Governor Bababjide Sanwo-Olu of Lagos State on Friday said that the multi-billion dollars investments in Lekki Corridor would have multiplier effects, noting Lagos Gross Domestic Products (GDP) to get a boom when completed.
The Governor, who said that the Lekki Seaport alone has potentials to dramatically turnaround the state’s economy and generate employment for teeming Nigerians when completed in 2023, expressed satisfaction with the level of remarkable progress made so far in the multi-billion dollars project.
Speaking during a two-day working visit to the major free zone concessions on Lekki Corridor, Governor Sanwo-Olu commended the partners for believing in the country and investing heavily in the state despite the COVID-19-induced economic downturn experienced across the globe. He said the investors had reasonable excuse to work away but chose to believe in the nation’s economy and Lagos as the host city.
The Governor described the three big concessions and free zones in the axis namely: The Lagos Free Zone and Lekki Port, the Lekki Free Trade Zone and the Dangote Refinery and Dangote Fertilizer as huge investments capable of changing the fortunes of the nation and her citizens.
Harping on the economic potentials of the investments and other opportunities inherent in the investments, Sanwo-Olu said within the next 10-20 years Lagos’ economy will experience a boon while more jobs would be generated.
Sanwo-Olu said: “The kind of investments that is happening in this corridor can indeed triple and quadruple the GDP of Lagos within the next 10-20 years . That is the kind of thing that will excite all of us like Dabiri said the kind of number that we are hoping this will galvanize to… it can only be a kind of commitment we must continue to strive to make it happen.But the most interesting part of it is that our youths and young men and women will do something they are doing.”
With the investments, the Governor said there would also be opportunity for the nation and her youths to benefit from global technology with a local component, adding that’s what his adminstration was passionate about.
“We can see that everything that we are about is about is creating job for youths and creating opportunities for youth and changing the landscape of of our host communities,” he said.
Sanwo-Olu, who recalled that he was a commissioner when the first concession agreement was signed, therefore hailed the investors for beleiving in the project and working tirelessly to ensure that the projects are completed as planned. He said that he was excited that the partners remained committed despite the obvious challenges.
Sanwo-Olu said: ” I want to on behalf of the state government and the people of Lagos State to say to all the stakeholders that we are excited about the level of work that has taken place here. I’m glad that I have to be here. But more gratifying is that we are taking up this assignment with all the energy that is required and we can all see that when we work together, collaboratively with our minds, we can see that we can make changes. We can make changes very quickly and that is why we can begin to see the impact of those changes. When I got sworn-in as a governor less than two years ago, I was part of a conversation on Lekki Free Trade Zone and the neighborhood because. I was once the commissioner for commerce and industry. in fact, I had the opportunity to be commissioner in 2006 when they signed the first concession for the Lekki Free Trade Zone.”
The Governor confirmed that a lot of efforts had been made to develop the free zone, insisting that more commitment would still be made to further develop the zone to open up the corridor for investment.
“I have come here to see things for myself. I can see the first initial report of what I have seen that indeed, the Lagos Free Zone who were the first settlers in this area then under the ???? group has indeed made tremendous imperovment and I think they deserve applaud for that.
“Underneath Lagos Free Trade Zone is the Lekki Port which is now being run by the China Habour, I want to say how truly amazed the compensation and the movement have been in the last one year. Since they sign the loan agreement less than 18 months ago in 2019. Indeed, you have demonstrated strong capability. Last year being a strong year for all of us, your chairman and I myself had several conversations late at night thinking “will happen or not.” What our concerns are. It’s just a good excuse for any investor to work away but indeed you didn’t work away.”
Commending the partners’ level of commitment towards the completion of the project, governor Sanwo-Olu said that he was also initially doubtful of the possibility of completing the project by 2023, but he was now optimistic seeing the level of the progress made on the project.
“When we met in 2019, and they said that they will commission the project by first quarter in 2023, I thought it was a joke, what we told our citizen was that we work to ensure that happens. You have seen it, you have heard it. They are committed to ensure that complete before the said date. I want thank you a gain for the level of commitment to the partnership.”
