WE’LL CREATE CONDUCIVE ENVIRONMENT THAT’LL ATTRACT INVESTMENT, ENSURE BUSINESSES THRIVE IN LAGOS – MCCTI COMMISSIONER
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By Ajape Sefiu A.
The Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, has reiterated the Ministry and the State’s commitment to ensure that a conducive environment is created to attract investment and ensure businesses thrive in the state.
She stated this on Wednesday, May 22, during the 2024 Annual Ministerial Press briefing, preluded by the one-year account of Governor Sanwo-olu’s second term in office, held at the Bagauda Kaltho Press Centre, Alausa Secretariat, Ikeja, Lagos.
The Commissioner, who was rendering an account of the achievements of the Ministry in the past year, said the establishment of the Lange and Grant state-of-the-art factory in the state has been a major boost to the investment drive, while adding that the commissioning of the ultra-modern plant was also a groundbreaking collaboration in innovation and environmental sustainability.
She said, “By way of investment facilitation and actual investment, we are pleased to state that the cutting-edge $5million (N7billion) manufacturing facility, with estimated $30million (N42billion) Return on investment (ROI), exemplifies the potential of the private sector, government and international organisation to address global challenges collectively through climate-friendly businesses that promote sustainable development.”
“In recent times, investors have not only expressed serious intention to do business in the State, some have taken steps to translate their intentions into concrete engagements. Among these was Messrs. REOCOMM Corporation, with a CAPEX of $5 billion, desirous of investing in the proposed Lekki Airport project.
“Similarly, during our 2-day working tour to the Lekki and Lagos Free Zones on 27th-28th February 2024, the Management of Lekki Free Zone Development Company (LFZDC) signed a Memorandum of Understanding (MOU) with Messrs. FINCON Capital Limited and its Italian partners for the establishment of an integrated steel plant that will provide over two hundred (200) direct jobs on seven hundred (700) hectares of land in the Zone.
Folashade speaking further said, “The State’s delegation, led by the Secretary to the State Government, attended the Fidelity International Trade & Creative Connect (FITCC) on 24th and 25th October 2023. The event was a global platform that facilitates the connection of Nigerian MSME exporters and businesses to counterparts overseas and bilateral trade/government-to-government deals.
“The event showcased ample footfall of business, institutional and government representations and presented abundant opportunities for government-to-government business networking and deal conversions for Lagos State Government. A number of tangible outcomes were achieved in healthcare partnerships and maritime capacity building opportunities.
Furthermore, She revealed that Lagos State Government, through Ministry of Commerce, Cooperative, Trade and Investment, is collaborating with Sterling One Foundation and the United Nations office in Nigeria to organise the Africa Social Impact Summit (ASIS 3.0) aimed at developing an ambitious action by galvanizing critical players in Africa social development sector, including state and non-state actors social entrepreneurs, local and international impact investors, international development organisations, private sector and the government, to facilitate the all-inclusive achievement of the United Nations Sustainable Development Goals 2030 and the African Union Agenda 2063 with priority focus on education, circular economy, health, climate solutions, food security and WASH.
According to her, the Summit seeks to leverage multi-faceted partnerships because the global goals are our best hope for people, for planet, for prosperity, for peace and for partnership, adding that this Summit scheduled is planned to hold on 25th-26th July, 2024 at the Eko Convention Center, Victoria Island, Lagos.
“The administration understood how critical its policies, programmes and projects are to attracting investments and it is leaving no stone unturned at ensuring considerable increase in the Ease of Doing Business (EoDB) rating of the State.
“Lagos State met all criteria under the Four Disbursement Linked Indicators (DLIs) to qualify for the World Bank funded State Action on Business Enabling Reforms (SABER) programme in the first phase. These are:
- DLI1: Improved land administration and land-based investment process
- DLI2: Improved investment promotion environment
- DLI3: Increased transparency of official fees and procedures and
- DLI4: Increase transparency of fees and levies for inter-state trade
She explained that, “The State also successfully completed the reforms for additional next stage, comprising Eight DLIs for the first year cycle of the SABER programme, and it is fully on track to meet all subsequent evaluations by the programme’s coordinator and the World Bank.
While speaking on the Commercial development of the State, she made reference to the Lagos International Trade Fair, adding that it serves as enabling platform for MSMEs to grow and thrive.
“A major activity during the Fair was the celebration of Lagos State Day, that usually coincides with the closing ceremony.
“This window was used by the state to project its investment potential and business readiness, and, at the same time, engage the Organised Private Sector, being critical stakeholder, on the commitment of government towards improving the business environment and making it more attractive for investment.
“At the end of the fair, the Ministry also presented certificates of participation to MSMEs in the Lagos State Pavilion, which continues to serve as an enabling platform for MSMEs to grow and thrive.
Additionally, she revealed that “the mandate of the Ministry to register, monitor, supervise and audit Cooperative Societies in Lagos State is backed by the Cooperative Societies Law of Lagos State, 2022, as amended.
“In recognition of the large number of the cooperative societies, their huge membership and the quantum of financial resources and businesses activities being undertaken by them, our priority, since coming into office, has been to improve the integrity of the societies by improving their corporate governance and addressing challenges hindering their growth.
“To this end, we have declared zero tolerance for misappropriation of resources, abuse of credit limit, and affirm our commitment to timely submission of annual reports, regular inspection of accounts and fidelity to terms of office as stipulated in the law. We are determined to push new energy into the management of the societies and make the Cooperative Movement in the State best in class in comparison to others.
“Our approach is already instilling public confidence in cooperative practices as more societies are being registered through the twenty-four Cooperative Area Offices spread across the State.
The commissioner, while concluding her briefing, thanked the Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu, Mr. Deputy Governor, Dr. Kadri Obafemi Hamzat and other top government functionaries for their immense support that propelled the Ministry to achieving all that was mentioned.
“Mention must also be made of the members of the Fourth Estate of the Realm, you Gentlemen of the Press, for providing continuous coverage that gave prominence to our activities. On behalf of my colleagues, I assure the good people of Lagos State that we will not relent on our efforts to facilitate a conducive and enabling environment that will lead to the growth of businesses and the economic prosperity of our dear state. The journey towards A Greater Lagos is surely in steady progress,” she added.
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