UAE investors to plough $10bn into Lagos economy (Daily Trust (Nigeria))

A team of investors from the United Arab Emirates (UAE) has shown interest in investing $10 billion in the Lagos economy.

This was disclosed yesterday by the Founder of the Centre for Values and Leadership, Professor Pat Utomi, when he led the investors to a meeting with Governor Akinwunmi Ambode at the Lagos House, Alausa, Ikeja.

He said the investors under the umbrella of Smart City Dubai, aspire to play a role that would significantly change the business climate of Lagos.

Responding, Governor Ambode said in less than 100 days of his administration, efforts had been made to create an atmosphere for investors to come to the state.

I want to let you know that Professor Pat Utomi is somebody that has had endless passion to make this kind of investment happen in Lagos State. He has been a major promoter of investment in Lagos and I am so excited about this. I want to commend him for being part of this initiative, he said.

He restated the commitment of his administration to evolve policies and initiatives that would transform the state into a destination for investors across the globe, adding that his government had already created the Office of Overseas Affairs and Investment to directly deal with issues that relate to investors coming into the state.

We are committed to a situation where we would create a new city where Africans and especially Nigerians in diaspora can be proud of and which we also can be proud of, he said.

In another development, Governor Ambode yesterday received the Irish Ambassador to Nigeria, Sean Hoy, who paid him a courtesy visit at the Lagos House.

He told the envoy that the state was looking towards partnership in agro business in an effort to ensuring food security, adding that his administration was looking to expand the agricultural sector and increase the production capacity of its farmers in the nearest future.

One area that Lagos is really interested in is in the agro business, I am very interested in the food security of this state. We have a population that is over 20 million and we should be able to plan properly the food security of the state.

We cannot claim that we are self sufficient right now, but we have a plan to be able to let us feed ourselves at some point in time. It is quite unfortunate that right now, the state consumes almost N300billion worth of rice annually and what we have in terms of production is maybe like five percent of what we require, he said.