An official of Lagos State told BusinessDay on Monday that the United Arab Emirates (UAE) investors are in talks with the government, seeking to invest $10 billion in the state. The investors had earlier been introduced to Governor Ambode by Pat Utomi, a businessman and founder of the Centre for Values and Leadership (CVL) who is said to be on the ministerial list of President Buhari.

The Smart City Dubai investors are said to be interested in transportation, communications, infrastructure development and electricity, among other key sectors of the economy.

“Lagos economy would be better for it in terms of employment and building the confidence of other foreign investors,” said a state official.

At the first meeting of governor Ambode with the investors, the governor had said, “we are committed to a situation where we would create a new city where Africans, and especially Nigerians in diaspora can be proud of and which we also can be proud of.

“One area that Lagos is really interested in is the agro business. I am very interested in the food security of this state. We have a population that is over 20 million and we should be able to plan properly, the food security of the state.

“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. It is quite unfortunate that right now, the state consumes almost N300billion worth of rice annually and what we have in terms of production is maybe like five percent of what we require”, he said.

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