When Lagos showed its investment potential

On the 24th of July, 2024, I was greatly privileged to attend the Pre-Summit Investors’ Roundtable organised ahead of the Africa Social Impact Summit, Lagos. At the extremely high-level meeting, Governor Babajide Olusola Sanwo-Olu hosted over 200 potential investors and, on behalf of Lagos State, pitched several sectors of interest for profitable investment.

This event was organised by the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment, in collaboration with the Sterling One Foundation.

“Invest in Lagos”, as this investors’ roundtable was tagged, was effectively set up to position Lagos State as a brand for international and development investments. Present were potential investors from the private sector, development sector and the international space at large.

The most intriguing part of this roundtable was the investment presentations pitched by the cabinet members and leaders of different sectors which the State is looking to drive investments for. The health, technology, tourism, agriculture, energy, infrastructure and transportation sectors were all well-represented.

Presentation after presentation, each public leader professionally and convincingly articulated the importance of investing in their sector, sharing data and statistics to back up their claim and providing information on projects completed in the recent past, ongoing projects and strategic initiatives for the future. Each leader shared Big Hairy Audacious Goals (BHAGs) for Lagos State.

Lagos could be described as the economic and industrial centre of Nigeria and an indisputable force in Africa. Lagos, alone, drives more than half of Nigeria’s startup investments. The state drives policy initiatives which encourage the ease of doing business, simplifying processes, encouraging collaborations within the ecosystem and standing at the forefront of entrepreneurship support, visionary leadership and innovation.

Even in the face of global and continental economic challenges, Lagos has stood on in resilience and admirable adaptability. With a population of over 20 million, the state contributes about 20 per cent of Nigeria’s GDP and under the Babajide Sanwo-Olu administration, the GDP of Lagos State has increased from 27 trillion naira to 41 trillion naira.

Kicking off the investment pitch was the Honourable Commissioner for Health, Professor Akin Abayomi, who highlighted the Lagos State Development Plan (2022-2052), emphasising the State’s capability for vision, stability and succession.

His presentation addressed the improvement of health outcomes with a focus on universal health coverage, medical tourism and the interface with the private sector. According to the Commissioner, through investments, Lagos will enhance healthcare infrastructure, and provide world-class diagnostics to reduce infant and maternal mortality. The ministry is looking to build a green field project, a comprehensive cancer centre, the first Oncology centre and advancement in operational theatres.

Through partnerships so far, he stated, the government has been able to raise 20 million dollars out of the needed 46 million dollars. Speaking for investments in the tourism sector was the Permanent Secretary for the Ministry of Tourism, Arts and Culture, Mrs Oloruntoyin Atekoja. Her pitch emphasised Lagos as a “melting pot of cultures”, describing efforts that have gone into engaging stakeholders across tourist visits, film, cultural heritage preservation, entertainment and more. The state has experienced strides in this sector, with some of them including the John Randle Centre for Yoruba Arts and Culture and the Film City.

Lagos has witnessed significant achievements in transportation, especially rail, with the commissioning of the Blue Line and Red Line. More to come are the Purple and Green Lines as well. These innovations have been implemented to improve quality of life, facilitate economic activities, and improve health, among other many benefits for the citizens. The Head of Investments at the Lagos Metropolitan Area Transport Authority (LAMATA) pitched for the sector.

The Commissioner for Innovation, Science and Technology, Mr Tunbosun Alake, pitched for the technology sector, sharing the relevance of Yaba, Lagos Mainland on the tech ecosystem of the state and Nigeria. He shared the vision to develop Nigeria’s equivalent of Silicon Valley and a key part of his pitch was the Knowledge, Innovation, Technology and Entrepreneurship (KITE) project, which will provide infrastructure, co-working office spaces, investments and strategic development for startups.

The Special Adviser to the Governor on Infrastructure, Mr Olufemi Olubunmi Daramola, an engineer, showed the potential investors ongoing projects across the state, especially in new towns, which are deemed to spur and sustain economic growth in the respective areas and collectively in Lagos State. The Electric Energy Zone is one example of some of the ongoing projects.

The Special Adviser to the Governor on Agriculture, Dr. Oluwarotimi Fashola, spoke about the Central Logistics Hub, a grand hub which would serve as a central processing and storage facility for foodstuff and fruits. Agriculture is an indisputable mainstay for most African countries and investments in the sector do not just spell survival but long-term economic growth.

To conclude the pitches, Governor Babajide Olusola Sanwo-Olu weighed in with data and ongoing projects across all the sectors on display for investments. He made a point of an investor-led partnership with calls for discussions that will benefit both the state and other sectors looking to invest in the state.

What can individuals, organisations and other public institutions learn from this fantastic move to bring investments into Lagos?
Know your numbers

Like W. Edwards Deming famously quoted, ‘In God we trust. All others must bring data’, numbers are the backbone of any progressive and measurable development. Dreams are great, but numbers are better.

Be able to tell your story
Each of the cabinet members pitching was able to tell the story of Lagos in a relatable way that showed that they had a personal responsibility for it. Nobody will tell your story better than you. You must be able to shape your narrative to get others to believe in your dream.

What’s in it for the investors?
Nobody invests just because they want to waste money. Investments must be win-win for the parties involved. You must be able to ascertain and effectively communicate what your investors will gain from partnering with you.

How does your work as a social impact body align with the Sustainable Development Goals (SDGs)?
The SDGs represent the world’s consensus on targets and indicators for development across 17 areas. As a social impact body, your work must align with these goals for the good of the people and the development of the world at large. Find the nexus between the work that you do, the impact you want to make and their global relevance.

Realise your strengths and pitch with confidence and articulation
In seeking investments and partnerships, you must understand and articulate your strengths and be confident about them. Pitch like everything you have depends on it and show up confident as one who has great value to offer to partners.

Lagos State positions itself as a brand for the good of the people. The focus on developments completed, ongoing and in plan depicted the leadership’s commitment to lasting development, sustainable growth and well-being for citizens.
Lawal is a Fellow of the Lateef Jakande Leadership Academy. She loves to write about leadership, governance, women empowerment and digital media.