Photo l-r: Lagos State Governor, Mr. Babajide Sanwo-Olu; President and Chairman of the Board of Directors, African Export-Import Bank (Afreximbank), Prof. Benedict Oramah and Non-Executive Director, Access Bank Plc, Mr. Herbert Wigwe during the signing of partnerships by Lagos State Government, Afreximbank and Access Bank for infrastructure investment in Lagos, at the 2nd Africaribbean Trade and Investment Forum in Georgetown, Guyana, on Tuesday, 31 October 2023.
Lagos State concludes $1.35bn investment deal with Afreximbank, Access Bank
Photo
l-r: Lagos State Governor, Mr. Babajide Sanwo-Olu; President and Chairman of the Board of Directors, African Export-Import Bank (Afreximbank), Prof. Benedict Oramah and Non-Executive Director, Access Bank Plc, Mr. Herbert Wigwe during the signing of partnerships by Lagos State Government, Afreximbank and Access Bank for infrastructure investment in Lagos, at the 2nd Africaribbean Trade and Investment Forum in Georgetown, Guyana, on Tuesday, 31 October 2023.
The Lagos State Government has sealed $1.35 billion investment deal with the African Export-Import Bank (Afreximbank) and Access Bank to boost infrastructure in the state.
Speaking at the second AfriCaribbean Trade and Investment (ACTI) Forum in GeorgeTown Guyana, Gov. Babajide Sanwo-Olu of Lagos State, said the fund would increase the Gross Domestic Product (GDP) of the state.
Some of the legacy projects highlighted in the collaboration include the Fourth Mainland Bridge, the second phase of the Blue Line Rail, the Omu Creek Project, Lekki-Epe International Airport, and the Lagos Food Systems and Logistics Hub in Epe.
A statement from the bank on Tuesday, explained that the signing ceremony, which took place on the sidelines of the ongoing 2023 AfriCaribbean Trade and Investment Forum in Georgetown, Guyana, had in attendance key delegates including the Executive Governor of Lagos State, Babajide Sanwo-Olu; Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe, and President and Chairman of the Board of Directors, Afreximbank, Benedict Oramah, among others.
Commenting on the agreement, Wigwe said: “This landmark agreement underscores our commitment to fostering economic growth in Lagos, with a broader view to increase the continent’s trade potential. “Through our strategic collaboration with Afreximbank, we are poised to drive more inter-African and intra-African trade and investment, creating a brighter future for all.
“In addition to supporting infrastructure, we will also be aiming to improve the levels of food sufficiency in Lagos as well as upscaling the volume of the State’s Internally Generated Revenue (IGR) in order to spur the growth in its GDP and achieve wide scale economic resilience.
“Across the Access Group, we will continue to make deliberate effort towards championing sustainable initiatives that will change the global narrative about Africa and Africans.”
On his part, Oramah said, “Afreximbank’s partnership with Access Bank to support Lagos State in executing these critical projects is part of our strategy for the African Sub-Sovereign Governments Network.
“The Network serves as yet another ingenious strategic initiative aimed at firmly establishing an intra-continental trade investment development frontier as it is only through supporting and strengthening trade and investment initiatives at such deeper levels of citizen administration, that Africa be able to fully realise the potential value of its much vaunted 1.3 billion population as a captivating common market for goods and services under AfCFTA.”
Working with the AfCFTA Secretariat and the AU, Afreximbank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over $31 billion, and its shareholder funds amounted to $5.2 billion.
Sanwo-Olu said the $1.35 billion investment would facilitate five major infrastructure projects in the state.
He said the investment, which would power the state’s long-term infrastructure projects, was a demonstration of confidence from international and local partners in Lagos’ growing economy.
According to him, the investment will help to realise key projects which include the fourth Mainland Bridge, Omu Creek Project, and the second Phase of the LRMT Blue Line from Mile 2 to Okokomaiko.
He said government’s vision for Lagos was becoming a reality with the Lekki-Epe International Airport and the Lagos Food Systems and Logistics Hub in Epe, that would help attain food sufficiency in the state.
The governor said these projects would further boost our economy and serve generations to come.
”We are committed to creating a better future for Lagos and its people. The future of Lagos is brighter than ever.
”The first one is the first phase of the Fourth Mainland Bridge that will start from Aja end of Lagos and crossing the water, up on to Ikorodu and moving all the way to Lagos-Ibadan Expressway.
