Lagos Woos German Investors, Highlights Opportunities in LFTZ

• Lagos Woos German Investors, Highlights Opportunities in LFTZ

The Lagos State Governor, Mr Akinwunmi Ambode, has called on German investors to tap into the state’s business opportunities, assuring them of sound fiscal policies and robust legal and regulatory framework that protect investments and guarantees returns.

Ambode also assured would-be investors of access to a large market, including major African markets; a burgeoning middle class with disposable income, a stable political environment and a safe and secure business environment.

The governor, who was represented by the Commissioner for Commerce, Industry and Cooperatives, Mrs Olayinka Oladunjoye, disclosed this on Wednesday while delivering a keynote address at the 7th German-Nigerian Business Forum in Lagos, according to a statement on Thursday.

He acknowledged the contributions of Germany over the years and how the country had impacted the Nigerian business landscape positively through partnerships and business connections spanning over 150 years and cutting across sectors like agriculture, food processing, and manufacturing.

According to the governor, the strength of the state lies in its huge population and economic viability.

He said with a population of 24.8 million, an annual population growth rate of 3.2 per cent, migration rate of 86 persons per hour, 65 per cent active youth population between 15 and 35 years, “Lagos remains the fifth largest economy in Africa having a Gross Domestic Product of $136bn and accounting for nearly a third of Nigeria’s GDP.”

Meanwhile, the Lagos State Government has reassured investors of its commitment towards providing adequate security and infrastructure for investors in the Lekki FTZ.

Ambode made the pledge recently at the foundation-laying ceremony of the $20m Longrich Research Institute Factory at the Lekki FTZ, Lagos.

The governor, who was represented by Oladunjoye, said the state government was highly elated by the investment of the company.

He applauded the long-standing relationship between China and Lagos, and the huge investment the country has made in the state over the years.

Earlier, the Managing Director, Longrich International, Africa, Mr. Alex Jia, had said the company would build over 400,000 square meters of production factory in Lekki FTZ.

This, according to him, will enhance production of health care, cosmetics products and detergents.

Jia said this would provide a comprehensive supply chain and production guarantees service and customers clearance support in Nigeria and the whole of Africa market.

He disclosed that the first batch of investment of $20m from Longrich would be used to build production factory, offices, warehouse and accommodations.

According to him, the investment will generate employment for young people in the country.

He said by the year 2030, Longrich would build additional five to 10 manufacturing plants in some major overseas markets.