Governor Babajide Sanwo-Olu, will lead members of his cabinet to engage British businesses and policy makers in a new push to attract foreign direct (FDI) investment into Nigeria and Lagos State in particular.
Sanwo-Olu will present business opportunities in Nigeria and the significance of investing in Lagos as the keynote speaker at a virtual event organized by the United Kingdom’s Institute of Directors (IoD).
The event makes Sanwo-Olu the first elected black leader to address the United Kingdom Institute of Directors in its over 100 years of existence. Specifically, the governor will take the platform to showcase Lagos to the British investors for investment consideration followings the UK’s exit from the European Union.
“As a state contributing about 40% of Nigeria’s $410 billion GDP and housing over 10% of the country 220 million population, Lagos is evidently a fertile ground for investment and big market for commerce” said Samuel Egube, the Lagos State commissioner for economic planning and budget, who is also the co-chair of Ehingbeti – Lagos State Economic summit scheduled to hold next month.
“Over 100 British businesses have registered to participate in the virtual investment forum, while Helen Grant, Prime Minister Boris Johnson’s special trade envoy to Nigeria, Granr Shapps and others will lead British public sector leaders to participate at the forum” according to Helema Drake, IoD branch manager for Yorkshire and North East.
Nigeria is a major investment and trade destination for Britain following its exit from the European Union and the British government’s £37 billion to boost trade expansion in Africa, where Nigeria is the biggest economy and Lagos holds the enviable position as the 6thlargest economy with its 40% contribution to Nigeria’s GDP of $410 billion, which is bigger than that of 20 African countries.
BusinessDay, 18 January 2021
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