Lagos State Governor, Babajide Sanwo-Olu, is rallying support to enhance infrastructure development, transforming Lagos into a functional megacity. Speaking at the High-level Mayoral Event on “Leveraging Cities and Municipalities for National Development” during the 2023 AIF Market Place in Marrakesh, Morocco, Sanwo-Olu highlighted the state’s conducive business environment and the need for investments to establish Lagos as a destination for Africans.
“We have cleaned up our regulatory environment and opened our doors to ensure all red tapes have been removed,” Sanwo-Olu stated. Emphasising the state’s investor-friendly approach, he highlighted the one-stop shop for investors to streamline processes and remove bureaucratic hurdles. “Once the regulatory and judicial environment is clear, what it means is for the investment to come.”
The governor underscored the necessity for investments in transport infrastructure, particularly the ongoing rail system capable of accommodating millions of daily passengers. “We need investments on our waterways, building new water ferry terminals that will move people to different parts of the city; we need investment to build another airport.”
Sanwo-Olu expressed the state’s commitment to the creative industry, outlining plans for the largest film city, museums, and theatres. He envisioned Lagos as a “small Africa” where people could live, work, and play. Seeking investments in local currency, he aimed to de-risk foreign exchange and deepen the local currency market.
Farouk Saleh, CEO of Metro Capital Advisory Group, emphasised the importance of localising infrastructure ingredients in Africa. He advocated for the full implementation of the African Continental Free Trade Area (AfCFTA) and addressed challenges facing manufacturers, calling for governments to address issues related to regulations, power, and forex for African manufacturers.