Federal Government, six states court business leaders at Lagos investment conference

The Federal Government and six state governments are calling on investors at the Invest in Lagos 3.0 Summit to invest in key sectors, offering promising returns and better business conditions in exchange.

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This year's summit, titled “Lagos: The Business Gateway to Africa,” included presentations from the Presidency and the governors of six states, namely Lagos, Imo, Abia, Plateau, Taraba, and Nasarawa.

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Dr. Taiwo Oyedele, the Minister of Finance, reassured investors that the Federal Government is dedicated to fostering a favorable business environment through current fiscal reforms, citing the new tax law as a major step forward.

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The new tax law has abolished multiple taxation, enhanced compliance, and provided relief for small and medium enterprises, according to Dr. Oyedele, who also announced that stamp duty collection has been transferred to state governments.

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Dr. Oyedele commended states that have adopted harmonised tax systems and informed the over 600 delegates, including global institutions and trade networks, that the government remains committed to building a $1 trillion economy.

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Lagos State Governor, Babajide Sanwo-Olu, urged investors to increase their investment in rail transport, energy, agriculture, agro-processing, and water infrastructure, emphasizing the need to address transportation challenges to unlock Lagos' economic potential.

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By doing so, Governor Sanwo-Olu explained, travel time would be reduced, productivity would be boosted, and returns on investment would be improved, ultimately benefiting the economy as a whole.

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Abia State Governor, Dr. Alex Otti, discussed his administration's efforts to redesign Aba and major business clusters, aiming to tap into the entrepreneurial strengths of the local residents.

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Meanwhile, Imo State Governor, Hope Uzodinma, highlighted his state's initiatives to address infrastructure deficits and drive industrialisation, while Nasarawa State Governor, Abdullahi Sule, promoted investment opportunities in agriculture and urban development.

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Governor Sule specifically emphasized the potential of investing in Nasarawa, given its proximity to Abuja, the nation's capital.