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Sanwo-Olu urges Indian businesses to invest in Lagos as economic ties strengthen
Lagos State Governor, Babajide Sanwo-Olu, has called on Indian businesses to explore new investment opportunities in the state, promising to offer all necessary support to ensure the growth and profitability of their ventures.
Sanwo-Olu’s appeal came during the celebration of India’s 76th Republic Day, held on Sunday night in Lagos, where he emphasised the vital role Indian businesses play in the state’s economic development.
Represented by the Secretary to the Lagos State Government, Abimbola Salu-Hundeyin, Sanwo-Olu reflected on the importance of India-Nigeria relations, particularly in fostering economic growth and job creation.
He said that numerous Indian companies have established their headquarters in Lagos, significantly contributing to the city’s thriving economy.
“Our administration is committed to further enhancing this mutually beneficial economic partnership by promoting an environment conducive to investment, trade, and economic development.
“In recent years, India has emerged as a key trading partner and investor in Nigeria, with contributions spanning pharmaceuticals, power, manufacturing, and more,” Sanwo-Olu said.
The governor said that Indian companies are among the largest employers of labor in Nigeria, after the federal government, further cementing their critical role in driving the nation’s economic engine.
The Governor also expressed optimism about the future of India-Nigeria collaboration in areas such as agriculture, technology, renewable energy, education, and healthcare.
“The potential for further collaboration between our two nations is immense, as we continue to address shared challenges and work toward achieving common goals,” he stated.
India’s Consul General in Lagos, Chandramouli Kumar Kern, also addressed the gathering, underscoring the significant contributions of the Indian community in Nigeria.
He praised Indian companies for their discipline and commitment to progress, while also noting that the Indian diaspora has been instrumental in strengthening bilateral relations.
“Our community continues to play a pivotal role in fostering goodwill and progress in Nigeria,” Kern said.
“Indian companies are not only major investors in Nigeria but also contribute substantially to job creation. With over 150 Indian companies across various sectors, the India-Nigeria business ties are vibrant and dynamic.”
Kern also emphasised recent milestones in the bilateral relationship between the two countries, including Nigeria’s entry into BRICS and India’s commitment to supporting Nigeria through its technical and economic cooperation programs.
He also noted India’s achievements in renewable energy, technology, and innovation, particularly in Artificial Intelligence, robotics, and semiconductor manufacturing.
“As the world’s third-largest renewable energy producer, India has installed over 46 percent of its energy capacity from renewables as of October 2024. This commitment to sustainability reflects India’s broader technological advancements,” he added.