The effort of Lagos State Governor, Mr. Akinwunmi Ambode, to attract foreign direct investments (FDIs) Wednesday yielded the desired outcome as a group of investors from the United Arab Emirates (UAE), Smart City Dubai, disclosed an ambitious plan to inject $10 billion into the state economy.

However, the governor gravely lamented the annual spending on rice importation, which he put at N300 billion, noting that the state could produce only five percent of rice its residents consumed per annum.

The figures were provided after the governor separately held high-profile meetings with the Irish Ambassador to Nigeria, Mr. Sesan Hoy, and the group of Dubai investors at the State House, Alausa.

At the meeting with the Irish team, Ambode said it was quite unfortunate that the state consumed almost like N300 billion worth of rice annually, saying the state could only produce five percent of what it consumes per annum.

“We cannot claim that we are self-sufficient right now, but we have a plan to be able to let us feed ourselves at some point in time. One area that Lagos is really interested in is in the agro business. We have a population of over 20 million. We should be able to plan properly the food security of the state.

“We are looking for a situation where we would expand the potentials of our farmers and cross into other states and be able to produce staple products for the people of Lagos State. So if we have any partnership that can assist us in securing the future of our people in terms of agro business it will be highly welcomed.”

The Dubai investors include, the Head of Delegation of Smart City Group, Prof. Pat Utomi; the Managing Director of Smart City Lagos, Mr. Uzo Udemba and Chief Executive Officer of Smart City Dubai, Mr. Jaber Bin Hafer, among others.

Read full story
http://monitor9ja.com/2015/08/dubai-investors-to-invest-10bn-into-lagos-economy/

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na WA o. so uTomi could not set up company and sell shares to Nigerians. he rather sell us to Dubai. thank God he never became president