FASHOLA EXPLORES BUSINESS OPPORTUNITIES WITH GERMANY

The German business community in the port city of Hamburg have discussed with the Lagos State Governor, Mr. Babatunde Fashola, and other state officials on discussions on opportunities for business partnership between Lagos and Hamburg.
The meeting, which was at the instance of the German Consul-General, saw Fashola leading a team comprising members of the State Executive Council and the House of Assembly.
A statement issued by the Senior Special Assistant on Media to the Governor, Mr. Hakeem Bello, said that the governor spoke at the business roundtable organised by the German-African Business Association (Afrika-Verein) in Hamburg.
Fashola was said to have listed areas of partnership and investment opportunities to include the Lekki Free Trade Zone; power sector, water supply, rail network, water transport, housing and health care.
In his presentation titled, “Investment Opportunities In Africa’s Emerging Model Mega-City,” Fashola explained the rationale behind the LFTZ, the proposed Lekki airport, deep sea multi-purpose port within the zone, light industrial and manufacturing estate, petrochemical plants and oil refineries, housing and power supply projects as well as the incentives, which had been provided for the benefit of investors.
Such incentives include 100 per cent repatriation of capital, profit and dividends; 100 per cent tax holidays, custom duties and levies, tax-free imports of raw materials and components for goods destined for re-export, waiver on all import and export licenses and waiver on all expatriate quotas for companies operating within the zone.
Water supply, Fashola pointed out to the German business community, also offered huge returns on investment as Lagos had over 18 million people and a growing population.
Other areas of investment in this sector, according to the Governor, include construction and management of water plants, water distribution and bulk metering of 31 zones and waterworks.
Areas of investment in the sector, according to Fashola include the Blue Line, 27 kilometres, and the Red Line, 31km, station parking, rail infrastructure development which required $787m, with projected returning annual revenue of $400m.
“With the capacity to transport 37 million people annually with projected yearly revenue of $37m, our four ferry routes is also another investors haven where investors can also take on jetty construction and management, operator services as well as ferries,” Fashola said.
Thos who accompanied Fashola on the trip include the Chief Whip of the state House of Assembly, Dr. Abdulrazaq Balogun, Chairman, House Committee on Commerce and Industry, Mr. Sanai Agunbiade and Chairman, House Committee on Health, Dr. Babatunde Adejare.
Others were the state Commissioner for Transportation, Prof. Bamidele Badejo and his health counterpart, Dr. Jide Idris, his Special Adviser on Works and Infrastructure, Mr. Ganiyu Johnson, and his Commerce and industry counterpart, Mrs. Sola Oworu.