Lagos Attracts N1trn Foreign Investments In One Year, Creates Over 50,000 Jobs

The Lagos State government has revealed that it has attracted over N1 trillion in foreign investments in the past year.

The state’s Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada Ambrose, disclosed this during the ongoing ministerial press briefing to celebrate the second year of the second term of Governor Babajide Sanwo-Olu’s administration held in Lagos.

The Commissioner stated that a significant chunk of the investment came from the strategic conclusion of various deals amounting to about $600 million in Information and Communications Technology (ICT), digital innovation, healthcare, logistics, port operations, and others.

Her words: “Lagos State government, through the ministry, successfully concluded a $200 million investment deal with Abu Dhabi Ports to drive growth within the Lekki Free Trade Zone. The state also welcomed a $50 million investment in Lagos Free Zone from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.

“These and other inflows are evidence of the potential of Lagos, the compelling enabling environment and high returns on investments, which remain a major pull for investors trooping into the state.”

Ambrose highlighted the Memorandum of Understanding signed with the Commonwealth Enterprise and Investment Council (CWEIC), a globally recognised organisation that fosters trade and investment among Commonwealth nations.

“Through this partnership, Lagos State has further positioned itself as a leading gateway for Commonwealth trade and investment in Africa. The MoU represented another pivotal milestone in our journey towards economic transformation and global relevance. For information, the Commonwealth, comprising 56 nations spanning Africa, Asia, the Americas, Europe, and the Pacific, with a collective GDP exceeding $13 trillion and unparalleled network of businesses and institutions, offers Lagos the opportunity to connect with global enterprises, attract investments, and foster economic activities that will create jobs and elevate the living standards of our people,” she said.

The commissioner ascribed the phenomenal growth of the state to the dedicated and focused leadership of Governor Babajide Sanwo-Olu, with the able support of the Deputy Governor, Dr. Obafemi Hamzat, noting that such provided the impetus for the ministry to undertake extensive engagements with potential investors, riding on the fourth Pillar of the T.H.E.M.E.S+ Development agenda, which is making Lagos a 21st century economy.

“Our priority is to ensure that the state does not slow down in its drive to improve the business environment further, but continues to make Lagos more conducive for businesses and investors. We are very committed to ensuring that we support businesses, strengthening them to grow and scale, while partnering with other stakeholders to facilitate the removal of barriers that hinder their operations.’’