Sanwo-Olu, Saleh, Onyema pitch Nigerian opportunities in Morocco
Governor Babajide Sanwo-Olu of Lagos State and Chief Executive Officer of Metro Capital Advisory Group, Faruk Saleh, yesterday, courted the attention of the global investment market, saying Nigeria offers rare business opportunities despite odds.
The governor spoke at the ongoing Africa Investment Forum (AIF) Market Days 2023 in Marrakesh, Morocco, where investment deals running into several billions of dollars are expected to be sealed.
Since 2018, when AIF was founded by the African Development Bank (AfDB) and other partners, it has attracted about $143 billion in investment interest, the President of AfDB Group, Akinwumi Adesina, revealed.
Sanwo-Olu, who spoke at a boardroom session, told the audience made up of private investors, development partners and fund managers that Lagos does not just “want to be the big elephant but an elephant that walks, an elephant that is efficient and effective, which people can rely on”.
“The state, in its relations with the rest of the world, would be predictable, believable, resilient, and have all of the trappings of a mega city. What that means is that we have a city and the audacity to make it first among equals is our responsibility. To do that, we have cleaned up our regulatory environment; we have opened up our doors to ensure all the red tape has been removed,” he said.
Asked by The Guardian during an exclusive interview about the specific project he would be pitching for a possible deal, he said the meeting was all about “engaging investors to know what they want”. He, however, said that infrastructure is key in his engagement at the meeting.
He dismissed concern about political risks, saying the state has remained consistent in its policy formulation and execution for over two decades.
Saleh, who said his company is building a medical hub in Abuja to bring back 1,000 Nigerian medical doctors abroad, said the current administration is led by a president who has the mindset of a businessman and understands what it takes to promote economic growth.
Saleh dismissed grumblings about challenges in Africa, saying there is a high prospect of return on investment (RoI) if challenges are factored into business models. He argued that poor access to funds as a challenge is overstated because Nigerian commercial banks have capacity and willingness to fund any bankable project.
Also speaking in an interview, Chief Executive Officer of the Nigerian Stock Exchange (NGX) Group, Oscar Onyema, said complaint about political risk in Nigeria and other African countries was misplaced as the entire global community faced similar challenges.
