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First Pencil Manufacturing Coy Berths in Lagos

Posted on May 19th, 2016

May 19, 2016

Lagos State is set to join the league of pencil producers in the world as a pencil manufacturing company has been given the nod by the Akinwunmi Ambode Administration to pioneer production of the age-long writing tool in the whole of West African sub-region.

This was made known today by Prof. Ademola Abass during a press briefing held at the Bagauda Kaltho Press centre, Alausa to render account of stewardship of the Agency in the past one year.

Prof. Abass who, emphasised that the State Government would only approve investment proposals that are beneficial to Lagosians, said that the proposal for pencil manufacturing by Gold Anchor Investment Ltd. was earnestly approved by the Lagos State Government which facilitated an expanse of land in the Epe axis of the state for the company to take off as first of its kind in West Africa.

The Special Adviser to the Governor noted that it was surprising that until now the rest of West Africa depended on the importation of pencil to meet their demands as none of such manufacturing outfit existed in the entire West African sub-region.

On number of investment coming to Lagos, Prof. Abass stated that Lagos had received 162 investment propositions that approximately worth $43billion, adding that the State continued to get attention from investors in different sectors, especially ICT, manufacturing, environment, infrastructure, real estate, tourism and transportation, among others.

Other approved investment proposals out of the 162 include the transformation of Oshodi, expected to materialise within the next 15months; the Medical Park to be situated at the Old School of nursing in Ikoyi and the Kuramo Island resort, among others.

He said that for any proposal to sail through the concept approval hurdle, both its financial and technical model must be sound, stressing that a streamlined process had been put in place to ensure that all proposals were fully dealt with within four weeks.

He also said that the emergence of the Office of Overseas Affairs and Investment (Lagos Global) testified to the high premium that the Akinwunmi Ambode Administration placed on driving investment into Lagos State, both from within and outside Nigeria.

He stated that the role of Lagos Global was not to serve as an implementing agency but to serve as a one-stop-shop which receives proposals from investors and invites relevant MDAs which serves as sector experts, providing advisory services to Lagos Global.

To assist in performing this role, he said his office had instituted a class of Investment Champions who, as desk officers in their respective MDAs, would serve as interface between Lagos Global and MDAs.


Mukaila Sanusi

Head, Public Affairs Unit

Office of Overseas Affairs and Investment

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