Sanwo-Olu wants Indian businesses to explore new opportunities in Lagos

Gov. Babajide Sanwo-Olu of Lagos State has encouraged Indian businesses to explore new opportunities in the state.

He added that he was ready to provide the necessary support to facilitate the operation and profitability of their businesses.

Sanwo-Olu made the call at the celebration of the 76th Republic Day of India on Sunday night in Lagos.

The News Agency of Nigeria (NAN) reports that India’s Republic Day marks a significant chapter in its history, as it commemorates the adoption of the country’s constitution.

Sanwo-Olu was represented at the event by the Secretary to the Lagos State Government, Mrs. Abimbola Salu-Hundeyin.

He emphasised the significance of India-Nigeria economic ties, noting that the Indian business community in Lagos has played a vital role in creating jobs, transferring skills, and boosting economic growth.

This, according to him, is due to the fact that many Indian companies have their headquarters in Lagos.

“Our administration is committed to further enhancing this mutually beneficial economic partnership by further promoting and enabling an environment for investment, trade, and economic development.

“In recent years, we have witnessed significant expansion in our economic ties as India became a key trading partner and investor in Nigeria, contributing substantially to our economy through various sectors, including pharmaceuticals, power and transmission, manufacturing, and others.

“It is interesting to note that Indian companies are considered one of the largest employers of labor in Nigeria, after the federal government,” he said.

He said the potential for further collaboration between Nigeria and India was immense as both countries continued to work together in areas including agriculture, technology, renewable energy, education, and healthcare to address shared challenges and achieve common goals.

Earlier in his address, India’s Consul General in Lagos, Mr. Chandramouli Kumar Kern, said the Indian community in Nigeria continued to play a pivotal role in hosting goodwill and progress, renowned for their expertise, discipline, and peace-loving nature.

He said Indian companies were among the largest employers in Nigeria, adding that the people-to-people tie would continue to flourish with the support of both governments.

The envoy said India-Nigeria business ties were vibrant and dynamic, with Indian investments in Nigeria exceeding 27 billion cumulative investments and over 150 Indian companies operating across sectors.

According to Kern, the past year has been a landmark in the bilateral relations between India and Nigeria.

He said Nigeria’s recent formal entry as a partner country of the BRICS marked another milestone in bilateral relations.

The consul general said India remained steadfast in supporting capacity building in Nigeria through the India technical and economic cooperation program.

He noted that sustainability was at the heart of India’s progress, and as the world’s third largest renewable energy producer, it had installed over 46 percent of its energy capacity from renewables as of October 2024.

“India’s advancement in futuristic technology, including artificial intelligence (AI), robotics, semiconductor manufacturing, and express exploration, has positioned it as a global innovation hub.

“India stands sixth in terms of intellectual property filings in the world. We have consistently improved our ranking in the Global Innovation Index, moving from 40th position to 39th in 2024.

“The Indian pharmaceutical industry, with a trusted presence in Nigeria, continues to strengthen localised drug manufacturing, a testament to our enduring partnership.

“As we celebrate our republic day, we reaffirm India’s identity as a friend of the world.

“Our diaspora embodies this spirit, adding value to their host countries through their hard work and innovation,” Kern said. (NAN)