The federal government and six state governments on Tuesday, continue efforts to attract local and foreign investments by showcasing projects worth an estimated N4 trillion at the ongoing Invest in Lagos 3.0 Summit, with assurances of favourable policies, tax incentives and strong returns on investment.
The summit, themed “Lagos: The Business Gateway to Africa,” brought together more than 600 high-level delegates, including investors, innovators, sovereign wealth funds, development finance institutions, multilateral agencies, structured finance specialists, trade networks across the Commonwealth and senior public officials.
Representatives of the Federal Government, alongside the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states, used the platform to present investment opportunities across critical sectors of the economy.
Speaking at the event, the minister of finance and coordinating minister of the Economy, Taiwo Oyedele, assured investors of the federal government’s commitment to creating a conducive business environment capable of supporting sustainable growth.
According to him, recent tax reforms have addressed several challenges associated with the previous tax regime by eliminating multiple taxation, improving compliance and providing relief measures for businesses, particularly small and medium-scale enterprises (SMEs).
Oyedele also disclosed that the collection of stamp duties has been devolved to state governments, while commending states that have already adopted harmonised tax systems.
He said the reforms are aimed at enhancing the ease of doing business and supporting the Federal Government’s ambition of building a one-trillion-dollar economy through sound fiscal and monetary policies.
“Our goal is to create an environment where businesses can thrive, investors can earn competitive returns and economic growth can be sustained,” he said.
Governor Babajide Sanwo-Olu of Lagos State called for increased private sector participation in infrastructure development, identifying transportation, energy, water, technology, agriculture and agro-processing as sectors with significant investment potential.
According to him, Lagos remains one of Africa’s most attractive investment destinations, with opportunities capable of delivering strong returns due to its large population and expanding economy.
Sanwo-Olu said investments in transportation infrastructure, particularly rail and waterways, would unlock significant economic value by reducing travel time, boosting productivity and improving the overall ease of doing business.
“If we solve transportation issues in Lagos, we are unlocking enormous economic potential. Travel time will reduce significantly, productivity will improve and businesses will operate more efficiently,” he said.
The governor also highlighted opportunities in water infrastructure and digital technology, noting that Lagos is expanding fibre-optic connectivity and developing data centres to support the state’s growing digital economy.
“The future is technology. We are building data centres and expanding fibre connectivity across the city. There is still enormous room for investment in technology and digital infrastructure,” he said.
On agriculture, Sanwo-Olu said Lagos’ population of over 24 million people provides investors with a ready market for agricultural products and processed foods.
He disclosed that the state is developing a central logistics park and seeking investment in agro-processing facilities to strengthen food security and improve supply chain efficiency.
Governor Alex Otti of Abia State told investors that his administration is redesigning Aba and other key commercial hubs to improve the business environment and enhance industrial productivity.
He said the state has made significant progress in power generation, with some communities now enjoying uninterrupted electricity supply, a development he described as critical to attracting investment and supporting enterprise growth.
Otti also revealed that major upgrades are ongoing at the state’s airport to improve accessibility and facilitate easier movement of investors and business travellers.
Governor Hope Uzodinma of Imo State said his administration is addressing infrastructure deficits and implementing reforms aimed at transforming the state into a major investment destination capable of generating sustainable internally generated revenue.
Similarly, Governor Abdullahi Sule of Nasarawa State highlighted opportunities in agriculture, mining and real estate, noting that the state’s proximity to Abuja provides a strategic advantage for businesses seeking expansion opportunities outside the Federal Capital Territory.
The governors and Federal Government representatives urged investors to take advantage of emerging opportunities within their jurisdictions, assuring them of policy stability, investment-friendly regulations, tax incentives and strong returns on investments.
The summit continues with discussions focused on mobilising private capital for infrastructure, technology, energy, agriculture and other sectors considered critical to Nigeria’s economic transformation.
