Home Economy $4.13bn investment flowed into Lagos in 3 months—LCCI

$4.13bn investment flowed into Lagos in 3 months—LCCI

by Business News Report

President Lagos Chamber of Commerce and Industry Mr. Babatunde Paul Ruwase, FCA said that $4.13 billion investment was attracted to Lagos State in the second quarter of 2019. Speaking at the Lagos Day at the Lagos International Trade Fair Mr. Ruwase said “The state takes the front seat as the most attractive investment destination in Nigeria. For context, official data by the National Bureau of Statistics showed Lagos State attracted $4.13 billion worth of foreign capital in the second quarter of 2019, which is 72 per cent of total $5.82 billion imported to Nigeria. We commend the Executive Governor, Mr. Babajide Olusola Sanwo-Olu for his private sector-led growth initiative as well as his resolve to make Lagos work for everyone. The present state administration continues to leverage Private-Public Partnerships (PPPs) to promote sustainable growth and development. 

“The $629 million financing facility between Lagos State and China’s Harbour Engineering Company (CHEC) for the completion of Lekki Deep Seaport project due 2021 is an attestation of robust investor confidence in the state. Permit me to say that Nigeria’s upward progress to the 131st position in the World Bank’s Ease of Doing Business reflects the effectiveness of various reforms implemented in Lagos, as 77 per cent of businesses captured in the report were drawn from Lagos. The state continues to show readiness to partner private investors for inclusive growth and development. The Lekki Free Trade Zone, which offers incentive like 100% ownership of foreign investment, 100% repatriation of dividend & profit and tax-free on goods imported for re-exports, is a perfect example of the state’s resilience to foster investment.

It is most heart-warming for me to welcome you all to the Lagos State Special Day at the ongoing Lagos International Trade Fair. On behalf of the council and entire membership of the Lagos Chamber of Commerce and Industry, we appreciate the constant support of the Lagos state government towards the success of the 10-day event, ending today. The year’s fair with the theme Connecting Businesses, Creating Value’is aimed at meeting the aspirations of investors, businesses, government parastatals and state governments like Lagos State. With this theme, the Lagos Chamber is drawing the attention of policy makers and economic managers on the need to restructure and diversify the productive base of the economy to critical non-oil sectors like agriculture and manufacturing.  The Chamber remains resolute in promoting value addition in the non-oil sector in a bid to enhance industrialisation and fast-track the pace of economic growth.

“Lagos State, which is Nigeria’s commercial capital, would be the 5th biggest economy in Africa, if it were a country.  Lagos State alone accounts for almost a third of Nigeria’s aggregate internally generated revenue (IGR).  Distinguished Ladies & Gentlemen let me seize this opportunity to acknowledge the bold step taken by the Executive Governor, Mr. Babajide Sanwo-Olu, for proposing a 2020 budget that addresses the developmental challenges affecting the good people of Lagos State. The proposed budget tagged ‘Awakening to a Greater Lagos anchored on a N1.17 trillion expenditure plan, will be financed by an estimated internally generated revenue of N1.07 trillion and N97.53 billion funding from internal and external sources. What interest us the most is the fact that the state government intends to spend 62% of total expenditure on physical and social infrastructures and the adoption of Performance Management System to ensure transparency and compliance.

The council and entire membership of the Lagos Chamber felicitate with the Executive Governor Mr. Babajide Olusola Sanwo-olu, on your electoral victory at the court of appeal.  This victory will further give you and your team the impetus to continue the good work you have started to make doing business in Lagos more conducive, promote commerce and generally improve the quality of life. As the Nigeria’s foremost and premier chamber, the Lagos Chamber will not relent in engaging government at federal and state levels through our policy advocacy programmes to embrace  reforms deemed friendly by investors to make our business environment more hospitable for small & medium scale enterprises, big corporates, investors, multinationals and other stakeholders”.

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