By Merit Ibe
Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada- Ambrose has stated that the state attracted over one trillion naira in investment over the past one year.
Bada-Ambrose revealed this while rendering her Ministry’s account of stewardship during the ongoing ministerial press briefing to celebrate the second year of the second term of Governor Babajide Sanwo-Olu’s administration held at Alausa.
The Commissioner stated that the major chunk of the investment came from strategic conclusion of various deals amounting to about $600 million across Information and Communications Technology (ICT), digital innovation, healthcare, logistics, port operations and others.
“Lagos State Government, through the Ministry, successfully concluded $200 million investment deal with Abu Dhabi Ports aimed at driving growth within the Lekki Free Trade Zone. The State also welcomed $50 million dollar investment in Lagos Free Zone from International Finance Corporation (IFC), the private sector arm of the World Bank Group.
“These and other inflows are evident of the potentials of Lagos, the compelling enabling environment and high returns on investments, which remain major pull for investors trooping into the State.” Ambrose highlighted the Memorandum of Understanding signed with the Commonwealth Enterprise and Investment Council (CWEIC), a globally recognised organisation dedicated to fostering trade and investment among Commonwealth nations.
“Through this partnership, Lagos State has further positioned itself as a leading gateway for Commonwealth trade and investment in Africa.
The MoU represented another pivotal milestone in our journey towards economic transformation and global relevance. For information, the Commonwealth, comprising 56 nations spanning Africa, Asia, the Americas, Europe, and the Pacific, with a collective GDP exceeding $13 trillion and unparalleled network of businesses and institutions, offers Lagos the opportunity to connect with global enterprises, attract investments, and foster economic activities that will create jobs and elevate the living standards of our people,” she said.
The Commissioner ascribed the phenomenal growth of the State to the dedicated and focused leadership of Governor Babajide Sanwo-Olu, with the able support of the Deputy Governor, Dr. Obafemi Hamzat, noting that such provided the impetus for the Ministry to undertake extensive engagements with potential investors, riding on the fourth Pillar of the T.H.E.M.E.S+ Development Genda, which is Making Lagos A Twenty First Century Economy.
“Our priority is to ensure that the State does not slow down in its drive to further improve the business environment, but continues to make Lagos more conducive for businesses and investors. We are very committed to ensuring that we support businesses, strengthening them to grow and scale, while partnering with other stakeholders to facilitate the removal of barriers that hinder their operations.
“That is why our watchword for year 2025 is Transformational Development across commerce, cooperatives, trade and investment buckets as we continue to engage, listen and take action in the interest of businesses in particular and the State in general,” she said.
The Commissioner emphasised that the various investment initiatives by the State will generate more than 50,000 jobs in the immediate, a number that will grow phenomenally as the businesses scale.
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