lagos state
TRANSCRIPT
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Ministry of Commerce, Industry &
Cooperatives
Making Lagos State the Preferred Hub of Investment
A Presentation of Lagos State Government’s Efforts
By
Prince Rotimi Ogunleye, Honourable Commissioner for Commerce, Industry and Cooperatives
June, 2016
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Outline
Slide Lagos State: An overview 3
Lagos State: Development Objectives 8
Lagos State: Improving our Business Environment 11
Lagos State: Sector Focus 17
Lagos State: Incentives 18
Acknowledgement 22
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Lagos State: An overview
• Located in the Bight of Benin in SW Nigeria
• The smallest state (physically) in Nigeria (3,577 km2)
• The largest urban area in Nigeria
• Sub-Saharan Africa’s most populous city (21m) and growing at 6% a year
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Lagos State: An overview
The economic hub for Nigeria and Sub-Saharan Africa, accounting for:
25% of National GDP
45% of Nigeria’s skilled labour force
65% of Nigeria's commercial activities
70% of Nigeria’s industrial investment
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Lagos State: Reasons to invest
Governance
Entrenched Democracy
Fiscal Federalism
Political Will
Collaboration and Cooperation among the three (3) arms of government
Good and stable Leadership and Governance
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Lagos State: An overview
A Transport Hub
• Home to Nigeria’s major ports (Apapa and Tin Can Island)
• 70% of total National cargo freight
• Nigeria’s busiest domestic and international / regional aviation hub (Muritala Mohammed Local and International Airports)
• > 70% of international and nearly 60% of domestic traffic
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Lagos State: An overview
A Commercial hub
• 29 Industrial Estates and 4 Central Business Districts in Lagos Island, Apapa, Ikeja and Surulere.
• 3,235,987 Micro, Small and Medium Enterprises (MSMEs) operating in the State.
A Financial hub
• Home to Nigeria’s lagest concentration of money and capital markets.
An ICT Hub
• Nigeria’s largest ICT market
• Accounts for > 50% of GSM subscribers
An Energy Hub
• West Africa Oil / Gas Pipeline Project and National Power / Energy Load Centre
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Lagos State: Development objectives
By 2025: Africa’s Model Megacity A global, economic and financial hub that is safe, secure, functional and productive
Key to Nigeria joining the BRICS “club”
The centre of excellence
Lagos State has ambitious development objectives
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Lagos State: Development
objectives
The Lagos State Development Plan (LSDP) guides implementation of State’s future development
Pillar 1: Economic Development
Pillar 2: Infrastructure Development
Pillar 3: Social and Security
Development
Pillar 4: Sustainable Environment
Prosperity, production and innovation
Enabling State economic growth and
job creation, development and
transformation
Improving living standards and safety of Lagosians, properties
and Businesses
A viable and sound future for our grandchildren
Gender, social inclusion, HIV/AIDS
Finance, good governance and capacity building
Monitoring and evaluation and review
Africa’s Model Megacity: Global, Economic and Financial Hub that is Safe, Secure, Functional and Productive
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Lagos State: Development
objectives
“Lagos needs to attract more private sector investment from overseas, nationally and locally …
… Improved investment will result in job creation and increased productivity but this will only come about in sufficient strength if the city is seen to provide appropriable means of production.”
LSDP highlights the importance of private sector investment in the State’s development
Lagos State Development Plan, 2012-2025, 3rd draft, December 2102
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Lagos State: Improving our
Business Environment 1. Infrastructure Provision and Renewal.
• Commissioning of the Blue Line Light Rail project from Marina to Mile 2 by December 2016 and expansion of Lagos- Badagry Expressway.
• Ongoing construction and rehabilitation of roads to reduce traffic delays across the State
• Light up Lagos Project to provide 24- hour economy and to stem the tide of traffic robbery.
• Signing of MOU with a consortium of investors for construction of 38km Fourth Mainland Bridge to complement business and industrial activities in Eti Osa – Lekki – Epe corridor linking with Ikorodu and Lagos Mainland
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Lagos State: Improving our
Business Environment
2. Security
• Asset donation of about N6.6bn to the Police for
enhancement of security apparatus in the State such as
patrol vehicles and power bikes, and the Command and
Control Centre which is turning the State into a security
‘Smart City’
• Establishment of the Rescue Unit of Lagos State
Emergency Management Authority with world – class
rescue equipment.
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Lagos State: Improving our
Business Environment 3. Legal Reforms:
• Reforms in Justice Administration such as:
Establishment of multi-door court system for quick
dispensation of justice
Amendments in the civil procedures of the state.
Institutionalization of Alternative Dispute Resolution
(ADR) in the state.
Computerized Court System.
4. Institutional Reforms:
• Land Reforms
Electronic land registration to reduce delay associated with land
registration.
Reduction in the amount chargeable on the property cost.
Reduction in the menace of ‘OMO ONILE’
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Lagos State: Improving our
Business Environment Institutional Reform (cont’d...)
• Tax Reforms
Electronic Tax Payment to enhance transparency in payment
process
Tax payer education and enlightenment through stakeholders’
conference on Taxes which holds annually.
Self assessment system.
Streamlining of all permits and levies.
• Review of Lagos State Industrial Policy to increase the
contribution of the industrial sector to the GDP of the state.
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Lagos State: Improving our
Business Environment Institutional Reforms (cont’d...)
• Adoption of Organization for Economic Cooperation and
Development Policy Framework on Investment (OECD –
PFI) aimed at creating an attractive, robust and competitive
environment for domestic and foreign investments. The first –
time ever the OECD toolkit would be used to design an
investment policy framework for any sub-national Government.
Reform
• Creation of office of Overseas Affairs and Investment (Lagos
Global) to serve as a one-stop shop and for investors to help in
navigating the regulatory environment and promote investment
linkages and information exchange networks.
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Lagos State: Improving our
Business Environment 5. Institutionalization of a Public–Private Engagement
Mechanism (PPEM) through the bi-annual Lagos Corporate
Assembly, a platform for receiving inputs and feedback from
members of the Organised Private Sector (OPS) on Government
policies and programmes.
6. Micro, Small and Medium Enterprise (MSME)
Promotion for entrepreneurship development, local
industrialization and global competitiveness of MSMEs.
• Composition of Lagos State Council on MSMEs to harmonize
and strengthen State – wide dispensation of local, national and
international MSME promotion measures and programmes
• Establishment of Lagos State Employment Trust Fund with
N25 billion seed capital to be administered as micro credits to
MSMEs at a single digit rate.
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Lagos State: Sector focus
1. Manufacturing 2. Agriculture and agro-processing 3. Construction 4. Tourism 5. Transportation 6. Minerals Extraction 7. Power 8. Healthcare 9. Financial and Professional Services 10. Green Industry 11. Oil & Gas and Petrochemicals
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Lagos State: Incentives
Pioneer Status - tax holidays
Sector Incentives (e.g. agriculture)
R&D Incentives
8 Free Zone locations
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Lagos Free Trade Zone Private: Operational Manufacturing Oil & Gas, Petrochemical
Airline Services Export Processing Zone
Private: Operational Food Processing and Packaging
Snake Island Integrated Free Zone
Private: Operational Steel Fabrication, Oil & Gas, Sea Port
Ladol Logistics Free Zone
Private: Operational Oil & Gas, Fabrication, Oil & Gas Vessels, Logistics
Lekki Free Zone
Public/private: Operational / Under construction
Manufacturing, Logistics, Oil & Gas, Petrochemical
Free zones in Lagos State
Lagos State: Incentives
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Nigeria Aviation Handling Company
Private: Awaiting Approval
Cargo Hub, Trans- shipment and Warehousing
Eko Atlantic City Free Zone
Private: Awaiting Approval
Finance, leisure, real estate, shopping malls, corporate business, commerce
Airport Free Zone NEPZA/ Federal Ministry of Aviation
Awaiting Approval
Warehouses, processing of manufactured goods, tourism, light industries
Free zones in Lagos State
Lagos State: Incentives
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Lagos State: Incentives
• 16,500 ha site – Lekki Epe Local Government Areas
• Phased development
Development of Lekki Free Zone
• Preferential policies and incentives granted to the investors and enterprises available (e.g. tax holiday, duty-free/tax-free import of raw materials and components)
• 1st phase 3,000 ha in collaboration with a Chinese Consortium
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Thank you for your attention!
Lagos State Ministry of Commerce, Industry & Cooperatives The Secretariat, Block 8,, Lagos Tel: 08023015234 Email: [email protected] Website: www.lagosstate.gov.ng
Lagos State Ministry of Commerce, Industry & Cooperatives
The Secretariat, Block 8, Alausa, Ikeja, Lagos
Tel: 08023015234
Email: [email protected]
Website: www.lagosstate.gov.ng
Itesiwaju Ipinle Eko l’ojewa l’ogun!