The Lagos State administration revealed Monday that, in the past year, it had drawn in over N50 billion in both domestic and foreign direct investment (DDD and FDI).
This was said by Folashade Ambrose Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment, during her presentation of her ministry’s report at the ongoing Ministerial Press Briefing to commemorate the start of Governor Babajide Sanwo Olu’s second term in office at Alausa, Ikeja.
The Commissioner said that the new multibillion-naira investments would strengthen the State’s economy, create jobs, and broaden its base of production. One such investment is Twinings Ovaltine Nigeria Limited (TONL), which is owned by Associated British Foods Plc.
In her own words: “TONL, which used to import goods from China and package them for local retail stores, has now committed to manufacturing all of its products entirely in Lagos after purchasing an Ogba industrial site. By 2025, the N38 billion investment will have directly employed 121 individuals and employed over 200 more as distributors, bringing in over $8 million in export revenue to West African nations.
Additional investors are pouring money into Lagos in the fields of healthcare, retail, education, cybersecurity, financial services, fast-moving consumer goods (FMCG), agriculture, and manufacturing. In an effort to explore new trade opportunities, numerous trade missions from Lagos have travelled to the UK with the help of business membership organisations (BMOs) and the organised private sector (OPS).
In order to attract capital, skills, innovation, and technology to create more local jobs, increase productivity, and generate higher revenue, we actively seek to retain and bring investment opportunities available in the State to the attention of potential investors through our participation in investment and business summits around the world.
Noting that the Sanwo-Olu administration is making every effort to improve the Ease of Doing Business (EoDB) in the State, Ambrose-Medebem stated that the State, in accordance with the T.H.E.M.E.S+ Development Agenda, remains committed to creating enabling and supporting policies, carrying out infrastructure intervention, and designing trade expansion programmes and projects to accelerate the economic development of the State.
For example, Lagos State submitted an application and satisfied all requirements to be considered for the first phase of the State Action on Business Enabling Reforms (SABRE) programme, which is funded by the World Bank and falls under the Four Disbursement Linked Indicators (DLIs). These DLIs include: Enhanced investment promotion environment (DLI2); Enhanced land administration and land-based investment process (DLI1); Enhanced transparency of official fees and procedures (DLI3); and Enhanced transparency of fees and levies for interstate trade (DLI4).