Lagos unveils new investment opportunities at ASIS 3.0
By Adeola Ogunrinde
At the third edition of the Africa Social Impact Summit (ASIS 3.0), Lagos State Governor Babajide Sanwo-Olu and his State Executive Council outlined new investment opportunities to potential investors.
The event, themed “Invest Lagos – Investment Opportunities,” took place on Wednesday, at Eko Hotels and Suites, Victoria Island, and was organized by the Sterling One Foundation in collaboration with the Ministry of Commerce, Cooperatives, Trade, and Investment.
The summit attracted business leaders, financial services executives, and representatives from multilateral chambers of commerce.
In his remarks, Governor Sanwo-Olu highlighted Lagos’s positive economic outlook, attributing it to the state’s growing population and ongoing infrastructure development.
Despite challenging business conditions, Sanwo-Olu praised Lagos’s economic resilience, noting that the state had successfully supported existing businesses while attracting new investments.
He emphasized the reforms his administration has introduced to streamline business processes and bolster investor confidence.
“Our investment profile has shown consistent growth,” Sanwo-Olu stated. “Over the past five years, Lagos’s GDP has surged by 50 percent, reflecting our economy’s resilience. We are committed to maintaining this momentum and ensuring that new investments yield returns and security.”
The Governor outlined key investment areas including transportation, tourism, health insurance, and waterways. He reiterated the state’s commitment to advancing its development plans in these sectors.
Mrs. Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade, and Investment, highlighted Lagos’s economic achievements under Sanwo-Olu’s administration. She noted that the state’s GDP had risen from 27 trillion to 41 trillion Naira in five years and emphasized the administration’s efforts to create a business-friendly environment.
The Commissioner also reported significant investments in infrastructure and agriculture, including a 550.7 billion Naira allocation for infrastructure in 2024 and 44.33 billion Naira dedicated to food security initiatives.
“Lagos has made substantial progress in enhancing the Ease of Doing Business, positioning itself as a global city and emerging African Financial Centre,” she said. “Our reforms focus on transparency, investment promotion, and improving land administration.”
Also speaking, Sterling Bank’s Managing Director, Abubakar Suleiman, acknowledged the impact of an unstable investment climate on Africa’s economic growth.
He emphasized the summit’s goal of building investor confidence and enhancing the business environment.
Suleiman lauded Lagos for its strategic approach to economic growth and consistency in investment decisions, reinforcing the state’s status as a leading destination for investors.
