Lagos Commits to Business-Friendly Environment for Private Sector Growth

Lagos State Governor Babajide Sanwo-Olu has reiterated his administration’s commitment to fostering an enabling environment for private sector investors to thrive.

Speaking at the inauguration of PurpleMall Real Estate Project, PurpleLekki, the governor emphasized the importance of neighborhood retail developments in enhancing commercial activities, entertainment, and convenience for residents. He urged the board and management of PurpleLekki to ensure that economic prosperity in Lekki extends to other parts of Lagos State.

According to Sanwo-Olu, Lagos remains a vibrant economic hub, and the government is dedicated to supporting businesses with policies that promote sustainability and growth.

“We, as a government, will continue to provide an enabling environment for businesses to thrive. Whatever the challenges or obstacles, they will not hinder investment growth. We are ready to engage, eliminate bureaucratic hurdles, and ensure businesses flourish. The private sector plays a crucial role in driving economic expansion, and we need their collaboration,” Sanwo-Olu stated.

Purple Real Estate’s Vision for Economic Impact

The Chief Executive Officer of Purple Real Estate Plc, Olaide Agboola, highlighted the project’s significant economic impact. He revealed that the asset valuation of PurpleLekki, as of December 2024, stood at over ₦80 billion, with Purple’s share estimated at ₦55 billion.

“Our goal is to eliminate short-term financial obligations while maintaining a strong financial position. With about 10% debt-to-gross assets, we have the capacity to scale up to 20% to drive further growth,” Agboola stated.

Agboola emphasized that PurpleLekki is designed to integrate seamlessly into the community, providing essential services such as supermarkets, pharmacies, entertainment facilities, gyms, cinemas, and wellness centers. The development also includes long- and short-stay apartments, catering to both local residents and visitors, whether for business, tourism, or extended stays.

“We are not just a shopping mall; we are a neighborhood hub designed for convenience, accessibility, and economic inclusion. Our focus is to ensure that the prosperity generated here positively impacts the local economy, from job creation to infrastructure development,” he added.

Job Creation & Sustainable Development

PurpleLekki has already created numerous employment opportunities, ranging from small-scale roles to major corporate jobs. Agboola noted that the company is actively involved in environmental sustainability, taking responsibility for drainage systems, landscaping, and maintenance in the surrounding area.

Additionally, the International Finance Corporation (IFC) has certified PurpleLekki as a sustainable, environmentally responsible development—the first retail-infused project in Nigeria to receive this certification.

“From job creation to urban development, our impact extends beyond commerce. We are driving economic transformation in Lekki, reinforcing Lagos as a prime investment destination,” Agboola concluded.