LAGOS URGES GERMAN INVESTORS TO EXPLORE ITS BUSINESS POTENTIALS
Lagos State Governor, Mr. Akinwunmi Ambode has called on German businessmen and investors to tap into the State’s business opportunities, assuring them of sound and robust fiscal policies as well as a legal and regulatory framework that protects investments and guarantees Returns On Investment (ROI).
The Governor promised would-be investors access to a large market including major African markets, a burgeoning middle class with disposable income, stable political, safe and secure business environment.
Ambode, represented by the State Commissioner for Commerce, Industry and Cooperatives, Mrs. Olayinka Oladunjoye made this known on Wednesday while delivering a keynote address at the 7th German – Nigerian Business Forum held at Eko Hotel and Suites, Victoria Island.
He maintained that the Lagos track record as a prominent sub-national contributor speaks volume, advising the German investors to consider the choice of the State as their viable partner for business prosperity.
In his words, “Let me assure you that your investment in the Lagos State of Nigeria will continue to yield bountiful returns because we will not rest on our oars till we push Nigeria up higher on the world map of global economies that are safe, secure, functional and productive”.
Governor Ambode acknowledged the contributions of Germany over the years and how the country has impacted the Nigerian business landscape positively through business partnerships and connections spanning over 150 years, which cut across different sectors like agriculture and food processing; manufacturing, power and renewable energy as well as banking and finance.
He said that the German – Nigerian Business Forum, over the years had assisted in increasing trade and investment between Nigeria and Germany, while providing an opportunity for Government and businesses to network, exchange information and establish business contacts.
According to the Governor, the strength of the State lies in its huge population and economic viability with a population of 24.8million and an annual population growth rate of 3.2%; migration rate of 86 persons per hour; 65% active youth population between 15 and 35 years.
“This has ensured that Lagos remains the 5th largest economy in Africa having a Gross Domestic Product (GDP) of $136 billion (USD) and accounting for nearly a 3rd of Nigeria’s GDP” he stated.
Ambode specifically invited the participants at the forum to tap into the business opportunities in the Lekki Free Trade Zone sited on about 16,346-hectares of land with the aim of engendering industrial regeneration and export-led economic growth.
He informed that the Free Trade Zone currently harbours the Dangote Refinery and Petrochemical Industries, the Rendezvous Group and a consortium of other investors.
While noting that the zone is open to all nationals and countries of the world, the Governor disclosed that the zone has several incentives for investors including tax holidays from Federal, State and Local Government taxes, rates, customs duties and levies.
He promised that the State will continue to explore creative business strategies in order to maintain its prime position as an economic giant of Africa.
“Lagos State will continue to design and administer policies and initiatives that would help attract and harness foreign direct investments for development of the Nigerian economy, at large”, Ambode reiterated.