Lagos says it attracted $26.07 billion investments in last 2 years

Lagos says it attracted $26.07 billion investments in last 2 years

The Lagos State Government said that it attracted $26.07 billion in investments within the last 2 years, just as it reiterated its ability to bring in, retain and leverage inclusive and sustainable economic growth.

These investments, which are $17.75 billion in 2019 and $8.32 billion in 2020, made up 74% and 86% respectively of total capital inflows into the country.

This disclosure was made by the Special Adviser to the Governor on Sustainable Development Goals and Investment, Mrs Solape Hammond, at the ongoing 2021 Ministerial Press briefing organised to commemorate the second year anniversary of Governor Babajide Sanwo-Olu led administration.

Hammond said that the economic policy of the State government is designed to improve the business climate of Lagos and promote socio-economic prosperity.

She explained that the State Government, through the Office of Sustainable Development Goals and Investment, has in the last two years participated in several global campaigns to attract investments and partnerships for the execution of the SDGs-related projects.

What the Special Adviser to the Lagos State Governor is saying

Mrs Hammond confirmed that while the government is currently engaging several local and international organisations for various investment possibilities in the State, the Office has supported more than 12 private sector investors interested in Lagos.

The Special Adviser said, “Other strategies and efforts undertaken to promote sustainable investment in Lagos include the strategic partnerships with development agencies comprising the International Finance Corporation (IFC), Africa Development Bank (AfDB), World Bank and the French Development Agency (AFD).’’

She also confirmed that the office is set to establish a “One-Stop-Shop” to improve the ease of doing business for potential and existing investors, who are desirous of setting up businesses in the State, adding that the creation will facilitate the process of granting approval for lands, buildings and taxes by all MDAs that are involved in business start-ups.

Hammond revealed that the Office, in collaboration with the United Nations Development Programme (UNDP), launched and implemented the Conditional Cash Transfer Project in vulnerable communities, in order to establish and strengthen resilience, livelihood and provide short term employment for Lagos residents.

She disclosed that over 2,103 MSME owners received Unconditional Cash Transfer while 951 beneficiaries of ‘Cash for Work’, were paid to carry out environmental sanitation and hygiene for three months.

 



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