•Indian firm deepens investment in Lagos
Lagos State Governor Babajide Sanwo-Olu, on Friday, reiterated his administration’s commitment to reforms and economic incentives that will improve Ease of Doing Business and enhance investment opportunities.
The Governor said he would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the State, demonstrating his willingness for continued collaboration with the private sector to improve the livelihood of the residents.
Sanwo-Olu spoke at Ikeja Industrial Estate where he commissioned the newly-built wet hair production factory owned by Godrej Nigeria Limited - a consumer goods company.
The Governor described the project as an “audacious step” taken by the Indian firm to further deepen its investment and market share in the Lagos consumer market sector, noting that the new production line would raise the company’s capacity to meet local demand for its products.
Sanwo-Olu said Lagos offered a “large, fair” market for consumer goods manufacturers to invest and expand their operations, pledging that his administration would continue to create an enabling environment for businesses to thrive.
He said: “This is a strategic investment decision being made by Godrej Nigeria Limited to transform its business and deepen its investment in consumer goods. This is a testament to our willingness to collaborate with the private sector and bring about sustainable economic benefits to better the lives of our citizens.
“The essential role of the Government is to create an enabling environment for businesses to thrive and provide sustainable employment opportunities the people. We are committed to ensuring that Lagos market treats investors fairly by offering incentives and policies that will bring good returns on investment; whatever red tape and impediments that can hinder the growth of companies like this will be eliminated.”
Sanwo-Olu observed that Nigeria and India shared similar economic narratives in terms of market size and investment objectives.
He hailed the Indian investor for committing resources to grow the size of its industrial base in Lagos, stressing that the decision would be rewarding for the firm, as the State would open the way to expand its business to West African regions.
“Nigeria should be your hub in Africa, given the similarities we share with India in terms of market size and number. Not only have you seen market in Nigeria, Lagos will also offer you the advantage of expanding into the West African region,” Sanwo-Olu said.
Godrej Managing Director, Koyode Oladapo, said the company’s expansion plan was to lead the market and overtake its competitors in a fair race.
He said the company, with its 8,900 employee strength, had imprinted its footprint in the country’s consumer market, disclosing that Godrej had doubled its production capacity in the last 10 years to sustain supply.
Oladapo said: “As a company that has been in business for over 130 years, we believe in sustainable investment and growth. We stand on three pillars - people, planet and sustainable growth. Today, we take pride to say we have overtaken many multinationals who have been in the market in the last 70 years. With the new production line, we are looking forward to overtake other competitors.”
The firm’s Global Chief Executive Officer, Mr. Sudhir Sitapati, noted that the Nigerian subsidiary of the company remained bigger in production output than many multinational brands in the consumer goods sector.
“I believe our new production line will not only meet the Nigerian demand, also demands from countries within the West Africa region,” he said.