Lagos attracts 293 Foreign Direct Investments in two years

*Negative perceptions, affecting investor confidence

Special Adviser to Governor Akinwunmi Ambode of Lagos state on Overseas Affairs and Investment- otherwise known as Lagos Global- Professor Ademola Abbas, has stated that the state had attracted more Foreign Direct Investment (FDI) in two years than in the last 15 years.

He made this assertion on Thursday in Alausa, Ikeja, during the annual ministerial press briefing in commemoration of Governor Akinwunmi Ambode’s second year in office.

According to Abbas, a total of 293 investment proposals had been considered by Lagos Global from inception to date. He said these proposals cut across various sectors namely: Agribusiness, Energy, Environment, Health, Housing and ICT.

Other sectors include Infrastructure, Manufacturing, Services, Tourism and Transportation.

He said of all proposals considered, 15 were approved, 74 had been closed, 42 were declined due to various reasons, 24 were kept in view, 69 new ones were received and documented, while another 69 could be considered as Work In Progress.

“Since its inception, Office of Overseas Affairs & Investment has encouraged investor’s confidence in Lagos as a place to conduct business and live in. It is noteworthy that this state has attracted more foreign direct investments in the first two years of this administration than it did in the past 15 years, even with an economic recession. This points to the fact that Lagos as an emerging market is becoming the financial hub and a preferred investment destination in Africa.

“The Office has been able to streamline the time, process and cost associated with investment decision making and operations. This has in turn created employment within and boosted the GDP of the state. This feat has been achieved not only by the office but in collaboration with the other Ministries, Departments and Agencies of the state and federal government,” he said.

Abbas said one major challenge being faced by Lagos Global is having to convince prospective investors to invest in Lagos, largely due to preconceived notions of some of them, who view Nigeria as a corrupt nation.

He stated that there was need to do more in updating information and knowledge as regards what the nation had been able to achieve and the efforts being put in place to check corruption and other vices.

“We have not done well in updating information and knowledge. We need to take deliberate steps to improve the image of Lagos and indeed Nigeria, especially in the eyes of the world. There is need to make concerted efforts to change these negative perceptions.”

He added that Lagos as the economic capital of Nigeria and the West African sub-region with a 136 billion USD GDP, accounts for over 90 per cent of Nigeria’s foreign trade flow, contributes 30 per cent to the country’s GDP and also accounts for 65 per cent of its manufacturing activity.

Therefore, he said, the state through his office, had implemented measures and policies to ensure that that all investors in Lagos, had a seamless experience in establishing their operations, thereby creating jobs and bringing economic opportunities to Lagosians and by extension, Nigerians.

He listed those investors who had successfully commenced operations in Lagos as: Trans Link Development Capital Ltd; Trend Media City Development; the Lekki Free Trade Zone; Knauf Group; Epe Car Crush Scrap and JC Decaux Nigeria Outdoor Advertising Ltd., among others.