Kunle Adelabu
Lagos State Governor, Mr. 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.
He 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 Centers, among others.
Governor Sanwo-Olu spoke 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 DC, United States, last Thursday.
“It is always my very great pleasure to engage with existing and potential investors and business people in Nigeria, and most especially, Lagos State, the crown subnational jewel of the African economy. I am sure many of you will be familiar with the numbers, the fact that 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 mostly by 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 government”, he said.
The Governor acknowledged the place of the US-Nigeria Council, as the pre-eminent business organisation working to strengthen economic and commercial ties between the United States and Nigeria.
Governor Sanwo-Olu, during the event, spoke on the giant strides of his administration in different sectors, especially in Infrastructure, Food Security and Digital Technology, in line with the THEMES, his government’s six pillars developmental agenda – Transportation and Traffic Management, Healthcare and Environment, Education and Technology, Making Lagos a 21st Century Megacity, Entertainment, Tourism and Sports, and Security and Governance.
He 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.
“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 with the Blue and Red Lines, they 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 generates revenue for the government of over $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 bridges across the Lagos Lagoon, the 4th Mainland Bridge, and a new International Airport in Lagos”.
The Governor said some of the large-scale infrastructure projects being implemented by his administration are: a 10-lane Expressway linking Nigeria to Benin Republic, 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.
“We are also very blessed with water – a lagoon and the Atlantic Ocean, which means fisheries are a huge opportunity. It is with these opportunities in mind that we have recently completed the largest rice mill in sub-Saharan Africa, which will be managed by private players, while also building what will be the largest Food Security Systems and Central Logistics Park in sub-Saharan Africa.
“This Park with storage facilities that can guarantee uninterrupted food supplies to more than 10 million persons, for at least 90 days. This is one of the outcomes of our five-year Lagos State Agricultural and Food Systems Road Map (2021–2025). I will encourage you all to get as familiar as possible with these Lagos State Government policy documents and road maps, which give an overview of our thinking and policy direction.”
