Lagos achieved $3bn foreign investments in past three years, seeking more – officials

Lagos officials have told investors in Dallas, United States that the state achieved foreign direct investments worth $3billion in the past three years. The government urged them to invest in the state.

Mrs Folashade Ambrose-Medebem, commissioner for Commerce, Cooperatives, Trade and Investment, and, Mr. Tunbosun Alake, her counterpart overseeing the ministry of Innovation, Science and Technology made the offer to investors at the ongoing 2024 US-Africa Business Summit.

They had both participated in a panel session on “African Infrastructure Investment: Impacts and Returns”, where they advertised opportunities in the state to the investors.

A government statement said she told the participants that the Blue line rail, which would be commissioned soon, could take “approximately 500,000 people per day.”

“There is another red rail line that was just commissioned and will start commercial operations very soon. The new red line rail service will move close to 1 million Lagosians daily when it commences operation. The Lagos State Government has provided a lot of infrastructure for businesses to thrive in the State,” she said.

“We have done a lot in the areas of health, education, technology, and many other sectors, ” the commissioner added.

On her part, Alake said that “over the past three and a half years, about $3 billion worth of investment has come into Lagos with high numbers of start-ups and scale-ups in the continent.”

“Investments that have come to Lagos over the past three years have created networks of unicorns and high scale up to the combined value of $5 billion and this has created thousands of jobs for young people.

“Lagos State Government has also done projects from a Public-Private partnership (PPP) perspective, and one of them is the 3,000 kilometers of fibre cables that we have done on a PPP basis.” she said as per the statement.


– Adeola Atanda


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