Reasons Foreign Investors Eye Lagos State

A group of local and foreign investors now
target Lagos state as their new
investment hub.

The investors on Wednesday, July 8, 2015,
met with the Lagos state governor,
Akinwunmi Ambode where they expressed
their readiness to partner with the state
government on infrastructural development.
The meeting held at the Lagos House,
Alausa, Ikeja, had directors and team leaders
of top multinationals in attendance including
Julius Berger, JP Morgan, Wested Group,
Contraco Nigeria, among others.
Director of Julius Berger, Mutiu Sunmonu
who spoke with Government House
correspondents shortly after the meeting,
said the session with the governor was
fruitful, just as he expressed optimism that
it would go a long way to define the way the
state government intends to go in boosting
its economy.
“I could say that the governor has very bold
steps and very bold ideas for Lagos state.
This interactive session has also opened the
way for further discussions such that we can
actualise some of the projects that we have
discussed today. I think it’s really a thing of
pride that His Excellency has opened his
door for investors”, he said.
On his part, the Managing Director, Senior
Country Officer for JP Morgan in Nigeria,
Oluwatosin Adewuyi, commended the
Governor for convening the meeting, saying
his company is excited to partner the state
government in achieving its economic goals.
He added that it would go a long way to
enhance the confidence of investors to put
their money in projects that would improve
the lives of the citizenry.
“I’m very excited, some bold and creative
plans and I believe that is actually what is
required in the next decade in Lagos. It’s
always refreshing to spend time with the
Governor who understands financing, and he
does. It was two hours well spent and its best
for us to move Lagos forward.
“We’re a global bank and so essentially our
key skill set is to attract investors into
countries and taking local companies out of
Nigeria to raise capital and so from our
perspective there’s a myriad of projects that
need to be financed and that’s where we
need to come in”, he said.
Leader of the team of investors, Pastor
Idowu Iluyomade, said both the state
government and the local and international
investors and banks are looking forward to a
long term partnership that will be beneficial
to the growth of the state.
Governor Ambode in his remarks said the
meeting was in line with his campaign
promise to open the state for greater
business as well as create enabling
environment for investments to thrive.
He also assured that the state will witness
substantial infrastructural development in
the first four years of his administration.
“What we have just done is to meet with a
group of investors who have actually taken
keen interest in what has been happening in
Lagos in the last six weeks.
“We have business men and investors who
are interested in our infrastructure, water,
health and also power. Like I’ve always said,
Lagos is going to greater heights, they have
shown commitment this afternoon, they
have also promised that the next four years,
Lagos will be something totally different
from what it used to be.
“We’ve had fruitful discussions; we’ve looked
at areas where we can partner together and
areas where they can actually even invest
freely, because they have confidence in
Lagos state and that’s why they’ve been able
to demonstrate that Lagos is actually open
for every other investor to come into”, he
said.
Governor Ambode said the state
government has shown its capacity to
become the hub of investment in Nigeria,
just as he assured the investors of his
commitment to ensure they get return on
their investment.
“We’re committed. We’ve shown that we’re
credible enough to be the hub of investment
in Nigeria. We’ve also shown that we are
going to be transparent and we are going to
be credible and that we would obey the rule
of law and ensure that investments are safe
in Lagos”.
“As you’ll see, we believe strongly that we
want to grow the GDP of Lagos and create
more jobs for our people and that’s the step
we’ve taken today, we’ll take the right steps
and the right decisions”, the Governor said.

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