The Lagos Chamber of Commerce and Industry (LCCI) has reaffirmed its commitment to bolstering partnerships with the international business community, aiming to collaborate with investors who share the vision of a thriving and inclusive economy. This pledge was made by LCCI President Gabriel Idahosa during the 2024 LCCI International Business Conference & EXPO, under the theme “Investment Opportunities and Incentives in Lagos State.”
Addressing a diverse audience of diplomats, business leaders, and industry stakeholders, Idahosa emphasized Nigeria’s pivotal role as Africa’s largest economy within the global trade arena. He highlighted the country’s wealth of resources, entrepreneurial vigor, and youthful, dynamic population eager to engage globally. “Nigeria is not just open for business; we are strategically positioned as a gateway to the African market,” Idahosa stated.
Idahosa underscored the significance of the African Continental Free Trade Area (AfCFTA), which presents an unparalleled opportunity to enhance trade ties with neighboring countries and establish Africa as a significant player in the global economy. He encouraged attendees to leverage the conference’s two-day agenda of discussions, exhibitions, and networking opportunities. “Together, we can build Nigeria into a hub of innovation and enterprise, serving as a beacon of economic progress for both Africa and the world. I urge you to explore trade opportunities at the upcoming Lagos International Trade Fair from November 1st to 10th, 2024, at the Tafawa Balewa Square in Lagos.”
Minister of the Blue Economy, Gboyega Oyetola, also highlighted the event’s role in bringing together diplomats and the business community. He noted the Nigerian government’s extensive range of incentives designed to stimulate business growth. “We have created a conducive environment for investment, supported by initiatives such as the Pioneer Status Incentive (PSI), which offers tax holidays of up to five years for businesses in strategic sectors,” Oyetola explained.
Oyetola emphasised Nigeria’s commitment to the AfCFTA, which has opened new export opportunities for the marine sector. He outlined the Guided Trade Initiative (GTI) and the licensing of Export Processing Terminals (EPTs) by the Nigerian Ports Authority (NPA), which streamline export procedures and improve trade efficiency.
The Minister also stressed the importance of Public-Private Partnerships (PPPs) in infrastructure development, noting opportunities for investors in projects related to roads, ports, and power generation. He encouraged the business community to take advantage of various tax incentives, including exemptions on loan interest, research and development deductions, and rural investment allowances. Additional incentives include the protection of capital returns, safeguards against nationalization, and access to international arbitration.
He praised the Federal Government’s efforts to enhance the ease of doing business, citing positive performance ratings from recent evaluations conducted by the Presidential Enabling Business Environment Council (PEBEC). He expressed confidence that these initiatives, combined with improvements in port infrastructure and trade efficiency, provide a robust foundation for success in Nigeria’s marine and blue economy sectors.
The event was attended by a heterogenous audience of diplomats, business leaders, and industry stakeholders, all united in their commitment to exploring and expanding investment opportunities in Nigeria and beyond.
