Lagos aims to attract more FDIs
Posted on April 28th, 2017
Lagos aims to attract more FDIs
…plans to further encourage investors’ confidence
Lagos State government is determined to ensure that more foreign direct investments are attracted to the state by putting measures in place to engender an enabling business environment.
In his address, Professor Ademola Abass, Special Adviser, Office of Overseas Affairs and Investment, Lagos Global, made it known on Thursday at the state’s ongoing ministerial press briefing in Alausa Secretariat Ikeja, marking the second year in office of the Governor Akinwunmi Ambode administration that Lagos State government is still forging ahead in its efforts to enhance the ease of doing business so as to attract more investors.
Ademola Abass praised the foresight of the governor, Mr. Akinwunmi Ambode, for the creation of the Lagos Global office as a one-stop shop for coordinating all matters relating to investments in the state.
The Special Adviser said the idea for the Office of Overseas Affairs and Investment was borne out of the governor’s desire to enhance the ease of doing business in the state, attract foreign investment, as well as encourage and expand existing investments in the state. Prior to the establishment of Lagos Global, all business and licensing processes for establishing or expanding investment in the state was a multi-agency `activity. Businesses had to pass through every agency involved in business registration, tax payment, land administration and construction permits. The process was arduous, uneconomical and unproductive, and was not appropriate for a mega city like Lagos.
In his words, “numerous efforts being made by the government are all geared towards enhancing the ease of doing business in the state. Some of the reforms include but not limited to tax reforms, ease of permits application processes, improved land registration system, quicker proposal processing and so many others. These are areas where investors had challenges in the past which brought about discouragement that lead to a low level of investments in the state”.
Professor Abass said Lagos State has a prominent role to play in the overall economy of the nation as 65% of the manufacturing activities take place in Lagos, contributes 30% to the national GDP and accounts for over 90% of the country’s trade flow. Therefore, the state, through the office has put measures and policies in place ensure all investors in the state have a seamless experience in their business operations, so as to create employment opportunities, bringing economic prosperity to Lagosians and Nigerians at large.
Abass further said some of the achievements of the office include inauguration of investment champions across all ministries, departments and agencies; Ease of doing business reform validation workshop; Lagos Global on TV- an advocacy programme; bilateral and multilateral meetings alongside other statutory functions.
Other achievements include the consideration of numerous investment proposals that were at various stages in the process of approval and noted that the time taken for proposals to get considered is now greatly reduced to encourage prospective investors.
In his conclusion, Professor Abass said the office has encouraged investor’s confidence in Lagos as a place to do business and live in through the provision of allied services that potential investors are always on the lookout for to encourage investment; and to boost their confidence by ensuring a conducive business environment and operations done in the 21st century manner.
Head, Public Affairs
27th April, 2017