The Lagos State government said on Tuesday that the state is open to investors taking over some state assets to enable the government to take up more infrastructure that will attract more private investors.
The Deputy Governor, Dr. Kadri Obafemi Hamzat, gave this pledge when he received the Leadership of Lagos Chamber of Commerce and Industry (LCCI) on behalf of Governor Babajide Sanwo-Olu at his official residence in Osborne-Ikoyi, emphasising that the government cannot do everything alone.
Hamzat noted that the state government understood that the private sector is the major driver of any nation or state economy, and therefore, the government has a duty to make them strive by creating an enabling environment.
The deputy governor, while speaking on the efforts of the government in attracting investors, stressed that the state government was already doing a lot in terms of attracting investors, as, according to him, it will be difficult for any government to do everything on its own.
He cited the issue of electricity, which he quickly recalled Lagos originated the law, which allows the sub-sovereign to generate power and manage distribution.
He disclosed that Lagos State had almost completed the power generation process, explaining the need for the government to collaborate with the DISCOS so that they don’t become disseminative to other investors.
On the entertainment industry, the deputy governor highlighted that the government was planning to build Eko Film City, saying that the Sanwo-Olu administration would work in partnership with investors.
He said that land had been provided by the government, adding, “It is open to investors to key into the components they want.”
According to him, Lagos is currently rated as the largest startup capital in Africa, and the government has been able to take about 23 startups through the Lagos State Science, Research, and Innovation Council (LASRIC).
The President of the Lagos Chamber of Commerce and Industry, Mr. Gabriel Idahosa, earlier in his remarks, noted that the primary purpose of the body was to attract investment to the state through the efforts of the enabling policies of the government.
He stated that the Chamber had so far been empowered by the business friendliness of the state, adding that “this is why we tell investors that Lagos State should be their hub in West and Central Africa for business.”
He, however, requested the need to strengthen the relationship with the state government in specific areas such as technology, tourism, and creative industries, as well as electricity, to enable the chamber to collaboratively build the Lagos Universal Power Access Network in the near future.
Idahosa, therefore, appreciated the state government for its continuous support and partnership on various events and activities of the Chamber, such as the Lagos International Trade Fair.
“We generally want to applaud your commitment to promoting private enterprise and investment attraction to the state. The annual sponsorships of large numbers of SMEs are encouraging, and we are highly encouraged by the fact that it is an opportunity to showcase different companies to an international audience. This is something that we value,” Idahosa said.
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