In a resounding affirmation of Lagos State’s commitment to fostering economic growth and attracting foreign investments, Governor Babajide Sanwo-Olu reiterated the state’s readiness to support businesses at the German-Nigerian Business Conference held at the Lagos Continental Hotel today.
The Governor, represented by Deputy Governor Obafemi Hamzat, emphasized the deliberate and strategic policies put in place by the State Government to ensure a conducive business environment. He elaborated on the T.H.E.M.E.S Plus Development Agenda, designed to promote ease of doing business and support sustainable practices in an inclusive economy.
Governor Sanwo-Olu noted Lagos’ status as a top destination for both Foreign Direct Investments (FDIs) and Domestic Direct Investments (DDIs), emphasizing the attractive returns on investments the state offers.
He expressed a strong commitment to prioritize investments from prospective German investors in critical sectors like climate-resilient infrastructure, transportation, housing, health, and agriculture.
The Governor highlighted the significance of the Bilateral Business Forum, occurring at a crucial juncture in Nigeria’s economic landscape, focused on attracting foreign investments, boosting domestic production, and expanding non-oil exports.
Governor Sanwo-Olu also underscored the lessons Nigeria can glean from Germany’s industrialization journey and its capacity-building across various production value-chains, acknowledging the support provided by the German Government through the GIZ-SEDIN program.
The Federal Chancellor of the Federal Republic of Germany, Mr. Olaf Scholz, emphasized the importance of a stable and eco-friendly power sector in economic development for both Germany and Nigeria. He celebrated the growing trade partnership between the two nations and noted that Germany is Nigeria’s second-largest trading partner in sub-Saharan Africa.
The President of the Nigerian-German Chamber of Commerce, Mr. Igbuan Okaisabor, emphasized the strengthening partnership between Nigeria and Germany and how the business conference would further bolster trade relations and innovation, ultimately contributing to both countries’ economic prosperity.
In closing, the Federal Chancellor praised the Lagos State Government’s efforts in preserving culture and history, visiting the John Randle Centre for Yoruba Arts and Culture, an acknowledgment of the state’s dedication to preserving its rich heritage.