Lagos Attracts $3 Billion Investment in Three Years Says Commissioner

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Tunbosun Alake, the Commissioner for Innovation, Science, and Technology of Lagos State, announced at the 2024 US-Africa Business Summit in Dallas, Texas, that the state has attracted approximately $3 billion in investment over the past three and a half years.

Hosted by Corporate Council Africa, the summit facilitates high-level dialogue and networking among political and business leaders from Africa, the United States, and other regions. Alake highlighted Lagos as having the largest network of startups on the continent, with significant investment inflows fostering the growth of startups and scale-ups. These investments have generated networks of unicorns and high-scale startups valued at a combined $5 billion, leading to the creation of thousands of jobs for young people.

Additionally, the Lagos State Government has undertaken projects through public-private partnerships (PPPs), including laying 3,000 kilometers of fiber optic cables. Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade, and Investment, affirmed the state government’s commitment to creating an enabling environment for business growth and investment under the leadership of Governor Babajide Sanwo-Olu over the past five years.

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