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Ambode Pledges Enabling Environment for Investment Inflow to Lagos

First Bank Nigeria

The Lagos State Governor, Mr. Akinwunmi Ambode, has said that he will create an enabling environment for commerce to flourish in the state.

Ambode stated this on Thursday at the opening of Lagos’ largest mall, Novare Lekki Mall, where he was represented by his Special Adviser on Commerce, Mr. Benjamin Olabinjo.

He said the multi-billion mall was a testimony of his administration’s drive to promote commerce and industry.

“We are committed to increasing the inflow of foreign direct investment through friendly reforms and provision of enabling environment for commerce,” he said.

The N31.5bn Novare Lekki Mall, which sits on 28,000 square metres and 22,000M2 of gross lettable area, is currently the largest in Lagos and has both local and international tenants.

Novare Lekki Mall developed by Urshday Limited, an affiliate of Novare Real Estate Africa – which is an investment portfolio involved in property development across Africa, is driven by foreign direct investment through a hybrid financing of debt and equity.

The Chairman, Novare Real Estate Africa, Prof. Fabian Ajogwu, said the successful completion of the Novare Lekki Mall in record time was a testament of the enabling environment created by the Lagos State Government to encourage foreign direct investment.

According to him, the mall brings into Lagos over $83m direct investment which transcends financial value as it has from commencement until date, empowered over 4,650 Nigerians through direct and in-direct employment.

He said, “On the importance of the FDIs to job creation and national development, our confidence derives from our belief that Nigeria will get better by creating a minimum adequate economic environment for economic recovery.

“This entails investment-friendly reforms, minimising policy changes and shocks, and building strong institutions. Nigeria’s attitude should be similar to that of South Koreans whose leaders have continually supported investment.

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