​German company to build N14bn factory in Lagos

A German investor, Isabel Knauf, on Monday, expressed the readiness of her company, Knauf Group International, to commence work on a N14 billion manufacturing firm in Lagos State.

Mrs. Knauf made the disclosure when the German Ambassador, Michael Zenner, led a group of German diplomats and investors on a courtesy visit to Governor Akinwunmi Ambode at Ikeja.

The investor solicited the support of the governor toward locating a 70 million dollars (N14 billion) building and construction tools manufacturing company in Lagos.

She said the preference for Lagos was informed by its proximity to ports, availability of gas pipeline and a ready market.

“We are looking to invest and build a factory here and we want your support. We have been to Lekki Sea Port and want to proceed on investing straight off.

“I wish to express our interest in investing about 70 million US dollars in construction tools factory in Lagos for the first stage,” Mrs. Knauf said.

Also speaking, Mr. Zenner canvassed increased presence of German businesses in Lagos and improved bilateral trade relations with the state government.

“We are here to introduce and express our interest in business and economic cooperation, especially in food processing and building materials.

“A lot of allied companies in Germany also wish to join hands in the investment drive of the governor,” the ambassador said.

In his remarks, Mr. Ambode described Lagos as the economic hub of Nigeria and 5th largest economy in Africa, thereby making it investors’ first choice of destination in Nigeria.

He said his administration was ready to receive the German investors as well as activate a state-sister relationship with the city of Hamburg to further boost cooperation.

“As the economic hub of the country, we pride ourselves as the largest of the nation’s economy with a Gross Domestic Product (GDP) of $131billion.

“For any German company that wants to do business in Nigeria, Lagos is your best bet. We are committed to the rule of law and we assure you of a safer and secured environment.

“I also want to let you know that you are the first ambassador to come out openly that you want to come and start business immediately. With your coming, investors are beginning to have confidence in our quest to build an investor-friendly environment.

“I want to say openly that we are committed to give everything required by this group to start work immediately,” he said.