Oct. 29, 2021

Lagos State Governor, Mr. Babajide Sanwo-olu, has called on investors in the manufacturing industry to take advantage of the economic policies and incentives put in place by the government as well as the massive development and upgrade of infrastructural facilities to create a conducive environment for businesses to strive.

Sanwo-Olu made the call during the opening ceremony of the maiden edition of the Lekki Peninsula Region Conference and Expo 2021 organised by the Lagos State Ministry of Commerce, Industry and Cooperatives in collaboration with Lekki Development Ventures.

According to Governor Sanwo-Olu, who was represented by the Honourable Commissioner for Commerce, Industry and Cooperatives, Mrs. (Dr.) Lola Akande, the Lekki Region Conference and Expo was aimed at unveiling the commercial, industrial, investment opportunities and government incentives to attract and support investment in the Lekki axis.

He said the maiden edition of the conference will serve as a unique forum for knowledge sharing and a rewarding platform for would-be investors to leverage on the opportunities available in the Lekki axis, noting that the Peninsula Region is demarcated geographically to diversify the economy of Lagos State, and Nigeria, through the establishment of Lekki Free Zone located on the tip of Lekki Peninsula to the Southeast of Lagos State.

Speaking on the theme: “Harnessing the Commercial, Industrial, Investment Opportunities and Government Incentives in the Lekki Peninsula Region”, Sanwo-Olu averred that there are facilities and preferential policies to prospective investors in the Lekki Free Zone, which includes the permission to sell 100% of manufactured, assembled or imported goods into the domestic Nigerian market.

His words: “There are also 100% foreign ownership of investments, 100% repatriation of capital, profits and dividends as well as waivers on all imports, exports and import licences as well as a waiver on all expatriate quotas for companies operating in the Lekki Free Zones”.

“Multi-billion dollar investments, both foreign and local, are springing up within the zone and axis.

As you are aware, the Lekki axis is on the verge of being home to Africa’s biggest oil refinery and it is expected to be operational soon. Also, the Lekki Deep Sea Port, when completed and operational in the third quarter of 2023, will be the most modern port in West Africa. These two projects are strategic as they will further open up the axis and unlock huge opportunity for investments and general development of the region”, he added.

While commending the efforts of the leadership of Lekki Development Ventures, Governor Sanwo-Olu said the conference/expo will optimise and showcase investment opportunities in the region to Nigeria and beyond.

He, however, implored all potential investors to harness the investment opportunity in the region for a flourishing business.

The Secretary to the State Government, Mrs. Folashade Jaji, in a goodwill message at the event, said the essence of the conference was to draw the attention of investors and Medium Small Micro Enterprises (MSMEs) to the business opportunities available in the Lekki Peninsula axis inclusive of the Lekki Free Zone.

She said, “There are many opportunities that investors can tap into, you might have other businesses you run now but I will implore you to also look elsewhere, just like Nigeria is doing presently in order to harness the benefits made available by the State Government”.

“When you take advantage of opportunities and benefits inherent in businesses, you will only get stronger and it will be beneficial to you and the economy”, Mrs. Jaji asserted.

Also speaking, the Chief Executive of Lekki Development Ventures, Mr. Ayotunde Akinfolarin, said that the conference will become an annual convergence of Nigeria and foreign companies and agencies.

While acknowledging Governor Sanwo-Olu’s impressive display of good governance on the Lekki Peninsula axis, Akinfolarin noted that the State Government’s efforts have so far encouraged investors to contribute to the commercial, industrial and investment growth of the Lekki Peninsula Region.