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Home News SANWO-OLU TO UNITED KINGDOM: CONSIDER LAGOS AS DESTINATION OF CHOICE FOR INVESTMENTS

SANWO-OLU TO UNITED KINGDOM: CONSIDER LAGOS AS DESTINATION OF CHOICE FOR INVESTMENTS

Lagostrend February 14, 2024 News,

•We will work with Nigeria to reduce barriers to trade – Badenoch

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Wednesday, implored foreign investors, particularly the business community in the United Kingdom to consider Lagos as a destination of choice for their investments.

He said his administration will continue to make Lagos a destination of choice by ensuring a friendly business environment for investors.

Governor Sanwo-Olu spoke on Wednesday during a courtesy visit by the United Kingdom Secretary of State for Business and Trade, Rt. Hon. Kemi Badenoch, at Lagos House, Marina.

The Governor also stressed the need for improved trading activities to improve Nigeria's economy, saying "Let us consume what we grow and grow what we consume to reduce our dependence on foreign currency."

He said: "For us, we see a whole lot of opportunities that Lagos can be for our country while also identifying and managing the challenges that we need to deal with on a continuous basis.

"We will continue to make the environment investment and business-friendly. We will continue to make Lagos a destination of choice. We understand that people have choices but they can indeed make those investment decisions in Lagos.

"Lagos is one of the reference points not only in West Africa but in the whole of sub-Saharan Africa and we are excited that you are here. We are hoping that you have seen one or two things that you can take back and you can continue to assure the business community in the United Kingdom that Nigeria is ripe already and Lagos is a destination that they should consider."

Speaking earlier, Kemi Badenoch said the businesses from the United Kingdom are excited about investing in Nigeria and Lagos in particular.

Badenoch, who is also the Secretary of State who covers exports, said the United Kingdom is ready to work with Nigeria to reduce barriers to trade and ensure that business between the two countries goes as smoothly as possible.

She said: "Primarily, I want to continue doing what my main job is, which is promoting British business and international trade all across the world and I visit many countries.

"And of course, when the opportunity arose, I definitely wanted to come to Nigeria. As many people know, this is the country that I lived in when I was a child. And the first meeting that I had was a British business roundtable, which is businesses from the United Kingdom that are investing in Nigeria, mainly in Lagos.

"We want to make sure that we have the two-way trade. We know the challenges that Nigeria is having with foreign exchange. One of the ways that you can resolve that is exporting more and finding out what we can do on the United Kingdom side to reduce those barriers to trade and ensure that business between the two countries goes as smoothly as possible."