LAGOS STATE GOVERNMENT REFUNDS 145 FORMER SUBSCRIBERS OF EGAN HOUSING ESTATE
admin By Oyebola Owolabi
Indications emerged yesterday that the Gross Domestic Product (GDP) of Lagos State grew from N27 trillion to N41 trillion under the administration of Governor Babajide Sanwo-Olu because it promoted ease of doing business in the state.
Deputy Governor Obafemi Hamzat, who represented the governor at the extraordinary Ninth Lagos Corporate Assembly (LCA), explained that the phenomenal growth in the state’s economy was made possible through the initiation and implementation of deliberate policies and intentional strategies to facilitate and promote conducive environment for businesses to thrive.
The Corporate Assembly is the fourth in the series of the Babajide Olusola Sunwo-Olu (BOS) Meets with Business Community. It was themed ‘Unpacking Barriers to Ease of Doing Business: Accelerating Business Growth’.
Obafemi noted that the assembly has become a virile public-private engagement platform for government and the business community to interact and discuss issues that are germane to Ease of Doing Business and business prosperity.
He said: “This gathering is a testament to our unwavering commitment to fostering a conducive environment for businesses to thrive in Lagos State.
“Lagos, the economic hub of Nigeria, is home to a diverse and dynamic business community. As your governor, I am aware of the critical role you play as the engine driving the economy of our state. Your resilience, innovation, and contributions have been instrumental in positioning Lagos as a beacon of prosperity and progress.
“With this role that you play, it is always very exciting to reiterate that Lagos occupies the enviable position of the fifth largest economy in Africa. Its economy remains exceedingly active with 14 industrial estates and four Central Business Districts (CBD). It hosts 70 per cent of the country’s total industrial investment, 60 per cent commercial activities, contributes 30 per cent of Nigeria’s GDP and 50 per cent of the non-oil GDP.
“As the most urbanised cosmopolitan state in West Africa, and largest market in sub Saharan Africa, Lagos has the fourth highest GDP in Africa after Cairo, Johannesburg and Cape Town. Its GDP is equivalent to 24 African countries combined.
“Also, through our T.H.E.M.E.S+ Development Agenda, we remain steadfast in our commitment to sustaining an enabling environment for businesses to grow and thrive. This agenda encapsulates our vision for a Greater Lagos, particularly the 4th Pillar M, which is ‘Making Lagos a 21st Century Economy’.
“Using the instrument of the agenda, we have introduced numerous policy reforms to ease doing business in Lagos. We are simplifying regulatory processes, improving infrastructure, and leveraging technology to streamline interactions between businesses and government agencies. Our goal is to minimise bureaucratic bottlenecks and create a seamless experience for all businesses operating in our State.
“As an administration, we take the Lagos Corporate Assembly as a crucial platform for public-private dialogue, where we collectively identify challenges, discuss solutions, and chart a course for sustainable economic growth and development. This is because we recognise the power of stakeholder engagement and the importance of providing a listening ear to the business community.
“I assure you of our continued support as our administration is unreservedly committed to providing the necessary resources, infrastructure, and policies that will ensure your businesses not only survive but thrive. We will continue to engage with you, listen to your needs, and implement reforms that will foster an environment necessary to grow your businesses.”
Lagos State Commissioner of Police Adegoke Fayoade; Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem; Deputy Governor Obafemi Hamzat and Special Adviser to President Tinubu on the Presidential Enabling Business Environment Council (PEBEC), Dr. Jumoke Oduwole at the LCA…
A member of the Presidential Enabling Business Environment Council (PEBEC), Dr Jumoke Oduwole, said the council’s mandate is to remove bureaucratic bottlenecks and improve the perception of doing business in Nigeria.
Dr Oduwole said: “We work with friends of Nigeria, development partners and diplomatic corps and Civil society groups. We also work with regulatory bodies that you encounter daily.
“We listen to complaints from your companies directly or through social media, and we look at international best practices and engage with MDAs. We negotiate this: why does it take 10 steps in Nigeria while in Ghana, it takes only three steps and in Singapore, it takes only four minutes? We break down the process and we say what we can do better.”
She explained that since inception in 2016, PEBEC had been focusing on MDAs which represent 50 per cent of Nigeria’s GDP, saying ‘it is time to start looking at the other 50 per cent. It is a continuous process’.
Oduwole added that since the council collaborates with sub-national, states with performance results would have its share of the $750 million domiciled with the Federal Government from World Bank.
The Commissioner for Commerce, Cooperatives, Trade and investment, Mrs. Folashade Ambrose-Medebem, said: “Here in Lagos, we understand the language of business and what we need to do to get our investors and businesses to where they ought to be. This is why the state still retains its key status as the operational headquarters of many multinationals and Fortune 100 companies.
“More importantly, it is why we are gathered here today. The Lagos Corporate Assembly was designed as a public-private engagement where issues affecting the business environment are presented by the private sector in a cohesive manner and discussed with Mr. Governor, with immediate directives to the responsible MDAs for resolution.
“Without doubt, Lagos State has been at the forefront of promoting the Ease of Doing Business reforms in Nigeria over the years. I am glad to note that according to the World Bank’s Subnational Doing Business Report, Lagos applied and met all criteria to qualify for the first phase of the World Bank funded State Action on Business Enabling Reforms (SABER) programme.
“In recent years, the economy has grown from N27 trillion to N41 trillion. This phenomenal growth has been made possible by initiating and implementing deliberate policies and intentional strategies to facilitate the ease of doing business and promote a conducive environment that continues to attract investments into the state.”
She added that the state is in the process of constituting an Ease of Doing Business (EoDB) Team that would interface with stakeholders in the business community via a one stop shop virtual interface.
