•Woos overseas traders at US-Africa summit
Segun James
As one of many newest oil-producing states within the nation, the Lagos state authorities yesterday disclosed that it had thus far realised the sum of N3.911 billion as derivation, however lamented that manufacturing had been hampered by challenges confronted by the corporate managing its exploration and exploitation actions.
The state’s Commissioner for Vitality and Mineral Sources, Mr Biodun Ogunleye, disclosed this throughout a ministerial press briefing to mark the primary yr of the second time period in workplace of Governor Babajide Sanwo-Olu at Alausa, Ikeja.
He stated that Lagos which joined the league of oil-producing states within the nation in 2016, obtained the quantity as its share of the 13 per cent derivation fund.
Oil-producing states, together with Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers, are entitled to 13 per cent derivation fund from the Federation Account.
Ogunleye stated: “Between 2018-2019, the state authorities obtained from the federal authorities N131 million as a part of oil derivation. And, between 2020-2021, the Lagos state authorities obtained N3.78 billion.
“However the house owners of the belongings have been having points amongst themselves. And so long as they might not produce, there could be no cash for Lagos.
“The state authorities is partaking them to make sure that they return to the sphere. And we hope that earlier than the tip of the yr, they are going to discover new technical companions they usually can return to manufacturing.”
Dwelling on the neighborhood electrification programme, the commissioner stated the governor had authorised the procurement of 20,000 items of pay as you go power meters to focus on low revenue communities within the state.
‘’Approval was additional expanded to utilise funding to catalyse full metering throughout the state through collaborations with electrical energy Distribution Corporations (Discos) in Lagos and a number one sensible metering answer firm, ElSewedy Electrical,” he added.
The commissioner, who frowned on the rising demise price from gasoline explosions within the state, hinted that the state authorities will quickly introduce stringent measures to control the operation of Liquefied Pure Fuel (LNG) distributors within the state.
Recall that Yinka Folawiyo Petroleum Firm Restricted (YFP), a wholly-owned indigenous agency and operator of the OML 113 offshore Lagos, commenced the manufacturing of crude oil from the sphere in 2016.
In the meantime, the Lagos State authorities has assured the worldwide enterprise neighborhood that as one of many largest economies on the continent, Lagos stays the only option to do enterprise in Africa.
As a part of this transfer and to extend its financial progress and consolidate its place as Africa’s financial hub, the state authorities referred to as on overseas traders, notably these keen on investing in Nigeria, to think about Lagos as one of the best vacation spot for his or her investments.
The federal government dedicated worldwide traders yesterday through the panel session on “African Infrastructure Funding: Impacts and Returns,” via the Commissioner for Commerce, Cooperatives, Commerce and Funding, Mrs. Folashade Ambrose-Medebem, and her Innovation, Science, and Expertise counterpart, Mr. Tunbosun Alake, on the ongoing 2024 US-Africa Enterprise Summit in Dallas, Texas, United States.
Apart from, the state additionally expressed readiness to associate with any traders with a powerful assurance that the federal government will present a conducive and pleasant enterprise surroundings for predictable returns on their investments.
Addressing delegates through the panel session that centered on infrastructure as an investable asset globally and the way African international locations can profit from over $30 billion fund being put aside by america and a few associate nations via recognized monetary devices, Ambrose-Medebem and Alake expressed Lagos’ readiness for enterprise and its openness for brand spanking new investments by showcasing the potential of the State.
The summit, hosted by Company Council Africa brings collectively political and enterprise leaders from throughout Africa, america, and different areas for high-level dialogue and networking in Dallas Texas, United States of America.
Ambrose-Medebem assured the enterprise neighborhood that Sanwo-Olu’s administration in Lagos State had created an enabling surroundings for investments and companies to develop within the state previously 5 years.
She stated Lagos has an enormous inhabitants of over 25 million individuals, stressing that greater than 60 per cent of the inhabitants is youth. She added that Sanwo-Olu and his administration had invested in crucial infrastructure initiatives reminiscent of rail, water, well being, and housing.
“There’s Blue Line rail in Lagos State that takes roughly 500,000 individuals per day. There’s one other Pink rail line that was simply commissioned and can begin industrial operations very quickly. The brand new Pink Line rail service will transfer near 1 million Lagosians every day when it commences operation.
“The Lagos State Authorities has offered quite a lot of infrastructure for companies to thrive within the State. We now have accomplished quite a bit within the areas of well being, training, expertise, and plenty of different sectors.
“For agriculture, over 200 hectares of land has been allotted to construct the most important meals hub infrastructure within the japanese a part of the State. As well as, we even have the Lekki Deep Sea Port, which is a few $1.53 million funding. Lagos is open for enterprise and investments,” she added.
Additionally talking, Alake stated: “Over the previous three and a half years, about $3 billion value of funding has come into Lagos with excessive numbers of start-ups and scale-ups within the continent. So, Lagos has a sheer variety of start-ups, the most important start-up community within the continent.
“Investments which have come to Lagos over the previous three years have created networks of unicorns and excessive scale as much as the mixed worth of $5 billion and this has created hundreds of jobs for younger individuals.
“Lagos State Authorities has additionally accomplished initiatives from a Public-Non-public Partnership (PPP) perspective, and one among them is the three,000 kilometres of fibre cables that we’ve got accomplished on a PPP foundation.”
A number of the delegates who visited the Lagos stand through the summit expressed their readiness to associate with the Lagos State Authorities for enterprise and partnerships that can be of mutual curiosity.
