Governor Babajide Sanwo-Olu has assured investors that Lagos State offers highly rewarding opportunities for investments as it is home to the majority of European companies operating and contributing to the economic prosperity of Nigeria.
Sanwo-Olu stated this at the stakeholders’ conference organised by the European Business Chamber Nigeria, Eurocham, in Lagos recently, themed: Sustainable Business Growth 2024.
Represented by the Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs. Folashade Ambrose-Medebem, the Governor described the theme as apt because it speaks to the need for a concerted effort on the part of all stakeholders, particularly policymakers and the business communities in Europe and Nigeria to take advantage of our economic potentials given the increasing changes in the global ecosystem.
His words: “The unfolding events in Europe as we speak has brought to the fore the need for realignment of economic and trade ties, especially with Africa of which Nigeria stands out as the largest economy. As a government, and in the realisation of the position of Lagos State as the economic hub of Nigeria and the 5th largest economy in Africa, we are not oblivious of the role we must play to ensure that the goal of harnessing our potential for sustainable growth is achieved.
“Our focus as a government committed to making Lagos the most attractive destination for investment in Africa is to continue to design and implement policies that will promote the ease of doing business and provide a conducive environment for business to thrive”, he added.
According to Sanwo-Olu, his administration launched its Land Administration e-GIS portal which has not only effectively aligned Lagos with modern cities with the most advanced system in land documentation and acquisition but will also sanitise the system towards attaining higher levels of transparency and accountability which are major factors that promote ease of doing business.
“Lagos is open for business and we are committed to addressing challenges hindering the growth and smooth operations of businesses in the State, which is why we are investing massively in critical infrastructures, especially those that have a direct impact on businesses including MSMEs. Lagos offers highly rewarding investment opportunities in areas such as tourism, agriculture, real estate, healthcare, technology, transportation etc, and we look forward to strengthening existing economic ties that will be mutually beneficial to European and Nigerian investors.
The European Union, EU, Ambassador to Nigeria and Economic Community of West African States, ECOWAS, Her Excellency, Mrs. Samuela Isopi described the EU as an important business partner with Nigeria because four out of 10 European companies come to do business here.
“European businesses, comprising about 300 companies that provide a decent 160,000 direct and indirect jobs, continue to demonstrate their resilience operating here despite the challenges. The European Union is ready to work with Nigeria to overcome its challenges”, she said.
“Lagos is open for business and we are committed to addressing challenges hindering the growth and smooth operations of businesses in the State, which is why we are investing massively in critical infrastructures, especially those that have a direct impact on businesses including MSMEs. Lagos offers highly rewarding investment opportunities in areas such as tourism, agriculture, real estate, healthcare, technology, transportation etc, and we look forward to strengthening existing economic ties that will be mutually beneficial to European and Nigerian investors.