- Lagos State Government announces $3 billion investment influx in three and a half years, fostering start-up and scale-up networks
- Commissioner Alake highlights the emergence of unicorns and high-growth scale-ups, which are generating thousands of job opportunities for young people in Lagos
The Lagos State Government has announced that approximately $3 billion worth of investments have flowed into the state over the past three and a half years.
Tunbosun Alake, the Commissioner for Innovation, Science, and Technology, made this revelation during the ongoing 2024 US-Africa Business Summit in Dallas, Texas, United States, hosted by Corporate Council Africa. The summit serves as a platform for political and business leaders from Africa, the United States, and other regions to engage in high-level dialogue and networking.
Alake stated, “In the last three and a half years, Lagos has attracted about $3 billion in investment, with many start-ups and scale-ups emerging across the continent. Lagos boasts the largest network of start-ups on the continent.”
He continued, “The investments drawn to Lagos during this period have fostered networks of unicorns and high-growth scale-ups, with a combined value of $5 billion, resulting in thousands of job opportunities for young people.”
“Moreover,” Alake added, “the Lagos State Government has embarked on various projects through public-private partnerships (PPPs), one notable example being the installation of 3,000 kilometres of fibre cables.”
Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade, and Investment, affirmed the state government’s commitment to fostering an enabling environment for investment and business growth over the past five years under Governor Babajide Sanwo-Olu’s leadership.
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