Lagos remains most attractive investment destination in Africa - Ambode

Lagos State Governor, Mr. Akinwunmi Ambode on Friday emphasised the leadership status of the State as the most attractive location financially and socially for investment in Africa, just as he reiterated the commitment of his administration towards putting in place policies to attract investment and facilitate conducive atmosphere for businesses to thrive. 

 

Governor Ambode, who spoke in Lagos at the grand opening of CFAO Yamaha Showroom and Assembly Plant, said with a population in excess of 21 million, a significant proportion of which comprises of the mid-class with strong purchasing powers, he was convinced that the State has what every investor desires in investing in any city.

He said aside the fact that Lagos accounts for 60 per cent of Nigeria's industrial capacity, the State also attracts between 70 to 80 per cent of $6bn annual Foreign Direct Investment (DFI) into Nigeria, adding that measures are being taken to increase the figure by 50 per cent.

The Governor lauded the collaboration between CFAO of France and Yamaha of Japan to bring about the joint venture in Lagos Nigeria, saying the partnership was good news for Lagos economy and a boost to the efforts of his administration in bringing investment to the State.

"The significance of locating this Assembly Plant in Lagos is very clear. Lagos remains the most attractive location financially and socially for investment in Africa. I have come to assure you that you have made the right decision to locate your business here," he said.

He said the take off of the CFAO Yamaha Plant in Lagos brings the number of assembly plants located in Lagos to over 10, adding that the State still has the capacity to accommodate more plants.

Besides, Governor Ambode recalled how his administration, upon inception, prioritized the issue of making Lagos the first choice destination for foreign investment.

While stating that the State is open for business and serious investors, Governor Ambode assured investors and would-be investors that government would continue to invest in security, job opportunity and infrastructure which are the tripod upon which his administration was built.

He said: "We will therefore continue to invest in the critical infrastructure and security to guaranty safety and good return on investment. As a government, we will continue to explore ways to create an enabling environment to make your business thrive. We are committed to introducing new incentives for businesses in Lagos to enable them grow, support the society and take more of our youths off the street.

"The ease of doing business is of concern to us and as a result, we are working to improve the indices of doing business in Lagos while we continue in our commitment to carry out judicial and security sector reforms."

Earlier, Chairman of CFAO Yamaha Motor Nigeria Limited, Mr. Gbenga Oyebode thanked Governor Ambode for making out time not only to personally attend the event, but also arriving on time, saying the development was an eloquent testimony of the Governor's commitment to encourage investment in the State.

Also, Managing Director of the company, Mr. Olivier Levigne said the vision of the firm is to be the grand company and a great organisation that is an open enterprise and a leader in its chosen field.

The CFAO Yamaha Showroom and Assembly Plant has the capacity to produce 70, 000 Motorbikes annually.

SIGNED
HABIB ARUNA
CHIEF PRESS SECRETARY
MAY 13, 2016