Lagos State Government has revealed that the State attracted over N50 billion in investment through Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) in the last One year.
Commissioner for Commerce, Cooperatives, Trade & Investment, Folashade Ambrose-Medebem stated this while giving the report of her Ministry at the ongoing Ministerial Press Briefing to mark the first year, second term in office of Governor Babajide Sanwo-Olu’s administration at the Bagauda Kaltho Press Centre Alausa, Ikeja, today.
According to the Commissioner, the new multi-billion naira investments, one of which is the Twinings Ovaltine Nigeria Limited (TONL), owned by the Associated British Foods Plc, would expand the State’s productive base, generate employment, and improve its economy.
Her words: “TONL, which formerly imports from China and packages into retail units here has now committed to fully manufacture its products in Lagos with the acquisition of an industrial site in Ogba. The N38 Billion investment will employ 112 people directly and over 200 others as distributors by 2025 while generating over $8 million in exports to West African countries.
“Other investors in healthcare, retail, Fast Moving Consumer Goods (FMCG), education, financial services, cybersecurity, agriculture, and manufacturing are also coming into Lagos, while many Trade Missions have gone from Lagos to the United Kingdom (UK) with the Organised Private Sector (OPS) and Business Membership Organisations (BMOs) to explore new trade opportunities.
“Our participation in investment and business summits across the world actively seeks to retain and bring investment opportunities available in the State to the attention of potential investors, with the aim to attract capital, skills, innovation, and technology to create more local jobs, increase productivity and generate higher revenue”.
Ambrose-Medebem expressed that the State, in line with the T.H.E.M.E.S Plus Development Agenda, remains committed to formulating enabling and supporting policies, executing infrastructure intervention, and designing trade expansion programs and projects to accelerate the economic development of the State, noting that the Sanwo-Olu’s administration is leaving no stone unturned at improving the Ease of Doing Business (EoDB) in Lagos.
“For instance, Lagos State applied and met all criteria to qualify for the first phase of the World Bank-funded State Action on Business Enabling Reforms (SABER) program set under the Four Disbursement Linked Indicators (DLIs) covering Improved Land Administration and Land-Based Investment process (DLI1); Improved investment promotion environment (DLI2); Increased transparency of official fees and procedures (DLI3) and Increase transparency of fees and levies for inter-state trade (DLI4).
“The State also successfully completed the reforms for the additional next stage comprising Eight DLIs for the first year cycle of the SABER program, and it is fully on track to meet all subsequent evaluations by the program”, she said.
Speaking further, the Commissioner remarked that the State Government and the Bank of Industry (BOI) have concluded on matched production and trade funding of One Billion naira each to be accessed by Nano, Micro, Small, and Medium Enterprises (NMSMEs), with exportable products, to scale their businesses and earn foreign exchange.
“This is a bold move to internationalize and empower our NMSMEs to grow their productive ventures, bolster regional and global trade, and increase the State’s contribution to the nation’s non-oil export. The funding will complement our current engagement with the Nigerian-Arabian Gulf Chamber of Commerce (NAGCC) to facilitate agricultural products and value chain to the six Gulf States through the Nigerian Trade House in Dubai”, she stated.
She assured that the State Government, under the leadership of Mr. Governor, Babajide Sanwo-Olu, will continue to engage, collaborate, support, and work with the Organised Private Sector (OPS) to ensure a conducive environment for doing business in the State.
