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Sanwo-Olu recently visited the United States to participate in an event on the sidelines of the World Bank-IMF Spring Meetings.
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At the event, he told potential investors about various reasons why Lagos is the right place to invest in.
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The Lagos governor said the state has the market, talent, physical infrastructure, and enabling environment for the success of investments.
Eko Hot Blog reports that Lagos State Governor, Mr. Babajide Sanwo-Olu, has urged existing and potential investors to continuously see Lagos, “the crown sub-national jewel of the African economy,” as a choice place for investments.
According to a statement issued by the governor’s spokesman, Gboyega Akosile, on Sunday, Sanwo-Olu spoke at a High-Level US-Nigeria Council for Food Security, Trade and Investment (UNSC) event on the sidelines of the World Bank-IMF Spring Meetings in Washington DC, United States on Thursday.
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The governor reportedly said Lagos State is the right place for investments in FinTech, EdTech, Health-Tech, Business Process Outsourcing (BPO), Talent Training and Placement, or Physical Infrastructure like Data Centers, among others.
“It is always my very great pleasure to engage with existing and potential investors and business people in Nigeria, and most especially, Lagos State, the crown subnational jewel of the African economy,” he was quoted as saying.
“I am sure many of you will be familiar with the numbers, the fact that Lagos is the fifth largest economy on the continent, the most populous city, and the fastest-growing urban center, with a very vibrant and entrepreneurial population, made up of mostly young people.
“We have the market, we have the talent, we have the enabling environment, we have the physical infrastructure, all in place. And we have the success stories, great testimonials of what is possible when people come together to develop and implement great ideas and solutions, backed by the power of private capital and the support of understanding and enthusiastic governments.”
Sanwo-Olu, during the event, spoke on the achievements of his administration in different sectors, especially in Infrastructure, Food Security and Digital Technology, in line with the THEMES six pillars developmental agenda – Transportation and Traffic Management, Healthcare and Environment, Education and Technology, Making Lagos a 21st Century Megacity, Entertainment, Tourism and Sports, and Security and Governance.
He said: “One of the accomplishments we are proudest of, in our first four years, has been the completion of the first phase of the Lagos Light Rail Blue Line – the first modern intra-city rail system in Lagos State.
“As I speak test-running is going on, allowing Lagosians to have a long-overdue feel of what it is to belong to a city with the 21st-century rail system.
“We are also completing work on the first phase of the Red Line; together the Blue and Red Lines form two of the planned total of six Lines that will crisscross the metropolis.
“At the beginning of this year, the President joined us in Lagos to commission the Lekki Deep Sea Port, on the eastern corridor of Lagos. It will interest you to know that the Deep-Sea Port is the first Deep Sea Port to be built in Nigeria, and is now the most modern one in West Africa. A real game-changer for shipping and logistics in Nigeria and all of the West Coast of Africa.
“Lagos State owns a 20 percent stake in that Port, while private investors own 75 percent. The Port will create an estimated 170,000 direct and indirect jobs and generate government revenue over of $200 billion over its 45-year concession period.
“It is in our view among the biggest and most transformational infrastructure investments in Lagos State in several decades, and we worked very hard with the private sector and the Federal Government to deliver it.
“Expect more of these kinds of collaboration in the next four years, especially as we look to deliver on a new bridge across the Lagos Lagoon, the 4th Mainland Bridge, and a new International Airport in Lagos.”
The governor said some of the large-scale infrastructure projects being implemented by his administration are a 10-lane Expressway, linking Nigeria to Benin Republic; a network of Access Roads to the Lekki Deep Sea Port.
Speaking on the Lagos State Government’s commitment to agriculture and food security, Sanwo-Olu said his government focus is on processing and storage because of the state’s population, which makes it Nigeria’s biggest food consumption hub.
“We are also very blessed with water – a lagoon and the Atlantic Ocean, which means fisheries is a huge opportunity. It is with these opportunities in mind that we have recently completed the largest rice mill in sub-Saharan Africa, which will be managed by private players, while also building what will be the largest Food Security Systems and Central Logistics Park in sub-Saharan Africa,” he said.
The governor also spoke about Lagos State Government’s success in digital technology and innovation, noting that Nigeria’s ICT Sector, a component of the digital economy, was the only sector of the economy that grew by double digits during the COVID-19 pandemic.
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“Lagos, I am proud to say, is the Fintech Capital of Africa, the city where companies like Flutterwave, Paystack and Interswitch were birthed. And these are only three of several thriving startups in our ecosystem,” Sanwo-Olu added.
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