Lagos Attracts $43 Billion Investment In One Year

The Lagos State Government, through the Office of Overseas Affairs and Investment (Lagos Global), has declared that it has received approximately $43Billion investment proposition within one year of inception.

Prof. Ademola Abass, Special Adviser, Office of Overseas Affairs and Investment disclosed this today at the Bagauda Kaltho Press Centre, Alausa, Ikeja during the Y2016 Ministerial Press Briefing of the Lagos State Government as part of activities marking the one year anniversary of Governor Akinwunmi Ambode led administration in the state.

The Special Adviser said Lagos as an investment destination of choice is vigorously pursuing measures geared towards enhancing the ease of doing business, adding that investors are showing considerable interest in tapping into the investment opportunities in the state.

He noted that the state government has approved a good number of investment proposals out of the one hundred and thirty-nine (139) that are at various stages of consideration at the Office of Overseas Affairs and Investment.

While revealing that the State approved investment proposals covering six (6) sectors, namely: environment, infrastructure, health, manufacturing, real estate and transportation, Abass observed that since the setting up of Lagos Global, it has been working to ensure that investors who desire to invest in Lagos enjoy a seamless and hurdle-free experience.

In his words, “By streamlining its internal working processes and adopting a project proposal template to eliminate difficulties associated with multi-agency handling of investments, Lagos Global has set the stage for a first-class service delivery to investors, right from the point of initial enquiry down to the setting up and running of businesses in Lagos State.”

The Special Adviser stated further that the Lagos Global liaises with Ministries, Departments and Agencies (MDAs) particularly the focal investment MDAs in the State, through its Inter-Ministerial Coordination Department in performing its role as a one-stop shop for investment, stressing that the Office has established a cadre of ‘Investment Champions’ across all MDAs to serve as the interface between Lagos Global and MDAs in order to ensure effective collaboration and create a synergy in investment activities across board.