Lagos targets 11 new major foreign investments

Lagos State has approved seven investment proposals and signed memorandum of understanding for four others as the state government seeks to leverage the vantage position of the state to drive Foreign Direct Investments (FDI).

Special Adviser and chief executive, Office of Overseas Affairs and Investment, Prof. Ademola Abass, made this known during a business review meeting at Alausa, Ikeja on Thursday.

According to him, the state government has approved seven investment proposals through its one-stop-shop for investment, the Office of Overseas Affairs and Investment, while the government has also successfully signed memorandum of understanding in respect of four other proposals.

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Prof. Abass said that the approved investment proposals involved the construction of a medical park in the old school of nursing on Awolowo Road, Ikoyi; total redevelopment of Oshodi within 12 months from now; construction of the 4th Mainland Bridge and the establishment of the Epe car crush.

Others are the development of 5 Cowries Shores; supply of boats, weed harvesters and trash skinners; real estate for which 1000 hectares of land has been provided at the Lekki Free Trade Zone; and pencil manufacturing among others.

He stressed that such private investments were essential for creating wealth and employment in the centre of excellence.

The Special Adviser noted that Lagos remained the choice investment destination for its continuous strides at enhancing the ease of doing business and protecting investments through legal measures and provision of adequate security.

He said that the Lagos State Government was poised to ease investors’ challenge of getting land by maintaining a dash-board of vacant lands in the state as well as restructuring the lands bureau and the Ministry of Physical Planning and Urban Development as they are the most critical institutions to the ease of doing business in Lagos State.

 

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