The Lagos State Government and the United Arab Emirates (UAE) have started the process of looking into potential investments in the State that would benefit both of them.
At a meeting held today at the Consulate General office in Lagos, representatives of the Lagos State Government made the decision. The meeting was presided over by His Excellency, Dr. Abdulla Almandoos, the Consul General of the United Arab Emirates, and Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade & Investment (MCCTI).
Ambrose-Medebem, who spoke during the meeting, stated that the Lagos State Government, through her Ministry, is steadfastly dedicated to fostering trade, accelerating economic growth and prosperity, and bolstering the organised private sector in conjunction with MSMEs, nano companies, and women-owned businesses.
In her own words: “Lagos is set to grow faster thanks to a number of ongoing megaprojects that will require multibillion-naira investments, including the Fourth Mainland Bridge, Lagos Food Logistics Hub, Lagos Film City, and rail transport. These will also provide investors additional options, and our objective is to make conducting business easier in order to attract more foreign and domestic direct investments.
Along with enormous potentials waiting to be exploited in the power, health, environment, housing, transportation, and other sectors, which the UAE can take advantage of with expected high returns on investments, the fast growth of Lagos would also require ambitious investment in ICT to boost its status as home to unicorns, she said.
His Excellency, Dr. Abdulla Almandoos, the Consul General of the United Arab Emirates in Lagos, expressed interest in the Emirate’s potential cooperation with Lagos, specifically regarding the transfer of funds from Dubai into the State and its potential for mutual benefit.
“We will be glad to know what opportunities Lagos has to offer investors and what areas of knowledge or investments can be promoted between the State and the Emirate,” he said, referring to the numerous requests for information he had received from potential investors in Dubai.
The two sides decided to carry on the conversation by exchanging specific information that would encourage direct investment inflow into Lagos from Dubai.