Lagos vows to attract foreign investments

The Governor of Lagos State, Babajide Sanwo-Olu, has said the state will do things differently to attract foreign investment.

He stated this at the Lagos International Trade Fair in Lagos, hosted by the Lagos Chamber of Commerce and Industry recently.

“Some would call the youth’s population a challenge to be managed, but I call it great potential to be unleashed in our dear state and nation at large. I believe it is time to do things differently in the State and country in general to entice potential investors.”

He noted the fair had the potential to generate and attract foreign direct investment into the country and reduce the pressure on the local currency.

According to the Lagos Governor, the platform provided by the trade fair is timely, strategic, and transformative as it will further build the investment ecosystems to support more competitive investment opportunities in Nigeria.

“The need to leverage this 10-day event to drive more investment also becomes more apparent, when we consider the good percentage (of over 70 per cent) of Nigeria’s population under the age of 30, in addition to other variables that are critical to encouraging investors and growing the economy,” Sanwo-Olu declared.

On his part, the President of the Lagos Chamber of Commerce and Industry, Michael Olawale-Cole, stated that the theme for this year’s trade fair “Navigating Economic Challenges: Forging a Path to Prosperity,” reflected the austere economic reality the country was facing.

He added that the Lagos International Trade Fair provided a stage for investors to come together, learn from one another, and explore avenues for cooperation.

He said, “Nigeria, often referred to as the “Giant of Africa,” has been a beacon of hope and opportunity on the continent for decades. With a population of over 200 million people, it boasts the largest consumer market in Africa.

“However, we cannot choose to deny the recent domestic economic challenges. High inflation, unstable exchange rates, and that consistent dependence on oil revenue have their headwinds that have continued to hinder our progress.”