The Lagos State government does not want to walk the same path with the Federal Government of Nigeria that has continued to go for every loan opportunity it could find.
These loans are a pointer to the Federal Government’s inability to generate enough revenue to fund its projects.
People says this practice is destroying the economy.
There is evident lack of good infrastructure and proper road network for transporting agricultural produce from the rural areas to urban cities.
Right Place For Investment
To avoid all of that while also facilitating good investment in the state, the governor of Lagos state, Babajide Sanwo-Olu, is making efforts to ensure investors (existing and potential) see Lagos as a choice place for investments.
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Recently, he attended a US-Nigeria Council for Food Security, Trade and Investment (UNSC) event and he made a case for his state as an investment destination.
Frist, he described Lagos State as the right place for investments in FinTech, EdTech, Health-Tech, Business Process Outsourcing (BPO), Talent Training and Placement, or Physical Infrastructure like Data Centers, among others.
The event was on the sidelines of the World Bank-IMF Spring Meetings in Washington DC, United States.
The governor said: “It is always my pleasure to engage with existing and potential investors and business people in Nigeria, and most especially, Lagos State, the crown subnational jewel of the African economy.
“I am sure many of you are familiar with the fact that Lagos is the fifth largest economy on the continent, the most populous city, and the fastest-growing urban center, with a very vibrant and entrepreneurial population, made up of mostly young people.
“We have the market, we have the talent, we have the enabling environment, we have the physical infrastructure, all in place.
“And we have the success stories, great testimonials of what is possible when people come together to develop and implement great ideas and solutions,.
“These are backed by the power of private capital and the support of understanding and enthusiastic governments”.
THEMES Six Pillars
Also, the governor acknowledged the place of the US-Nigeria Council, as the pre-eminent business organisation working to strengthen economic and commercial ties between the United States and Nigeria.
Sanwo-Olu, spoke on the giant strides of his administration in different sectors, especially in Infrastructure, Food Security and Digital Technology, in line with the THEMES six pillars developmental agenda.
“At the beginning of this year, the President joined us in Lagos to commission the Lekki Deep Sea Port, on the eastern corridor of Lagos.
“It will interest you to know that the Deep-Sea Port is the first Deep Sea Port to be built in Nigeria, and is now the most modern one in West Africa.
“A real game-changer for shipping and logistics in Nigeria and all of the West Coast of Africa.
“Lagos State owns a 20% stake in that Port, while private investors own 75%.
“The Port will create an estimated 170,000 direct and indirect jobs and generate government revenue over of $200 billion over its 45-year concession period.
“It is in our view among the biggest and most transformational infrastructure investments in Lagos State in several decades, and we worked very hard with the private sector and the Federal Government to deliver it.
“Expect more of these kinds of collaboration in the next four years, especially as we look to deliver on a new bridge across the Lagos Lagoon, the 4th Mainland Bridge, and a new International Airport in Lagos,” he said.
Agriculture And Food Security
On agriculture and food security, Sanwo-Olu explained that his government’s focus is on processing and storage because of the State’s population, which makes it Nigeria’s biggest food consumption hub.
“We are also very blessed with water – a lagoon and the Atlantic Ocean, which means fishery is a huge opportunity.
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“It is with these opportunities in mind that we have recently completed the largest rice mill in sub-Saharan Africa, which will be managed by private players, while also building what will be the largest Food Security Systems and Central Logistics Park in sub-Saharan Africa.
“This park with storage facilities that can guarantee uninterrupted food supply to more than 10 million persons, for at least 90 days, is one of the outcomes of our five-year Lagos State Agricultural and Food Systems Road Map (2021-2025).
“I will encourage you all to get as familiar as possible with these Lagos State Government policy documents and road maps, which give an overview of our thinking and policy direction.”
