Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu has stated that the state is not only open and ready for business but also prepared to provide all the necessary policy support that would ensure businesses fully settle in and take off smoothly in the State.
The Governor said this today at the German-Nigerian Business Conference held at the Lagos Continental Hotel, Victoria Island, Lagos.
Sanwo-Olu who was represented by his Deputy, Dr. Kadri Obafemi Hamzat noted that the government has been very deliberate about implementing strategic policies and intentional in her goal of attracting investment into the State.
In the same vein, the Federal Chancellor of the Federal Republic of Germany, Mr. Olaf Scholz, said that a stable, reliable environmentally friendly power sector is the bedrock of economic development in Germany and Nigeria alike.
He disclosed that Germany is currently investing in real-time solar energy and is establishing the first market for hydrogen to power its industry.
Speaking further, Sanwo-Olu said, “Our over-arching objective, through our T.H.E.M.E.S Plus Development Agenda, is to foster an enabling environment by initiating and implementing policies that promote Ease of Doing Business and facilitating government continuous support that guarantees business success through sustainable practices and inclusive economy”.
The Governor stressed that Lagos remains a top receiving State of Foreign Direct Investments, (FDIs) and Domestic Direct Investments, (DDIs) because investors have come to know how attractive it is to invest in the state with guaranteed good returns on their investments.
He therefore added that his government is committed to prioritizing investment from prospective German investors in critical areas such as building climate-resilient, infrastructure in transportation, housing, health, agriculture and other sectors.
Speaking further, the Governor said that the Bilateral Business Forum is coming at a crucial time in the nation, when majority of the conversation is built around strengthening its economy by attracting Foreign Direct Investment, deepening domestic production and growing the nation’s non-oil export.
Sanwo-Olu said Nigeria has a lot of lessons to learn from Germany’s industrialization trajectory as the nation seeks to reverse its infrastructural deficit, build capacity across various production value-chains and develop her economy as Germany is a leading economy in Europe.
He therefore acknowledged the support that the German Government is providing, through Deutsche Gesellschaft fur Internationale Zusammenarbeit (Nigeria) funded “Pro-Poor Growth and Employment Promotion in Nigeria”, GIZ-SEDIN, a programme which is being currently implemented in Abuja, Niger, Ogun and Plateau States.
He added that the state also welcomes the prospects of extending the programme to over 3.2 million MSMEs in Lagos State, with the belief that it will further improve access to financial services, among other benefits.
Furthermore in his remarks, the German Federal Chancellor, Olaf Scholz noted that Nigeria is Germany’s second-largest trading partner in sub-Saharan Africa, and last year’s bilateral trade between the two countries was Three Billion Euros, jacking up significant increase compared to the previous years.
He stressed that about 90 German companies are present in Nigeria and collectively these companies have created over seventeen thousand jobs and have provided thousands of opportunities for young Nigerians.
Earlier in his welcome address, the President of the Nigerian-German Chamber of Commerce, Mr. Igbuan Okaisabor stated that the Nigerian-German partnership has grown stronger over the years, creating a multitude of opportunities for businesses in both countries.
He added that Nigeria is Germany’s second-largest trading partner in sub-Saharan Africa and that the business conference would strengthen the bonds between Nigeria and Germany, facilitate trade and spark innovation that will drive the economies.
Okaisabor said “This conference serves as a catalyst for building stronger and more prosperous relationships. Together, we can achieve remarkable things, and I have no doubt that the discussions and relationships formed here today will contribute to the continued success of our partnership”.
The Federal Chancellor later visited the John Randle Centre for Yoruba Arts and Culture, Onikan where he expressed his delights and commended the Lagos State government for her efforts in preserving her culture and history.
