Nigeria: Two Years FDIs into Lagos Eclipse Past 15 years Record – Official

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Foreign Direct Investments (FDIs) into Lagos in the last two years has eclipsed the record of the past 15 years, a state official has revealed.

The Office of Special Adviser to Lagos State Gov. Akinwunmi Ambode on Overseas Affairs and Investment says it has considered a total of 293 investment proposals since inception.

The Special Adviser, Prof. Ademola Abass,  gave the figure on Thursday at the 2017 Ministerial Briefing at Alausa, Ikeja, to commemorate  Ambode’s two years in office.

According to Abass, out of the number, 74 proposals have been closed, 15 approved, 42 declined, 24 kept in view and 69 new, while another 69 are in progress.

He said that the investment proposals were in areas such as water, transportation, manufacturing, infrastructure, housing and health.

“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.

“This points to the fact that Lagos, as an emerging market, is becoming the financial hub and a preferred investment destination in Africa,” Abass said.

The special adviser said that prior to the establishment of the office, all businesses and licensing processes for establishing or expanding investments in the state, were a multi-agency activity.

“Businesses had to pass through every agency involved in business registration, tax payment, land administration and construction permits.

“The process was ardous, uneconomical and unproductive, and was not appropriate for a mega city such as like Lagos,” Abass said.

He said that the state government had intensified efforts at enhancing the ease of doing business to make Lagos the most desirable investment destination.

The special adviser said that the office had been successful in reducing the turnaround time of business operations for investors by removing bureaucratic bottlenecks which discouraged investors.

Abass added that the state through the office had implemented measures and policies to ensure that all investors had a seamless experience in their operations.
He hoped that this would create jobs and bring economic opportunities to Lagos residents and other Nigerians.

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