Lagos’ drive for investment receives boost with N14bn

The drive by the Lagos State government to attract more investment has received a boost as a German firm, Knauf Group International, on Monday, solicited the support of Governor Akinwunmi Ambode to establish a manufacturing plant in the state.

The worth of the investment is $70 million (about N14bn), and it is expected to create hundreds of jobs and boost housing delivery in the state, which housing deficit is in the region of over 2 million.

According to Isabel Knauf, representative of the group, the company is looking at food processing and production of building materials. If this is realise, it will be a major boost to the economy of Lagos, especially in housing delivery, as the state is currently said to have a housing deficit over 2 million.

“We are looking to invest and build a factory here. We are looking for your support. We have been to Lekki Sea Port and want to proceed on investing straight off. I wish to express our interest in investing about $70 million in construction tools factory in Lagos for the first stage,” Knauf said.

Knauf, who was at Lagos House, Ikeja on Monday, in company of Michael Zenner, the German ambassador to Nigeria, on a visit to Governor Ambode, said the choice of Lagos was informed by the state’s proximity to ports, availability of gas pipeline and a ready market.

Ambode, who expressed his administration’s readiness to receive the German investors, described Lagos as the economic hub of Nigeria and fifth largest economy in Africa.

“As the economic hub of the country, we pride ourselves as the largest of the nation’s economy with the GDP of $131 billion. For any German company that wants to do business in Nigeria, Lagos is your best bet. We are committed to the rule of law and we assure you of a safer and secured environment,” he said.