Lagos State Governor, Mr. Babajide Sanwo-Olu, has urged the China Development Bank to increase its investment in Nigeria to $1 billion.
The Governor made the request at a meeting with the bank’s President, Mr. Quyang Weimin, while speaking on Lagos State’s infrastructural needs and areas of collaboration with the Bank in Beijing yesterday.
A statement explained that the Governor, who was on investment drive to China, was received by the entire management team of the bank at its headquarters.
In his interaction with the bank’s management, Sanwo-Olu hinted that “there are huge developmental projects in Lagos the bank could support the State in developing”.
“We are determined to build a 21st century economy, and infrastructural development is one of the key deliverables for a modern economic system and society to run efficiently and effectively.
“With functional infrastructure, businesses will thrive and the city will be more habitable. So, as a government, we are talking to you now about our needs and the areas of intervention where we require your support”.
“Even though I know that you have to consider a lot of factors as a bank, I can assure you that you cannot get it wrong with Lagos and Nigeria as a whole. Lagos is Africa’s seventh largest economy and the most populous on the continent. The state has enjoyed political stability for 20 years and has consistently grown across key economic indices”.
“If you consider these facts, you agree with me that your risk analysis will favour Investing in our State. As a development bank committed to supporting developing nations, I am certain that your involvement in our 4th mainland bridge construction, railway projects, road construction around our free trade zone and our water projects will fittingly support the attainment of your organisational goal,” the Lagos State Governor said.
In his response, Weimin said: “I have always had confidence in Lagos State and Nigeria, but your presentation today has increased my level of confidence in Lagos State and Nigeria,” adding that, “I am particularly happy that Lagos State has a vibrant and visionary leader like you who is ready to take the State forward.”
He added: “I have deep interest in what you are saying and your ideas. And we look forward to supporting you. We are different from commercial banks because we are focused on development and greater good of humanity. We give loans at the lowest cost and very long loan maturity period.
“Nigerians are our brothers. Our relationship with Lagos will be as reliable as the cooperation between Nigeria and China. Lagos is politically and economically stable, so the risk of investing in the state may not be high. We are therefore enthused to put our weight as the world’s largest development bank by asset, standing at $2 trillion, loan balance of $150 billion, over 100, 000 employees with a loan balance of $200 per staff behind your greater Lagos goal”.
