Lagos Hosts Bavarian Business Delegation

Lagos State Government has hosted a delegation from Bavaria for a bilateral discussion on areas of investment between the two States.

The visit was facilitated by German Industry and Commerce in Nigeria, a part of the global network of German Chambers abroad and an official representation of the German economy that provides advisory support services to German businesses that intend to make a market entry into Nigeria.

Honourable Commissioner for Commerce, Cooperatives, Trade & Investment (MCCTI), Mrs. Folashade Ambrose-Medebem, who received the delegation at Ikeja on Thursday, stated that a key priority of Governor Babajide Sanwo-Olu’s administration is Making Lagos A 21st Century Economy by promoting ease of doing business, encouraging sustainable practices and adopting inclusive economy through the T.H.E.M.E.S Plus Development Agenda.

Her words, “Lagos is a top receiving State of Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) due to its attractiveness. The State also hosts a considerable number of manufacturing concerns with many success stories to share.

One of the success stories is the emergence of fintech unicorns and many other tech start-ups from the State. This is why Lagos, the fifth largest economy in Africa, compares favourably with other business capital of the world”.

Speaking further, the Commissioner stressed the priority Governor Babajide Sanwo-Olu’s administration accorded infrastructure development, and that the efforts are already manifesting in the operation of the Blue Light Rail, the ongoing construction of Red Light Rail and other projects.

She assured the Team that the MCCTI will relate with sister MDAs particularly Agriculture, Energy and Mineral Resources, the Environment and Drainage Services and others in promoting trade with interested international investors.

Permanent Secretary, MCCTI, Mrs. Adetutu Ososanya, FCA, who described investment opportunities in the State as many, noted further that the State has Enterprise Zones already set aside for development by interested investors.

“Let me reiterate that the State Government is reputed for giving timely support to all investors and this has led to the timely completion of the Lekki Deep Sea Port, while the Badagry Deep Sea Port and Free Zone are being pursued with strong determination.

Leader of the Delegation/Deputy Head of Department, Internationalisation, Location Policy, Invest in Bavaria, Bavarian State Ministry for Economic Affairs, Regional Development and Energy, Georg Schmidt remarked that the team came from an institution responsible for trade promotion.

“Since the start of the Russia-Ukraine war, there have been engagements around change in German economic policy with a lot of talk on Africa, but this came with hesitation as many investors who want to come have limited information.

This was until the Lagos Metroline Project hit the media waves in Germany”, he noted. While revealing the plan to open more work offices in Africa in addition to the one in Johannesburg, he said the Chamber can match-make interested Nigerian and German businesses willing to partner with each other.

Other members of the Delegation are Charlotte Griese, Economist, Bavarian State Ministry for Economic Affairs, Regional Development and Energy, and Timo Pleyer of German Industry and Commerce in Nigeria.