Lagos needs more FDIs to become Africa’s model megacity, says Fashola

Governor Babatunde Fashola of Lagos says the state will need to attract more foreign direct investments (FDIs) to realise its dream of becoming Africa’s model megacity by 2015.

Against this background, Fashola said the state government was doing more in the area of security and in creating an environment conducive and attractive to both local and foreign investors.

The governor, who was represented by Wale Raji, permanent secretary, Ministry of Commerce and Industry, stated this while addressing members of the organised private sector at the closing ceremony of the Lagos international trade fair at Tafawa Balewa Square in Lagos, on Sunday. The fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), which began on November 7 had as its theme ‘Promoting the Nigerian economy as preferred investment destination.”

Part of what the state,according to Fashola, has done is the institution of the corporate assembly through the Ministry of Commerce and Industry, where top officials of the government led by the governor sit with captains of industry across the various sectors of the economy to receive complaints and chart a way forward for businesses in Lagos.

Through this platform, the governor said, such past complaints like multiplicity of taxes and levies especially as imposed by the local governments in the state had been fully addressed.

He noted that the vision of the government was to turn Lagos into Africa’s model megacity by 2015, and to realise this, more need to be done in attracting private investments.

“The Lagos State government recognises that for us to achieve our dream of becoming Africa’s model megacity by 2015, we must attract more private sector investments into the state from overseas, nationally and locally in order to create jobs and increase productivity.