Lagos attracts $3bn investment in 3 years — Commissioner

The Lagos State Government says about $3 billion worth of investment has been attracted to the state over the past three and half years.

The Commissioner for Innovation, Science and Technology, Tunbosun Alake, disclosed this at the ongoing 2024 US-Africa Business Summit in Dallas, Texas, United States.

The summit being hosted by Corporate Council Africa brings together political and business leaders from across Africa, the United States and other regions for high-level dialogue and networking.

In his remarks, Alake said: “Over the past three and a half years, about $3 billion worth of investment has come into Lagos with high numbers of start-ups and scale-ups in the continent. So, Lagos has a sheer number of start-ups, the largest start-ups’ network in the continent.

“Investments that have come to Lagos over the past three years have created networks of unicorns and high scale-up to the combined value of $5 billion and this has created thousands of jobs for young people.

“Lagos State Government has also done projects from a public-private partnership (PPP) perspective, and one of them is the 3,000 kilometers of fibre cables that we have done on that basis.”

The Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, assured the business community that the Governor Babajide Sanwo-Olu administration in the state has created an enabling environment for investments and businesses to grow in the state in the past five years.