Lagos receives $43 bln dollars worth in investment propositions - CNBC Africa

Lagos receives $43 bln dollars worth in investment propositions

Western Africa

by CNBC Africa Reporter 0

Fourty-three billion dollars investment propositions for Lagos. Photo: The Blue Diamond Gallery

The Lagos State Government received approximately 43 billion US dollars in investment propositions over the last year through the Office of Overseas Affairs and Investment.

Lagos generates a significant portion of Nigeria's GDP but the country was recently ranked 169 out of 189 nations in the Ease of Doing Business report.

In March Lagos State, Office of Overseas Affairs and Investment launched Lagos Global, a one-stop shop for investors where Permanent Secretary, Office of Overseas Affairs and Investment, Yakub Olajide Balogun said it is doing workshops to inform colleagues and investors of its office, mandate and how it does business.

READ MORE: Lagos State launches one-stop shop for investors

"We have made a lot of progress in terms of fast-tracking the proposal, that will actually justify the one-stop shop mantra,” said Professor Ademola Abass, Special Adviser to the Governor, Lagos Global.

He adds: "We have had a great deal of investment proposals coming through Lagos Global and a lot of them, we have approved."

 

The professor mentions the medical park as an example, as well as water transportation, and a lot for both the agricultural and manufacturing sectors.

“That is just part of the story, there is a lot more that we are doing, several proposals that we are considering currently so the story has been quite encouraging,” said Abass.

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