Lagos State Government Attracted $43Bn Investment Proposals in Three Years

The Special Adviser to Lagos State Governor on Overseas Affairs and Investment, Professor Ademola Abass, yesterday, 26th of April, 2018 disclosed that investment proposals approximately worth $43Billion has been attracted to the state in the three years of Governor Akinwunmi Ambode.

Abass, while addressing the media at the ongoing 2018 Ministerial Press Briefing celebrating the third anniversary of Ambode’s administration, said some of the investment proposals had been concluded and sealed with the companies already opened for business, while some others are in the process of final approval. According to him, his office has been a one-stop shop to manage overseas affairs and implement policies to attract and promote investment into the State.

Abass said: “I am pleased to inform the public that within the last three years of Mr Akinwunmi Ambode-led administration, Lagos State has received investment proposals approximately worth $43Billion. “Following the vigorous pursuit of measures geared towards enhancing the ease of doing business, investors have shown considerable interest in tapping into the investment opportunities that are abundant in Lagos.”

He added that since its creation, the office has inspired investors’ confidence in Lagos as a place to conduct business and live in, which has translated into considerable success, adding that it also points to the fact that the State, as an emerging market, is becoming the financial hub and a preferred investment destination in Africa.

While listing some of the major investments recently approved by the State Government which were facilitated by his office, Abass said it was pleasing to note that a foreign firm, LaTerreBatiment Limited has firmed up arrangement to build a new Island in the State, while another firm, Rockwealth Integrated Services would also commence redevelopment of Amuwo Odofin area into a mixed use real estate development.

Other major projects, according to Abass, are Detergent Manufacturing Plant to be sited within the Lekki Free Trade Zone by Gilmore Limited; LED manufacturing factory to be located in Epe by Low Energy Designs Limited; and development of energy savings streetlights across the State, also by Low Energy Designs Limited, while redevelopment of Makoko area by Bufad Engineering Services and reclamation of Land for mixed use development in VGC area by Ja Paul Lekki Heights Limited, are awaiting approval.

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