By OLASUNKANMI AKONI & MONSUR OLOWOOPEJO

LAGOS—The Lagos State government, yesterday, said at least $45.13 billion (about N7.22 trillion) of the real estate assets were not covered by the state legal framework, making it a kind of locked asset, saying it was undermining the business activities in the state.

Commissioner for Commerce and Industry, Mrs. Olusola Oworu, spoke at Alausa, declared that; “An estimate of about $45.13 billion was located in the extralegal sector with concomitant undercapitalisation of business undertakings, and impoverishment of the masses.”

She explained that the assets existing in the informal markets/extra legal economy were classified as dead capital or locked assets, saying “The status of Lagos State as Nigeria’s economic nerve centre, several business transactions are done outside the formal economic structure in what is otherwise termed the informal sector or shadow economy which has been found to be quite massive in size in the state. This scenario leaves much to be desired in terms of the ability of operators in this sector to leverage on their assets for the creation of the much needed capital essential for the growth and expansion of their businesses.”

Meanwhile, she insisted that in spite of the terror alert on Lagos, issued by the United States of America, USA Consul-General, it had no effect on business activities in the state.

The US Consul-General in Lagos had on May 2nd, 2014 warned her citizens in the country or those coming in to stay off some states and also alerted that some groups associated with terrorism allegedly planned to carry out an unspecified attacks against Sheraton Hotel, Lagos.