to investing in, but the challenges include adequate labour and skilled professionals to meet the needs of the businesses. CII has worked to grow and stabilise many MSMEs in India, and we want to work closely with Lagos to ensure local MSMEs grow and are integrated into the global value chain in the area of agriculture, tech startup and others,” he said.
Director, Trade/Industry, MCCTI, Dayo Shobayo assured that Lagos is a compelling investment destination and urged the investors to take advantage of the opportunities that abound in the State.