Sanwo-Olu urges foreign investors to consider creative industry in Lagos
By Abimbola Mohammed
The Lagos State Governor, Mr. Babajide Sanwo-Olu, has urged foreign investors to look in the direction of the creative sector when considering investments in the state. He made this call at an interview he had on Sky News in London, just after the Lord Mayor Show.
In the interview monitored by MARKETING EDGE, the governor noted that it is important for the creative industry and general consumer products to get much investment as well as the financial sector, IT, Infrastructure and tech.
Speaking on the GDP of Lagos compared to some other African countries, the governor said: “The GDP of Lagos is bigger than the GDP of Kenya, of Ghana and Senegal. So, as a new sub-national, it’s actually very big and we think people need to know what is happening in our state, and how we can use the Lagos story to sort of tell the African story.
He added: “We want the creative industry to have a role in our economy, then, of course general consumer products because of the population we have. We believe anything indeed could have a market and a share of its own.”
While speaking on the state’s finance and what it hopes to achieve with the initiative council, Mr. Sanwo-Olu said the aim of his administration is to get the whole world to be aware of the business and investment opportunities in Lagos as a state.
He promised that there would be a flexible regulatory framework for every investor that may want to do business in Lagos.
“Let’s look at the red tapes – what are the things that they want us to do? Regulatory framework, legal framework, what kind of permit did they need or the kind of approvals? So the council will set up structures where communication and collaboration will happen,” he said.
Going into what priorities and the sector the council hopes to expand for more business opportunities, he said: “The tech industry is very important because, in the past 3-4 years, Lagos has been the tech startup hub in Africa. So there is still a lot of depth that we need to bring into that space. There are also a whole lot of financial products that still need to be deepened in that sector. We want to see a lot of more international financial organizations come to Lagos.”
He pointed out that Lagos State is a tiny space that has much arable land for farming and agricultural products, but can do well in population in terms of services, technology and communication, IT, infrastructure and anything around that space.
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