Lagos State launches one-stop shop for investors - CNBC Africa

Lagos State launches one-stop shop for investors

Western Africa

by Tendai Dube 0

Lagos State continues to encourage investment. Photo: The Blue Diamond Gallery

This week Lagos State, Office of Overseas Affairs and Investment launches Lagos Global, a one stop shop for investors.

“The main objective of this workshop is to let all our colleagues know about our office, our mandate and how we do business,” said Yakub Olajide Balogun, Permanent Secretary, Office of Overseas Affairs and Investment.

Lagos generates a significant portion of Nigeria's GDP and according to Balogun; the state has been doing well but can do better, hence the formation of Lagos Global.

“Experience in the last few months has advised this workshop, yes we have been working and we have achieved a lot in the few months that we have been working, we have attracted a number of investments into Lagos that have created a lot of jobs for Lagosians but we see that we can do better if we have the buy in,” said Bulogun.

Bulogun says it acts as a one-stop shop and interacts on behalf of prospective investors, so instead of going to ministries and agencies, Lagos Global does it on their behalf.

“With this, they will be able to appreciate what [we] are doing, which is really to support them in attracting investment to Lagos State and make the process of documenting and making sure that that investment flies easy,” he said.

The collaboration with other ministries, departments, agencies and the investment opportunities in Lagos State has also allowed them to do sector research.

Lagos Global looked at all the sectors, the strengths, weakness, opportunities and traits said Bulogun, that exist in those sectors and on the basis of that, they found the sector they want to focus on more is power, agriculture, transportation and housing.

"Housing is a major area that we are looking at, particularly social housing, affordable housing, mortgage financing and so on we are also interested in information communication technology, education and tourism,” he said.

He adds: “These areas, we believe have great potential in Lagos given the strength in population, the availability of very high number of skilled and unskilled workforce.”