Sanwo-Olu seeks more investment in IT, healthcare, transportation

Lagos State government has opened new doors through which investors can inject more cash into its economy, according to Governor Babajide Sanwo-Olu.

He stated this yesterday at the Lagos Pre-Summit Investors’ Roundtable.

The governors listed tech, agriculture, tourism, healthcare, transportation among others as critical areas with huge investment opportunities.

Sanwo-Olu and his team in the State Executive Council reeled out new investment focus and areas of opportunities before potential investors at the third edition of Africa Social Impact Summit (ASIS 3.0).

At the event were  business leaders, multilateral chambers of commerce, financial services executives, among others.

Sanwo-Olu said the state is projecting a positive economic outlook, given its expanding population and development of sustainable infrastructure to drive growth.

In spite of the challenging terrain in which many businesses operate, Sanwo-Olu said the state’s economy had demonstrated remarkable resilience to sustain existing businesses and welcome new investment.

He said the state has a 30-year development plan, developed in 2022 post-COVID to drive the needed development in the state.

He said:  “The Lagos State 30-year development plan was conceived in 2022 post-COVID. We vowed to never again would we sit back and let such global shock happen within our environment. We decided to set up a plan that will outlive us. We will not be in government in 2052, but there was need to be audacious, and let other leaders come and tweak it, and add whatever we did not think through.”

Sanwo-Olu said the state will become one of the leading human capital centre in the world by 2052, adding that the rising population that will be a provider of skills needed not only in Africa but other parts of the world.Related News

He said that the state needs to provide the right structures, policies and programmes for that to happen.

The governor said although human capital infrastructure is key in the future the state is planning, but hard infrastructure is also required to be resilient and accommodate the expected growth in population.

He said the state has provided great opportunities in the healthcare sector, including the health insurance scheme. He said the state wants to use private sector funding, to galvanize funding in the health sector.

He explained that the health insurance scheme allows many people to pull funds together and access services, and overtime, such funds will help in de-risk the sector.

The state is projecting a positive economic outlook, given its expanding population and development of sustainable infrastructure to drive growth.

Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, said as the nation’s commercial nerve center, Lagos had been a beacon of economic activity driven by commitment to fostering conducive environment for business and investment.

The Commissioner said the Sanwo-Olu administration had grown Lagos GDP from N27 trillion to N41 trillion within five years, stressing that the State had made progress in creating a business-friendly environment.

Managing Director of Sterling Bank, Mr. Abubakar Suleiman, said economic growth in Africa suffered setbacks because of unstable investment climate caused by lack of trust.

He said the objective of the summit meeting was to build confidence of investors in the local markets and create a business environment that would enhance trust.

Lagos, he said, remained the leading destination for investors because of the state’s strategic roadmap for its economic growth. He noted that Lagos had continued to provide clarity in creating access to markets for investors, while also maintaining consistency in communicating its investment decisions.