Press Releases

Fashola Calls For Partnership Of Financial Institutions On Investment Opportunities

Apr 10, 2008 - Lagos State Governor, Mr Babatunde Fashola (SAN) on Thursday called for partnership of financial institutions to explore the limitless business and investment opportunities available in the state.

Governor Fashola who spoke during a courtesy call on him by the management of Stanbic- IBTC bank at the Oval Office, Alausa added that no government can singularly deliver the expectations of the people.

He added that the onus is on financial institutions with investment banking potentials to think of buying into the several multi modal transportation options which the state intends to embark upon.

Specifically, Governor Fashola said the State will welcome partnership opportunities from financial institutions on several new road projects such as the Ozumba Mbadiwe –Lekki roads being expanded.

He explained that such banks should think of attracting investment opportunities from investors who would be ready to buy the road and manage it to recoup their investments.

The Governor said in addition, the present administration has identified seven rail roads which it hopes to develop towards making the movement of people much stress free, saying this provides a good option for banks like Stanbic- IBTC to invest in the development of the rail roads.

He challenged the bank to be ready to partner with the state in developing permanent solutions to its road challenges, citing the example of the Ikorodu road which has largely been forced to take on additional responsibilities than for what it was earmarked by the original designers.

Governor Fashola identified the activities of roadside markets and stalls as being largely responsible for the non usage of Agege motor road which was originally designed to cater for larger traffic in that axis thus putting undue pressure on the Ikorodu road.

He said the state intends to create new stalls in Oshodi area to take the people off the road and reduce the quantum of traffic which the Ikorodu road presently attracts thus resulting in frequent traffic jams.

He congratulated the Stanbic IBTC bank for donating generous to the preparations for the forthcoming Lagos Economic summit tagged Ehingbeti 2008, saying the bank has demonstrated that it is a development partner of Lagos.

He added that with the holding of the summit, the state intends to move from the thinking posture to the doing it right posture adding that several renowned experts have been invited to address the summit.

He said the present government in Lagos is one which believes in envisioning possibilities and making sure that they are realized saying now is an opportuned time for investment moves to be made in the state.

He reiterated his call for the bank to take a closer look at Energy City Project, hinting that from what he has gathered from foreign interests on the projects any visionary local industry should take the investment opportunities in the project very serious.

He also informed that one business potential which many investors have not taken seriously is the investment in the business of merchandising of goods, stressing that Nigerians are among the most compulsive shoppers worldwide who would readily patronize such businesses.

He assured the management of the newly formed bank that the doors of the state government are open and is “not afraid to venture and learn”.

Speaking earlier, the Managing Director of Stanbic -IBTC, Mr. Chris Newson said the bank management was at Alausa to demonstrate its intention to partner with the Lagos State Government.

He explained that already the bank has investments worth over $40B in the country and added that the bank sees Lagos as an important market in Nigeria

He added that infrastructure wise, the bank can help with the necessary expertise and Private Public Partnership (PPP) to ensure a speedy development of the projects.

Mr. Newson also said the bank hopes to grow into a universal bank using local expertise.