Lagos seeks increased investment from West Africa

The Lagos State Government has called on West African countries to increase their investment in the region’s commercial and industrial hub.

Speaking on Tuesday, Mrs Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperation, Trade, and Investment, addressed members of the Economic Community of West African States (ECOWAS) Parliament during their plenary session in Lagos.

Mrs Ambrose-Medebem underscored Lagos’s economic significance, noting that with a Gross Domestic Product (GDP) of N41 trillion, the state accounts for 25% of Nigeria’s national GDP and surpasses the economies of several Western countries.

This, she said, presents an exceptional opportunity for investors across multiple sectors, including water supply, transportation, agriculture, tourism, manufacturing, and services.

“Lagos has evolved into an African mega city, achieving unprecedented growth in population, budget, and GDP. We offer vast opportunities for investment, and we are open to forging partnerships with ECOWAS members and beyond,” she stated.

Reinforcing the state’s economic trajectory, Mrs Ambrose-Medebem highlighted Lagos’s role not just as a commercial centre but as a crucial driver of regional development, offering a conducive environment for business growth.

Senator Mohammed Ali Ndume of Nigeria, a member of the ECOWAS Parliament, reiterated the necessity of maintaining strict membership regulations within the organisation to prevent any country from withdrawing members due to local political disputes.

He emphasised the importance of ensuring the parliament remains independent of domestic political influences.

Similarly, Senator Edwin Melvin Snowe commended Nigeria’s instrumental role in restoring peace and democracy in Liberia during the 1990s, urging the ECOWAS Parliament to ensure such sacrifices are never overlooked.

The ECOWAS Parliament also lauded Ghana for its peaceful elections and smooth transition of power, encouraging other member states to adopt similar democratic practices.