Lagos attracted $26.07 billion investments within 2 years – Hammond
The Lagos State Government said that it attracted $26.07 billion in investments within the last two years and assured of its ability to bring in, retain and leverage inclusive and sustainable economic growth.
These investments, which are $17.75 billion in 2019 and $8.32 billion in 2020, made up 74 percent and 86 percent respectively of total capital inflows into the country.
The Special Adviser to the Governor on Sustainable Development Goals and Investment, Mrs. Solape Hammond, made this disclosure at the 2021 Ministerial Press briefing organised to commemorate the second year anniversary of Governor Babajide Sanwo-Olu led administration.
Hammond said that the economic policy of the State government is designed to improve the business climate of Lagos and promote socio economic prosperity.
She explained that the State Government, through the Office of Sustainable Development Goals and Investment, has in the last two years participated in several global campaigns to attract investments and partnerships for the execution of the SDGs-related projects.
The Special Adviser confirmed that while the government is currently engaging several local and international organisations for various investment possibilities in the State, the Office has supported more than 12 private sector investors interested in Lagos.
The SDG’s adviser also said, “Other strategies and efforts undertaken to promote sustainable investment in Lagos include the strategic partnershipswithdevelopmentagenciescomprisingtheInternationalFinanceCorporation (IFC), Africa Development Bank (AfDB), World Bank and the French Development Agency(AFD).” She also confirmed that the office is set to establish a “One-Stop-Shop” to improve the ease of doing business for potential and existing investors, who are desirous of setting up businesses in the State, adding that the creation will facilitate the process of granting approval for lands, buildings and taxes by all MDAs that are involved in business start-ups. Hammond revealed that the Office, in collaboration with the United Nations Development Programme (UNDP), launched and implemented the Conditional Cash Transfer Project in vulnerable communities, in order to establish and strengthen resilience, livelihood and provide short term employment for Lagos residents.
She disclosed that over 2,103 MSME owners received Unconditional Cash Transfer while 951 beneficiaries of ‘CashforWork’, were paid to carry out environmental sanitation and hygiene for three months.
