Ambode, who was represented by the Secretary to State Government (SSG) Tunji Bello, at the unveiling ceremony, said the Office is a one-stop shop designed to enhance ease of doing business in Lagos State. The initiative is in line with the commitment of the Ambode’s administration to make Lagos an investment destination of choice, by creating a favourable environment for local and Foreign Direct Investment (FDI) to thrive, he added.
The move, seen as a new dawn for existing and prospective local and foreign investors in Lagos State, would also help actualise the state’s vision of becoming Africa’s model megacity and global economic and financial hub that is safe, secure, functional and productive, the governor said. According to him, “Lagos boast of a Gross Domestic Product (GDP) of $136 billion, contributing 30 per cent to Nigeria’s GDP; coupled with an estimated 21 million population and accounting for 90 per cent of Nigeria’s foreign trade flows, among others. It is easy to see why the state is strategically positioning itself to become an investment destination of choice,” he said.
Ambode admitted this much when he said: “As the world continues to acknowledge Lagos as a regional financial hub, we as government have demonstrated the commitment to strengthen this position through deliberate policies aimed at improving the business climate in our state. In this regard, we have successfully placed Lagos on investors’ radar by putting in place effective legal and regulatory frameworks.”
He listed some of the frameworks put in place to make life and business easy for investors to include the Land Reform Act, Double Taxation treaties, Limited Liability Reviews and the development of Free Trade Zones. He also said the on-going judicial reform is aimed at strengthening the state’s laws for the protection of enterprise.
Ambode at the event facilitated by PPM, a Management Consulting firm,, said his administration’s conscious efforts at public infrastructure development and maintenance as indicated by an efficient Bus Rapid Transit (BRT), transporting over 200,000 passengers daily, functional Integrated Power Projects, enhanced security and access roads to sea and airports, among others, underscored its determination to make Lagos a functional megacity.
The Special Adviser to the Governor on Overseas Affairs and Investment, Prof. Ademola Abass, gave more insight into the government’s decision to float Lagos Global. He said the current administration created Lagos Global with the mandate of promoting foreign investment into the state and managing export out of the state.
Abass, at the event attended by the Chairman/ CEO, PPM, Ghandi Olaoye, Snr. Vice President PPM, Kikelomo Atanda-Owo and Snr. Vice President Training and Development, also said the office has the mandate of managing foreign investment transactions and ensuring that would-be investors enjoy seamless and hurdle-free experience by providing first class service delivery to them right from the point of initial enquiry down to the setting up and running of businesses in the state.
According to him, this would eliminate difficulties and bureaucracies often associated with multi-agencies handling of investments.
The Special Adviser further said: “Never again will an investor give up the hope of setting up business in Lagos on the obstacles of suffocating and interminable bureaucracy. The job of Lagos Global is principally to enhance the ease of doing business and create an enabling environment for investors.”
For experts and stakeholders, the initiative represents a refreshing new mindset and type of leadership in the state that is both positive in its thinking and pragmatic in its actions. Their consensus is that the move could not have come at a better time considering the urgent need for strategic decisions and policies that will put the state’s economy on a path of sustainable development given the crisis in the international oil market.
Culled from Sun
No comments:
Post a Comment