Investors In Lagos Will Operate In More Attractive Business Environment, Sanwo-Olu Assures

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The Lagos State government has assured of its relentless efforts in pursuing initiatives that will not only seek to improve the ease of doing business but also those that manifestly make the business environment more attractive for investors.

Governor Babajide Sanwo-Olu gave the assurance on Thursday during the opening ceremony of the 2022 European Union-Nigeria Business Forum in Lagos, with the theme: “Nigeria and the New Economy.”

Sanwo-Olu stated that Lagos State remains a key partner and ally of the European Union considering its status as a regional commercial, financial and industrial hub, as well as its strategic role in facilitating the goals and objectives of the business forum, adding that: “This should be strengthened as we approach Africa as one large Free Trade Zone.”

He said that the eigth edition of the forum, which “was established to provide a platform for European and Nigerian businesses to engage with policy-makers with the aim of improving the business environment and addressing issues constituting barriers to inflow of investments, has, no doubt helped in deepening trade relations between Nigerian and Europe.”

While saying that there is need for the mutually beneficial relationship between Nigeria and Europe to be taken to a higher pedestal given the emerging dynamics in the global economy driven by the effects of COVID-19 pandemic and Russia invasion of Ukraine, the governor added that “The impact of the decisions and recommendations made at this forum can be measured in the sustained status of Nigeria as Europe’s major trading partner in Africa.”

According to the governor, the forum would focus on three key sectors, including backward integration policy of the government, opportunities to increase gas exports to Europe and new initiatives in the agriculture sector, which he noted, “Are critical and strategic to the attainment of our national economic policy objectives of sustainable growth, industrialization, job/wealth creation and food security. They also hold the potential of raising the volume of trade between Nigeria and the European Union countries.”

Governor Sanwo-Olu said that Lagos State, will “continue to view ourselves as a strategic national asset, carrying the responsibility for not just being an epicenter in times of national crisis but also an economic springboard in leading Nigeria to a place of social and economic prosperity.”

He also said that Lagos State is committing to “A new 30-year Development Plan, which primarily focuses on: increasing formal retail trade to over 60% of total trade, at par with leading African peers and establish the largest West Africa wholesale hub; Leveraging the Nigeria market demand as a base to become the export hub for FMCG manufacturing and export in West  Africa – We already host the headquarters of over 80% of Nigeria’s top food and beverages companies in Lagos and rank as the largest foodstuff market in Africa, giving us the ability to achieve this goal.”

 

 

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