The governor of Lagos State, Mr. Babajide Sanwo-Olu, has reassured the international investment community about the benefits that will ensue from President Bola Ahmed Tinubu’s economic reforms.
This assurance was provided by Governor Sanwo-Olu on Friday in London during a live interview hosted by Sky News, a leading British news channel. He emphasised that President Tinubu had taken a “courageous step” by ending the fuel subsidy regime, which was essential to preserving the country’s economy from impending collapse.
In order to encourage foreign investment in Lagos, Sanwo-Olu also used the forum to highlight important areas of priority being investigated by his government.
During his week-long business trip in London, the governor attended the Lord Mayor’s Show and other bilateral engagements.
The governor acknowledged that the measure caused inflation, but added that the savings had been reinvested in a number of initiatives meant to stabilise the economy.
He claims that these are funds that may be used for social investments, health care, education, and other purposes. He continues, saying, “What he (Tinubu) brings to the table is more important, having governed Lagos before.”
As she begged Nigerians to have patience with President Tinubu, Sanwo-Olu reassured them that they will soon experience relief as the president implemented additional interventions, pointing out that Tinubu had a well-defined plan to address the country’s economic difficulties.
“I think six months is a short time frame to assess President Tinubu’s extensive changes, but the Tinubu administration is there in terms of a well-defined plan and purpose.
“None of his predecessors had the chutzpah to do what the president has done during the last six months. He had the guts to cut the petrol subsidy, saving the nation roughly $2.5 billion. These are dollars that could be used for social investments, health care, and education, among other things. His experience as the previous governor of Lagos makes his contributions more significant.
“The president’s devotion is demonstrated by his challenge to his cabinet members to get up and concentrate on the tasks of governing.
“He declared he would not think twice about dismissing underperforming ministers. We are requesting that the people grant the president a little more time. Renewed Hope is his bold and commendable economic agenda.
The governor said, “We will see relief from all of his interventions coming out in the coming months, and the country will be better for it.”
With a GDP larger than the economies of Kenya, Ghana, Rwanda, and Senegal, Governor Sanwo-Olu discussed his administration’s willingness to accept greater foreign investment in strategic economic sectors to Lagos. Despite being a sub-national, Lagos remained a major role in the African economic system.
The governor immediately claimed that Lagos had been a big player in service-focused investment given its rising population and size of its market, adding that the coastal state lacked the luxury of a landmass.
In order to provide foreign investors with the necessary information and dispel any doubts they may have about the state’s business climate, Governor Sanwo-Olu said that discussions about the potential with which the state was endowed had not been fully disclosed. He emphasised that he personally led the state’s investment drive to London.
In addition to expressing the belief that Lagos’ story could be used to tell the African story, he recalled that Lagos had recently established the International Financial Council as an advisory board to provide investors with adequate information about the red tape, regulatory, and legal framework guiding business in the State. He also noted that the investment drive would position the state appropriately in the global economic order.
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At the same time, the governor announced that the state government expected to grow in several important areas, including consumer goods, financial services, creative industries, and technology.
In an effort to encourage foreign direct investment in Lagos, the International Financial Council was recently established. The aim behind it all is to be able to inform everyone on what is going on in Lagos, beginning with the London Lord Mayor’s Show. Lagos and London have a rich historical heritage, which explains this.
The International Financial Council will be putting plans in place so that we can support British businesses and financiers who are eager to travel to Lagos and make financial investments.
“The Council will make the legal, regulatory, and bureaucratic framework available to them. Investors will be aware of the kind of licences and authorization they require. The Council will put in place systems that will encourage cooperation and communication,” he declared.
“The technology sector is crucial. Lagos has emerged as the tech start-up capital during the past four years. We still need to add a lot of depth to the technology sector, as evidenced by the overwhelming number of new players entering the market.
“Developing our technological capabilities will support and enhance the financial services industry, as we have a plethora of financial products that require further development.
“We hope to see a significant increase in the number of foreign financial institutions entering the market. We desire the creative sector to play a significant role in Lagos’ economy. Naturally, general consumer goods come next.
Our population size makes it possible for any investor to hold a portion of the market. Lagos lacks the space for large-scale agricultural, but due to the population density and type of services required, the city is doing quite well in other commercial sectors,” he continued.
