Mr Babajide Sanwo-Olu, Governor of Lagos State, on Sunday presented the scorecard of his administration’s efforts towards showcasing the business-friendly environment and investment opportunities available in the state.
Sanwo-Olu, represented by Mrs Folasade Jaji, Secretary to the State Government, made this known at the closing ceremony of the 36th edition of the Lagos International Trade Fair (LITF) in Lagos.
The governor said that his tenure had done a lot to improve business environment through the implementation of business friendly policies.
This, he explained, was to improve the ease of doing business, increase incentives and the state government’s unrelenting commitment to infrastructural development and renewal.
Sanwo-Olu said construction works were ongoing in all parts of the state with the goal of creating a conducive environment for business, living and leisure.
Some of these, he said, were already facilitating intra-city and inter-state exchange of goods and services.
As part of his scorecard, the governor revealed that the Lekki Deep Sea Port had been completed and commissioned to commence operation in 2023.
He said that Lagos has consciously provided land space for investors at Lekki Free Zone with 16,500 hectares; with the same at Ikorodu, Badagry, Ibeju Lekki and other places for development.
Sanwo-Olu added that the institutionalisation of Public-Private Engagement Mechanism (PPEM) tagged ‘Lagos Corporate Assembly’ had become a veritable platform for receiving inputs and feedback from members of the Organised Private Sector.
According to him, many of such inputs are been incorporated into the state’s policies for improved business environment.
He said that his administration was working with various stakeholders to position the state’s products and services for increased export through the creation of the Lagos State Export Promotion Committee.
“I am happy to note that our efforts are yielding the desired result as Lagos has become a compelling brand that no investor or business can ignore,” he said.
Sanwo-Olu appreciated the Lagos Chamber of Commerce and Industry (LCCI), the organisers of the annual trade fair, for giving the state the privilege to showcase Lagos to the world.
He also commended the exceptional will-power of participants especially the Small and Medium Scale Entrepreneurs, whose level of participation at the annual exhibition remained very strong in spite of the prevailing business environment.
“I strongly believe that business owners and investors have taken due notice of the essence of the theme of this year’s fair “Connecting Businesses, Creating Value”.
“It is a wake up call for every entrepreneur because it is a potent strategy to grow a business and overcome the challenges prevailing in every business environment globally.
“The Lagos International Trade Fair is the premier Trade Fair in Nigeria and the flagship of excellent trade and business exposition in the West African sub-region.
“I am aware that this event has been exceptional and remarkably successful, especially with the huge participation by many exhibitors and patronage by high-profile consumers, tourists and visitors who thronged the fair ground daily, over the past 10 days.
“Without any doubt, the challenge of benchmarking the state against global best practices, making it a model for others to follow and growing it to become a befitting smart city that is comparable to any of its kind is a very herculean task, yet, it is achievable,” he said.
Sanwo-Olu restated that the state would continue to work hard and implement innovative and creative ideas driven by technology to meet the expectations and the aspirations of Lagosians for a Greater Lagos.
Dr Michael Olawale-Cole, President, LCCI, described the exciting events and business interactions of the past 10 days at the 2022 LITF as successful.
Olawale-Cole acknowledged the remarkable cooperation and support received from all concerned as well as the peace that prevailed since the beginning of the event.
“It is heart-warming to note that participants had rewarding business interactions during the fair and I commend and appreciate their resilience and optimism,” he said.
Olawale-Cole charged governments at all levels to continue to address the issues of enabling environment in the country, especially as regards infrastructure, insecurity, and right policies to fix the key drivers of high inflation.
“We need to do these in order to fully harness the huge enterprising resource of domestic and foreign investors for the diversification of our economy and the welfare of our people,” he said.
Meanwhile, The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has charged committees of the House to ensure a proper screening of the 2023 budget of the State so as to close the gap between the estimated figure and revenue generated.
Dr. Obasa spoke on Sunday during his remarks at a 3-day budget retreat tagged ‘Consolidating the gains of the current administration in Lagos State in a transition year: prospects, opportunities and recommendations’ organised for lawmakers and staff of the Lagos Assembly.
Commending the lawmakers for their passion to ensure a greater Lagos, Obasa tasked the committees to constantly be steps ahead so their members could ask ministries, departments and agencies the right questions during budget defence and oversight.
“All over the world, the economy has been bad and affects whether a budget would be surplus or deficit. Here in Lagos, we have our own challenge.
“So bridging the gap between the budget size and revenue is what the House of Assembly should do. When the executive arm determines the cost of projects, the committees should be able to check for the value of such projects.
“I am sure everyone recognises what we have been doing in Lagos and I urge you to continue so that you can always be appreciated,” he urged the lawmakers.
Earlier welcoming participants to the retreat, which ended on Sunday, the Clerk of the House, Barr. Olalekan Onafeko, it was an opportunity for the members of the Assembly to familiarise themselves with the breakdown of the 2023 budget “in order to ensure effective continuity in budgetary guidance from lawmakers to Lagosians.”
Ibitel Consultant, which collaborated with the Assembly to organise the retreat, said it would help the members to reflect deeply on the ₦1.692 trillion 2023 budget recently presented by Governor Babajide Sanwo-Olu.
“The objective is to reflect on the 2023 budget as presented by the Governor with a view to getting a direction,” John Mutu, representative of the organisation said.
He added that the retreat would enable lawmakers effectively do a post mortem of the 2022 budget and identify other priorities of the State that can be accommodated in that of 2023.
The retreat ends on Sunday, November 14, 2022
