Governor Fashola who spoke at the Business Roundtable organized by the German-African Business Association (Afrika-Verein) in Hamburg, listed such areas of partnership and investment opportunities to include the Lekki Free Trade Zone, the Power sector, Water supply, Rail Network, Water Transportation, Housing and Health Care.
In his presentation titled “Investment Opportunities In Africa’s Emerging Model Mega-City”, Governor Fashola explained the rationale behind the Lekki Free Trade Zone, the proposed Lekki Airport, Deep sea multi-purpose port within the Zone, Light Industrial and manufacturing estate, Petrochemical plants and oil refineries, Housing and Power Supply as well as the incentives which have been provided for the benefit of investors.
Such incentives include 100 percent repatriation of capital, profit and dividends, 100 percent tax holidays, custom duties and levies, tax-free imports of raw materials and components for goods destined for re-export waiver on all import and export licenses and waiver on all expatriate quotas for companies operating within the Zone.
The Water supply, Governor Fashola pointed out to the German Business Community, also offers huge returns on investment as Lagos has over 18 million people and a growing population.
Other areas of investment in this sector, according to the Governor, include construction and management of water plants, water distribution and bulk metering of 31 zones and waterworks.
“In the Transportation sector, there is a huge commuter demand of 10 million passengers per day with the prospect to increase to 20 million daily in 2011”, the Governor said, pointing out that investment opportunities also exist in the State’s proposed Seven-Rail Network Lines.
Investible areas in this sector, he said, include the Blue Line (27 km) and the Red Line (31 Km), Station Parking, Rail Infrastructure development which requires USD787MM, with projected returning annual revenue of USD400MM.
“With the capacity to transport 37 million people annually with projected yearly revenue of USD37MM, our four ferry routes is also another investors haven where investors can also take on jetty construction and management, operator services as well as ferries”, Governor Fashola said.
In the Housing sector, Governor Fashola explained that there is a huge demand of 40, 000 housing units annually which involves the construction of low and middle income housing estates with the State providing land as Equity and facilitating the provision of Mortgages.
Inviting the business and others to come and experience Lagos especially during the Lagos Carnival now fixed for the week of every Easter, Governor Fashola said there are also vast opportunities to develop tourism infrastructure along the 180 kilometers of the Atlantic Coastline and in the Tourist City which the State proposes to build in Badagry which offers ample opportunities for investors in Hotels and Beach Resorts .
Responding to questions from members of the audience comprising German business men, members of the German-African Business Association, representatives of various multi-national business concerns, journalists from the international media and Nigerians resident in Hamburg, Governor Fashola gave clarifications on issues relating to alleged double taxation, rail development, housing for the poor and funding for the various projects embarked upon by the administration.
According to the Governor, describing the tax regime in a federation with three tiers of government and each having constitutionally prescribed areas of responsibility would not be quite accurate adding that he had often challenged anyone alleging double taxation to produce record of the same tax heading being charged by two different tiers of government. He also gave an insight into the various steps being taken by both the executive and legislative arms in Lagos to streamline and come up with a uniform list of levies chargeable by local government councils in the State.
Earlier in his remark, the President of the Nigerian-German Business Association, Dr Valentine Obi said it was his pleasure being in the company of Governor Fashola whose hard work had set a benchmark which is currently driving governance progressively in the country. According Dr Obi, he looks forward to a deepening of the relationship already existing between Nigeria and Germany in terms of trade and investments.
Also speaking on the occasion, the Nigerian Ambassador to Germany, Ambassador Abdul-Kadir Bin Rimdap commended Governor Fashola for coming on the trip solely to advance the cause of the State which he governs in the area of business relations with Hamburg in Germany adding that some of his colleagues whose visits he got to know about in the past either came for vacation or to seek medical treatment. The Ambassador also praised Governor Fashola for the impressive reception his administration gave the former German President when he visited Lagos as part of his official visit to Nigeria adding that the memorable experience was cited by the former President in his recently presented book.
Governor Fashola was accompanied on the trip by some members of the State Executive Council and the State House of Assembly including its Chief Whip, Honourable Dr Abdulrazaq Balogun , Chairman, House Committee on Commerce and Industry, Honourable Sanai Agunbiade and Chairman, House Committee on Health, Honourable Dr Babatunde Adejare. Among the State Executive Council members on the team were the Commissioner for Transportation, Professor Bamidele Badejo and his health counterpart, Dr Jide Idris as well as the Special Adviser on Works and Infrastructure, Engineer Ganiyu Johnson and his Commerce and industry counterpart, Mrs. Olushola Oworu.
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