Lagos State Governor, Babajide Sanwo-Olu, has urged existing and potential investors to continuously see Lagos, “the crown sub-national jewel of the African economy,” as a choice place for investments.
Sanwo-Olu said Lagos State is the right place for investments in Fintech, Edtech, health-tech, Business Process Outsourcing (BPO), talent training and placement, or physical infrastructure like data centres, among others.
The governor said this at a High-Level US-Nigeria Council for Food Security, Trade and Investment (UNSC) event on the sidelines of the World Bank-IMF Spring Meetings in Washington D.C., United States on Thursday, April 13.
“Lagos is the fifth largest economy on the continent, the most populous city, and the fastest-growing urban center, with a very vibrant and entrepreneurial population, made up of mostly young people.
“We have the market, we have the talent, we have the enabling environment, we have the physical infrastructure, all in place. And we have the success stories, great testimonials of what is possible when people come together to develop and implement great ideas and solutions, backed by the power of private capital and the support of understanding and enthusiastic governments,” he said.
According to a statement issued on Sunday, April 16, by his Chief Press Secretary, Gboyega Akosile, Governor Sanwo-Olu, while speaking on the giant strides of his administration in different sectors, said: “One of the accomplishments we are proudest of, in our first four years, has been the completion of the first phase of the Lagos Light Rail Blue Line – the first modern intra-city rail system in Lagos State.
READ ALSO: Sanwo-Olu: My second term regime for Lagos development
“As I speak test-running is going on, allowing Lagosians to have a long-overdue feel of what it is to belong to a city with the 21st-century rail system.
“We are also completing work on the first phase of the Red Line; together the Blue and Red Lines form two of the planned total of six Lines that will crisscross the metropolis.
“At the beginning of this year, the President joined us in Lagos to commission the Lekki Deep Sea Port, on the eastern corridor of Lagos. It will interest you to know that the Deep-Sea Port is the first Deep Sea Port to be built in Nigeria, and is now the most modern one in West Africa. A real game-changer for shipping and logistics in Nigeria and all of the West Coast of Africa.
“Lagos State owns a 20 percent stake in that Port, while private investors own 75 percent. The Port will create an estimated 170,000 direct and indirect jobs and generate government revenue over of $200 billion over its 45-year concession period.
“It is in our view among the biggest and most transformational infrastructure investments in Lagos State in several decades, and we worked very hard with the private sector and the Federal Government to deliver it.
“Expect more of these kinds of collaboration in the next four years, especially as we look to deliver on a new bridge across the Lagos Lagoon, the 4th Mainland Bridge, and a new International Airport in Lagos.”
Sanwo-Olu said some of the large-scale infrastructure projects being implemented by his administration included a 10-lane expressway, linking Nigeria to Benin Republic, and a network of Access Roads to the Lekki Deep Sea Port.
Speaking on the Lagos State Government’s commitment to agriculture and food security, Governor Sanwo-Olu said his government focus is on processing and storage because of the state’s population, which makes it Nigeria’s biggest food consumption hub.
Speaking on the Lagos State Government’s success in digital technology and innovation, the governor noted that Nigeria’s ICT sector, a component of the digital economy, was the only sector of the economy that grew by double digits during the COVID-19 pandemic.
“Lagos, I am proud to say, is the Fintech Capital of Africa, the city where companies like Flutterwave, Paystack, and Interswitch were birthed. And these are only three of several thriving startups in our ecosystem.
“According to Afridigest, Africa had, as of February 2023, seven Unicorn Companies. Of those seven, four originated in Nigeria, Lagos to be precise, and all four attained their unicorn status between 2019 and 2021. These four are 9 also reported to be responsible for $ 7.5 billion of the 11.45 billion on total valuation of African unicorns.
READ ALSO: Building collapse: Sanwo-Olu suspends construction in Banana Island
“Last year, Microsoft launched its Africa Development Center in Lagos, while Google landed its Equiano Sub-Sea Cable on our shores. We have, in the last few years, seen a huge number of major new data center investments, value more than of 1.5 billion US dollars.”
Speaking on the May 29 swearing-in of the President-elect, Bola Tinubu, Governor Sanwo-Olu said: “We have a new President-elect who will be sworn in on May 29: Asiwaju Bola Ahmed Tinubu, former Governor of Lagos State, between 1999 and 2007.
“For me personally, it means a lot, my first public sector job was in the Lagos State Government when he was governor, and also the fact that we will have a President who, having governed Lagos, has a very personal understanding of its needs and challenges.
“Lagos will continue to be in alignment with the ruling party at the centre, which we have enjoyed for the last eight years, and which has been transformational for us in various ways.”
- DisCos reduce electricity tariff for Band A customers - May 6, 2024
- Zenith Bank’s earnings hit N781bn, profit rises to N258bn in 3 months - May 6, 2024
- NiMet forecasts 3-day sunshine, haziness from Monday - May 6, 2024
