PBA ReporterThe Lagos State Governor, Babajide Sanwo-Olu, has disclosed that the state attracts about 80 per cent of investment that comes to Nigeria.
Sanwo-Olu made this known over the weekend while delivering a speech at the third Lagos investors’ roundtable organised by the Office of SDGs and Investment in the state.
During the event, the governor launched a book titled ‘Lagos Deal Book’, a compendium of investment opportunities across the state as well as information about the incentives for making the investments and the processes for doing so.
He said: “It is such strategic partnerships that account for Lagos being by far the leading recipient of local and foreign direct investment in Nigeria.
“It is estimated that in the last few years, about 80 per cent of the investment into Nigeria has come into Lagos. These investments remain vital to our economic growth and wellbeing, supporting tens of thousands of jobs and livelihoods across the city.”
According to him, this was the reason why such a forum was an important platform for harmonising respective visions and targets, and agreeing key actions that would not only strengthen existing investment partnerships but also initiate new ones.
“As a low-lying aquatic city with over 22 million citizens, confined to the smallest land mass in Nigeria, Lagos is especially vulnerable to all the challenges of a sprawling, densely populated, climate-challenged, fast-growing megacity.
“Our Infrastructure needs alone – in the face of our rising population and limited geography – exceed $15bn annually – five times the annual state budget.”
On his part, Special Adviser on Sustainable Development Goals and Investment, Mrs Solape Hammond, said: “It is an incontrovertible fact that Lagos derived its age-long excellence partly from the worthy contribution of private investment to its socio-economic development. Hence, the commitment towards creating a conducive atmosphere for private businesses to strive.”
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