…As State’s GDP rises to N41 trillion in five years — Trade Commissioner
A new push for an aggressive investment inflow to boost Lagos State’s economic growth was, on Wednesday, led by Governor Babajide Sanwo-Olu at a Pre-Summit Investors’ Roundtable held in the State.
Sanwo-Olu and his team in the State Executive Council reeled out new investment focus and areas of opportunities before potential investors at the third edition of Africa Social Impact Summit (ASIS 3.0) organised by Sterling One Foundation in collaboration with the Ministry of Commerce, Cooperatives, Trade and Investment.
The event with the theme: “Opportunity Made in Lagos” was held at Eko Hotels and Suites in Victoria Island, with business leaders, multilateral chambers of commerce, financial services executives and captains of industry in attendance.
Lagos, the Governor told the forum, is projecting a positive economic outlook, given its expanding population and development of sustainable infrastructure to drive growth.
In spite of the challenging terrain in which many businesses operate, Sanwo-Olu said the State’s economy had demonstrated remarkable resilience to sustain existing businesses and welcome new investment.
The Governor emphasised that the key reforms introduced and implemented by his administration were aimed at streamlining business development processes and building investors’ confidence in the State’s economy.
Sanwo-Olu said his Government had been proactive in implementing business-friendly regulations and constantly reviewing Ease of Doing Business policies to lessen challenges associated with new business registration and obtaining permits. He said the digitisation of services had eliminated bureaucratic bottlenecks, while enhancing stability in the business environment.
He said, “For us in Lagos, we have sustained a consistent growth in our investment profile. The minimum we can do is to take the growth to another level and ensure that the gains of the past years are not reversed. In the last five years, Lagos GDP has grown by 50 per cent despite the difficult economic conditions Lagos has faced. Our economy has demonstrated remarkable resilience.
“This new conversation with the investment community is necessary in order to de-risk issues, while providing an enabling environment and assurance to address what could be investors’ major concern in committing their investments here. Whatever the size of the investment injected into Lagos, we will play our own role as a State Government to ensure that these efforts are guaranteed returns and security.”
Sanwo-Olu highlighted areas of opportunities to invest, including transportation, tourism, health insurance and waterways, noting that the State Government remained committed to pushing forward its ambitious development plans for the listed sectors.
Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, said Lagos, as the nation’s commercial nerve centre, had been a beacon of economic activity driven by commitment to fostering a conducive environment for business and investment.
The Commissioner said the Sanwo-Olu administration had grown Lagos GDP from N27 trillion to N41 trillion within five years, stressing that the State had made progress in creating a business-friendly environment.
The State Government, she said, implemented key reforms aimed at streamlining processes, improving regulatory procedures, reducing bureaucratic bottlenecks and promoting entrepreneurship.
She said, “Lagos had made significant strides in diversifying its economy with strategic investments in various sectors, including allocating N550.7 billion to expand sustainable physical infrastructure in 2024 alone. We have consistently focused on boosting agriculture as a cornerstone of our economic diversification strategy, committing N44.33 billion to food security initiatives in cattle feedlot projects, fish processing, and wholesale produce hub in communities.
“Lagos continues to lead in promoting Ease of Doing Business, which has positioned the State as a global city and an emerging African Financial Centre. Under the World Bank’s Subnational Doing Business Report and the State Action on Business Enabling Reforms (SABER) programme, Lagos has met all parameters and qualified for the first phase of the initiative. The State is committed to further reforms that increase transparency of official fees, improve investment promotion environments, and enhance land administration processes.”
Managing Director of Sterling Bank, Mr. Abubakar Suleiman, said economic growth in Africa suffered setbacks because of an unstable investment climate caused by lack of trust.
He said the objective of the summit meeting was to build confidence of investors in the local markets and create a business environment that would enhance trust.
Lagos, he said, remained the leading destination for investors because of the State’s strategic roadmap for its economic growth. He noted Lagos had continued to provide clarity in creating access to markets for investors, while also maintaining consistency in communicating its investment decisions.