Lagos seeks to attract investors to production
By the AFREEQUE newsroom, based on Punch
Illustrative image · EqualStock IN · Pexels · Licence PexelsLagos Governor Babajide Sanwo-Olu calls on investors to develop manufacturing, agro-industry and technology activities in the Nigerian state. The strategy aims to make Lagos a regional production and export base despite energy, financing and logistics constraints, according to Punch.
The governor of Lagos State, Babajide Sanwo-Olu, on Friday called on foreign and Nigerian investors to establish manufacturing, agro-industry and technology activities in the state rather than limiting themselves to selling products. He made the call at the opening of the 40th Lagos International Trade Fair, according to Punch.
Sanwo-Olu called on international exhibitors to develop local manufacturing, technology transfer and supply chains, while Nigerian companies are encouraged to seek financing and access new markets. He presented the African Continental Free Trade Area, which represents a market estimated at 1.4 billion people, as an opportunity for companies able to produce on a large scale and meet international standards, according to Punch.
The fair, organised by the Lagos Chamber of Commerce and Industry, brings together more than 1,000 exhibitors from more than 20 countries. A space dedicated to Africa notably showcases opportunities linked to the continental trade agreement, according to Punch.
The governor nevertheless identified energy, access to financing and logistics among the persistent challenges facing businesses. He cited the Blue and Red rail lines, road and transport projects, the Lagos State Electricity Law and digital infrastructure among measures intended to improve the business environment, according to Punch.
