How Lagos GDP grew to N41trn under Sanwo-Olu’s administration — Commissioner

…As PEBEC targets 50% of Nigeria’s economy to boost business environment

By Sodiq Adelakun

The Lagos State Government announced on Tuesday that its Gross Domestic Product (GDP) has grown from N27 trillion to N41 trillion under the administration of Governor Babajide Sanwo-Olu.

Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, made this announcement during the extraordinary 9th Lagos Corporate Assembly (LCA), the 4th in the series of BOS Meets With Business Community, held at Eko Hotel, Lagos.

According to Mrs. Ambrose-Medebem, Lagos State has implemented significant reforms in various areas, including land administration, development permits, electronic payment of taxes and levies, and quick resolution of commercial disputes.

She expressed confidence that these reforms would positively impact the state’s performance in other SABER Result Areas (RAs) and Disbursement Linked Indicators (DLIs).

According to her, “In recent years, the economy has grown from 27 trillion to 41 trillion naira. 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 revealed that the State is in the process of constituting an Ease of Doing Business (EoDB) Team that would be tasked with interfacing with stakeholders in the business community via a one stop shop virtual interface.

She added, “This will be technology driven to meet the demand of the highly digitised local and global investors community. The virtual one stop shop interface will be enabled with robust connectivity to strategic global business gateways to enhance access to the State for the global business communities.”

With the theme; “Unpacking Barriers to Ease of Doing Business: Accelerating Business Growth.” LCA has become a virile public-private engagement platform, through which the State Government and the business community interact and discuss issues that are germane to Ease of Doing Business and business prosperity in the State.

Also, representing the governor at the, Deputy Governor Dr. Kadri Obafemi Hamzat said, “This gathering is a testament to our unwavering commitment to fostering a conducive environment for businesses to thrive in Lagos State.”

He emphasised the critical role the business community plays in driving the state’s economy, noting that Lagos is the fifth largest economy in Africa and occupies a prominent position in the country’s industrial investment, commercial activities, and GDP.

Hamzat reiterated the state government’s commitment to sustaining an enabling environment for businesses through its T.H.E.M.E.S+ Development Agenda, which includes simplifying regulatory processes, improving infrastructure, and leveraging technology to streamline interactions between businesses and government agencies.

He assured the business community of continued support, saying, “We will continue to engage with you, listen to your needs, and implement reforms that will foster an environment necessary to grow your businesses.”

Also, a member of the Presidential Enabling Business Environment Council (PEBEC), Dr. Jumoke Oduwole, highlighted the council’s mandate to remove bureaucratic bottlenecks and improve the perception of doing business in Nigeria.

She noted that since its inception in 2016, PEBEC has focused on MDAs representing 50 percent of Nigeria’s GDP and is now shifting attention to the remaining 50 percent.

The Council which is chaired by the Vice President, Alhaji Kashim Shettima has other members including 19 ministers, representatives from the national Assembly, judiciary, states, local governments among others.

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 on daily basis.

“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 percent of Nigeria’s GDP, saying “It is time to start looking at the other 50 percent. It is a continuous process.”

Oduwole disclosed that since the council collaborates with sub-national, states with performance results would have its share of $750 million domiciled with the Federal Government from World Bank.

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