Lagos attracted over N50b investment in one year, says commissioner

• State secures N2b matching fund for MSMEs

By Oyebola Owolabi

Lagos State has attracted over N50 billion investment through Foreign Direct Investment (FDI) and Domestic Direct Investment (DDD) in the last one year, Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem said yesterday.

She was giving a report of her ministry’s activities at the ongoing press briefing to mark the first year of Governor Babajide Sanwo-Olu’s second term in office.

According to the commissioner, the new multi-billion naira investments, one of which is the Twinings Ovaltine Nigeria Limited (TONL), owned by the Associated British Foods Plc, would expand the state’s productive base, generate employment and improve its economy.

She said: “TONL, which formerly imports from China and package into retail units here, has now committed to fully manufacture its products in Lagos with the acquisition of an industrial site in Ogba. The investment, valued at over N38 billion, will employ 112 persons directly and over 200 others as distributors by 2025, while generating over $8 million in exports to West African.

“Other investors in healthcare, retail, Fast Moving Consumer Goods (FMCG), education, financial services, cybersecurity, agriculture and manufacturing, are also coming into Lagos, while many Trade Missions have gone from Lagos to the United Kingdom (UK) with the Organised Private Sector (OPS) and Business Membership Organisations (BMOs) to explore new trade opportunities.

“Our participation in investment and business summits across the world actively seeks to retain and bring investment opportunities available in the state to the attention of potential investors, to attract capital, skills, innovation and technology to create more local jobs, increase productivity and generate higher revenue.”

The commissioner also said the ministry, in line with the administration’s T.H.E.M.E.S+ Development Agenda, remains committed to formulating enabling and supporting policies, executing infrastructure intervention, and designing trade expansion programmes and projects to accelerate the economic development of the state

She noted that the government and Bank of Industry (BOI) has concluded on matched production and trade funding of N1 billion each to be accessed by Nano, Micro, Small and Medium Enterprises (NMSMEs), with exportable products, to scale their businesses and earn foreign exchange.

“This is a bold move to internationalise and empower our NMSMEs to grow their productive ventures, bolster regional and global trade, and increase the state’s contribution to the country’s non-oil export. The funding will complement our current engagement with the Nigerian Arabian Gulf Chamber of Commerce (NAGCC) to facilitate agricultural products and value chain to the six Gulf States through the Nigerian Trade House in Dubai,” she added.