Sanwo-Olu to UK: Consider Lagos Destination of Choice for Investments

•Governor distributes N750m trader money to 15,000 beneficiaries 

•Says initiative will stimulate economic activities in food markets 

•We will work with Nigeria to reduce barriers to trade, says Badenoch

Segun James

Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday, implored foreign investors, particularly the business community in the United Kingdom to consider Lagos as a destination of choice for their investments.

Speaking yesterday, during a courtesy visit by the United Kingdom Secretary of State for Business and Trade, Rt. Hon. Kemi Badenoch, at Lagos House, Marina, Sanwo-Olu said his administration would continue to make Lagos a destination of choice by ensuring a friendly business environment for investors.

Also, in fulfilment of his promise and demonstration of love to market men and women on Valentine’s Day, Sanwo-Olu, yesterday, flagged off the distribution of N750 million financial intervention scheme tagged “Lagos Market Trader Money” to 15,000 beneficiaries.

Speaking further during the courtesy visit by the United Kingdom Secretary of State for Business and Trade, Rt. Hon. Kemi Badenoch, Sanwo-Olu, according to a statement, also stressed the need for improved trading activities to improve Nigeria’s economy, saying, “Let us consume what we grow and grow what we consume to reduce our dependence on foreign currency.”

He said: “For us, we see a whole lot of opportunities that Lagos can be for our country while also identifying and managing the challenges that we need to deal with on a continuous basis.

“We will continue to make the environment investment and business-friendly. We will continue to make Lagos a destination of choice. We understand that people have choices but they can indeed make those investment decisions in Lagos.

“Lagos is one of the reference points not only in West Africa but in the whole of sub-Saharan Africa and we are excited that you are here.

“We are hoping that you have seen one or two things that you can take back and you can continue to assure the business community in the United Kingdom that Nigeria is ripe already and Lagos is a destination that they should consider.”

Speaking earlier, Badenoch said the businesses from the United Kingdom were excited about investing in Nigeria and Lagos in particular.

Badenoch, who is also the Secretary of State who covers exports, said the United Kingdom was ready to work with Nigeria to reduce barriers to trade and ensure that business between the two countries goes as smoothly as possible.

She said: “Primarily, I want to continue doing what my main job is, which is promoting British business and international trade all across the world and I visit many countries.

“And of course, when the opportunity arose, I definitely wanted to come to Nigeria. As many people know, this is the country that I lived in when I was a child. And the first meeting that I had was a British business roundtable, which is businesses from the United Kingdom that are investing in Nigeria, mainly in Lagos.

“We want to make sure that we have the two-way trade. We know the challenges that Nigeria is having with foreign exchange.

“One of the ways that you can resolve that is exporting more and finding out what we can do on the United Kingdom side to reduce those barriers to trade and ensure that business between the two countries goes as smoothly as possible.”

Sanwo-Olu Distributes N750m to 15,000 Beneficiaries as Trader Money

In fulfilment of his promise and demonstration of love to market men and women on Valentine’s Day, Sanwo-Olu, yesterday, flagged off the distribution of N750million financial intervention scheme tagged “Lagos Market Trader Money” for 15,000 beneficiaries.

 The 15,000 beneficiaries, who received N50,000 each, were drawn from across all the six geo-political zones of Nigeria – South-West, South-East, South-South, North-Central, North-West and North East, but are all residents of Lagos.

Speaking during the launch of the Lagos Market Trader Money held at De Blue Roof, Agidingbi, Ikeja, a statement quoted Sanwo-Olu to have said the gesture would go a long way to actualise his goal of transforming the food systems in Lagos State and stimulate economic activities in various food markets in line with his administration’s THEMES+ developmental agenda.

 Sanwo-Olu had during the commissioning of the Mid-Level Agro produce Hub, Idi-Oro, Mushin on Sunday, December 17, 2023, announced a N750 million financial intervention scheme for Lagos traders tagged “Lagos Market Trader Money” for 15,000 traders across the State.

Sanwo-Olu fulfilled his promise in less than 60 days as 250 traders from each of the 20 local governments and 37 Local Development Council Areas (LCDAs), as well as 750 beneficiaries identified from markets within the barracks and military formations across the State, yesterday, received N50,000 each. 

 Sanwo-Olu implored the beneficiaries of the Lagos Market Trader Money to make the best and judicious use of the grant in ways that will contribute to the economic development of the State.

 “I urge you to let the citizens of Lagos feel the impact of this grant and all the other support that this administration has been providing towards ensuring food security, through reasonable reduction in the cost of basic food items in a way that it will be affordable to ordinary Lagosians,” he said.

 Sanwo-Olu said the initiative was conceptualised as a stop-gap measure of the Lagos State Government to empower small-scale traders in the food systems by providing them financial support to expand their businesses thereby fostering economic growth and improving the lives of many within the State.

 He said: “This will ensure sustainable livelihoods and facilitate business expansion for 15,000 traders who occupy a strategic position in the State’s economic pyramid and food distribution network.

 “Lagos State, which has a growing population presently estimated at over 24 million has a food system transaction value of over N6trillion annually, is in the process of establishing a dynamic food market system under the Food Systems Transformation Agenda to promote the preservation, storage, transportation and presentation of wholesome food to the populace, with the aim of reducing food waste, improve affordability, guarantee food safety, quality and accessibility.

 “This initiative led to the implementation of key projects such as the establishment of the Lagos Central Food Security System and Logistics Hub, Ketu-Ereyun, Epe and the Mid-Level Agro Produce Hub, Idi-Oro, Mushin. As a mark of our resolve to follow through with the Agenda, work has commenced on three additional Mid-Level Agro-Produce Hubs at Sangotedo, Agege, and Abule-Ado, while the first phase of the Lagos Central Food Security System and Logistics Hub will be commissioned by December 2024.”

 Speaking on how the 15,000 traders were selected for the Lagos Market Trader Money, Governor Sanwo-Olu disclosed that “The beneficiaries were identified by the State’s Agricultural Field Officers serving each LGA/LCDA in collaboration with the Iyaloja/Babaloja General and Market Masters of each Local Government/Local Council Development Area across the State.”

Speaking earlier, Lagos State Commissioner for Agriculture, Ms. Abisola Olusanya, said the Lagos Market Trader Money initiative was part of the government’s efforts towards ensuring sustainable livelihoods and wealth creation for traders across the State.