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Lagos records $750m investment in one year

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THE Lagos State Governor, Babajide Sanwoolu, has said the state witnessed a foreign direct investment (FDI) to the tune of $750 million in the technology sector, in one year.

Sanwoolu, who said this yesterday in Lagos while meeting key players in the organised private sector, also said that the state attracted global technology brands, such as Equinox, Google and Microsoft, among others.

The governor, who unveiled a 30-year plan labelled the Lagos State Development Plan 2052, said the journey was in pursuit of physical development, social growth and economic prosperity.

He explained that each of the four dimensions in the development plan would be achieved through over 400 policy initiatives that would be implemented throughout the period.

He said, “The Lagos State Development Plan 2052 has been developed with a set of clear objectives across four strategic dimensions, which are to position Lagos on the track to achieving its vision.

“The dimensions to this plan are to keep a thriving economy that will make Lagos a robust, healthy, and growing economy with adequate jobs and strategic investments to sustain growth. We are building a human-centric city in which every Lagosian will have access to affordable and world-class education, healthcare, and social services.”

The governor said the state had taken up the total rehabilitation of major roads, while creating new highways like the Central Business District of Victoria Island, Ikoyi and Adeyemo Alakija.

The president of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Michael Olawale-Cole, disclosed at the event that Lagos State alone accounted for 71 per cent of the $1,573 billion foreign investment Nigeria recorded in the first quarter of 2022.

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Olawale-Cole and the Group Executive Director of Dangote Group, Mr. Knut Ulvmoen, hailed Sanwo-Olu for “taking his most important decision” to come out and meet with the investors.

The governor himself expressed the hope that the meeting would lead to the creation of new pathways that would facilitate a more robust relationship with the private sector.

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Experienced Business reporter seeking the truth and upholding justice. Covered capital markets, aviation, maritime, road and rail, as well as economy. Email tips to jolaoluwa@icirnigeria.org. Follow on Twitter @theminentmuyiwa and on Instagram @Hollumuyiwah.

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