Bilateral relations with Germany will deepen domestic production – Sanwo-Olu

Chris Uba

Photo

 Lagos State Governor represented by the Deputy Governor, Dr. Obafemi Hamzat (left) and the German Federal Chancellor, Mr. Olaf Scholz during the German-Nigerian Business Conference, at the Lagos Continental Hotel, Victoria Island, on Monday, 30 October 2023.

Governor  Babajide Sanwo-Olu of Lagos State says Nigeria’s bilateral relations with the Germany will boost Foreign Direct Investments (FDIs), deepen domestic production and strengthen the non-oil sector.

Sanwo-Olu made the remarks at the German-Nigerian Business Conference organised by the German Industry and Commerce in Nigeria, and the Nigerian-German Chamber of Commerce on Monday in Lagos.

The governor, represented by his deputy, Dr Obafemi Hamzat said, “as a leading economy in Europe, Nigeria has a lot of lessons to learn from Germany’s industrialisation trajectory.

“We seek to reverse our infrastructural deficit, build capacity across various production value-chains and develop our economy.

“Our administration has been very deliberate about implementing strategic policies and intentional in our goal to attract investments into the state.”

He said the state government’s objective, through the T.H.E.M.E.S Plus Development Agenda, was to foster an enabling environment by initiating and implementing policies that promote ease of doing business.

Sanwo-Olu noted that the state government would continue to support business success through sustainable practices and inclusive economy.

He said that Lagos remained a top receiving state for both FDIs and domestic investments.

He stressed that Lagos was not only open and ready for business, but prepared to provide all the necessary policy support that would strengthen ease of doing business.

On his part, Mr Olaf Scholz, Federal Chancellor, Republic of Germany, said Germany was keen on expanding all existing bilateral relationships with Nigeria.

Scholz said they were ready to partner with Lagos State in the fields of energy and climate.

He, however, stressed the need for a stable, reliable and environmentally friendly power sector for economic growth and development.

Scholz promised to join hands in changing the stereotypes about Nigeria.

The chancellor said he was in Nigeria to increase trade and industrial investment between both countries, improve local value creation and sustainable manufacturing industry to create quality jobs and upgrade infrastructure.

Earlier in his welcome address, Mr Igbuan Okasiabor, the President, Nigerian-German Chamber of Commerce, said the Nigerian-German partnership had grown stronger over the years, creating various opportunities for businesses in both countries.

According to Okasiabor, partnership between both countries will strengthen facilitate trade, and spark innovation that will drive both economies. “This conference serves as a catalyst for building stronger and more prosperous relationships,” he said. (NAN