Home News Lagos Global Denied 42 Proposals In 2015 And 2016

Lagos Global Denied 42 Proposals In 2015 And 2016

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Special Adviser on Overseas Affairs and Investment ,Lagos Global, Professor Ademola Abass today said 42 proposals have been declined from the inception of Lagos Global in 2015.Abass said this at the 2017 ministerial press briefing which was held Alausa. In his speech, Abass gave reasons why these proposals were declined , noting that most of these proposals were declined because of their in-genuineness. Abass in his speech said 15 projects have been approved since inception of the office, 24 proposals is in view,69 new proposals has been considered and the total proposals that has been submitted since inception of Lagos Global is 293.
He noted that prior to the establishment of Lagos Global , all business and licensing processes for establishing or expanding investment in the state was a multi-agency activity. According to him ‘Businesses had to pass through every agency involved in business registration , tax payment, land administration and construction permits. The process was arduous, uneconomical and unproductive, and was not appropriate for a mega city like Lagos.’
Creating the Office of Global Affairs , Lagos strategically positioned herself as an investment destination of choice for all investors interested in the African and global market. The office has been successful in reducing and turning around time of business operations for investors by removing bureaucratic bottlenecks which had hitherto discouraged investors , and streamlining investment related activities.
The special adviser in his speech re-affirmed that Lagos is the fastest mega- city in the world and her population is higher than some many cities in the world including London.He disclosed during the 2017 ministerial that Lagos as economic capital of Nigeria and West African sub-region with a 136 billion USD GDP,accounts for over 90 percent of Nigeria’s foreign trade flow, contributes 30 percent to the country’s GDP and also accounts for 65 percent of its manufacturing activity.

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