Business

July 9, 2024

Manufacturing, transport sectors top major drivers of N41trn Lagos economy

Vacant stool: Onikoyi descendants seek Tinubu, Sanwo-Olu's intervention 

Sanwo-Olu

…as Sanwo-Olu seeks OPS collaboration, assures the enabling environment
….Lagos, world 19 best city to visit in 2024-UK Mag
…sets to create an Ease of Doing Business (EoDB) team

By Olasunkanmi Akoni

Amid the current world economic downturn, the manufacturing and transportation sectors topped the major drivers of Lagos State’s economy which has grown from N27 trillion to N41 trillion in recent years.

Meanwhile, Lagos State Governor, Mr Babajide Sanwo-Olu has urged the Organized Private Sector, OPS, to collaborate with the state government to accelerate business growth, create more jobs, and drive economic development of the state.

Sanwo-Olu, who was represented by his Deputy, Dr. Obafemi Hazmat, made the remarks on Tuesday, at the 9th edition of Lagos Corporate Assembly tagged: “BOS meets Business,” on Tuesday, with the theme: “Unpacking Barriers to Ease of Doing Business, Accelerating Business Growth,” held in Victoria Island.

He noted that the Lagos Corporate Assembly has helped in strengthening the relationship between the state government and the OPS.

The governor, commended the business community, saying that despite the numerous challenges, including the current global economic downturns, they have continued to innovate, adapt, and contribute significantly to the growth of the state, with a promise to continue to provide environment for businesses to thrive.

Sanwo-Olu noted that the forum will help to foster a more conducive and thriving business environment for everyone.

According to him: “Let us reaffirm our collective commitment to overcoming the barriers to ease of doing business. Let us work together to accelerate business growth, create more jobs, and drive economic development in Lagos State.”

Speaking further, the Governor noted that through the T.H.E.M.E.S+ Development Agenda of his administration, the government is unwavering in its commitment to fostering an environment where businesses can flourish.

He added that the agenda embodies the vision for a Greater Lagos, especially highlighted by the 4th Pillar – M, which focuses on Making Lagos a 21st Century Economy, stressing that through the implementation of the agenda, the government has initiated numerous policy reforms to facilitate business operations in Lagos.

Accordingly, his administration is simplifying regulatory processes, improving infrastructure, and leveraging technology to streamline interactions between businesses and government agencies, noting that his administration’s goal is to minimize bureaucratic blockages and create a seamless experience for all businesses operating in the state.

Speaking on the importance of the Lagos Corporate Assembly, the Governor said “the Assembly is a testament to my administration’s unwavering commitment to fostering a conducive environment for businesses to thrive in Lagos State.

“Lagos is the economic hub of Nigeria and is home to a diverse and dynamic business community, as such the government sees the Lagos Corporate Assembly as a crucial platform for public-private dialogue, collectively identifies challenges, discusses solutions, and charts a course for sustainable economic growth and development.

“Our resolve is to make the assembly a formidable platform for public-private collaboration, ensuring that your voices are heard and your concerns are addressed promptly.

“We are determined to turn the feedback we receive from you into actionable policies that will further ease the business environment in Lagos.”

Sanwo-Olu, therefore, assured the OPS in the state of his continued support, as his administration was unreservedly committed to providing the necessary resources, infrastructure, and policies that would ensure their businesses do not only survive but thrive.

He noted that the government would continue to engage with them, listen to their needs, and implement reforms that would foster an environment necessary to grow their businesses.

Special Adviser to the President on Ease of Doing Business in the office of the Vice President, Mrs Jumoke Oduwole, called for more political will on the part of the leaders to measure deliverables for more business successes.

Earlier, Commissioner for Commerce, Cooperatives, Trade and Industry, Mrs Folasade Ambrose-Medebem, said various complaints from the Business community during the last Assembly have been addressed.

Ambrose-Medebem, said, “I am more than confident that the present administration, under the able leadership of Mr. Governor, Sanwo-Olu and Deputy, Hamzat, will stop at nothing to sustain and further build on the current milestones already achieved.

“We will continue to build on the major drivers of the State’s economy by increasing the contributions of the manufacturing sector, which stands currently at 29.60 per cent, road transport – 26.47 per cent, building and construction – 19.70 per cent, wholesale and retail – 8.39 percent, telecommunications – 3.71 per cent, financial institutions — 3.51 per cent and real estate—2.01 per cent.

“As an implementing Ministry, MCCTI will continue to interface with other Ministries, Departments and Agencies here in the State, across other States of the Federation and at the Federal level, including relevant local and international support institutions and Economic Development Partners, towards ensuring improved Ease of Doing Business and sustenance of an enabling business environment in the State.

“To further strengthen the State’s delivery capacity, the Ministry of Commerce, Cooperatives, Trade and Investment, MCCTI, is in the process of constituting an Ease of Doing Business (EoDB) Team that will be tasked with interfacing with stakeholders in the business community via a one stop shop virtual interface.

“Moreso, according to the Time Out Magazine UK, Lagos State ranked 19th best city in 2024 to be visited out of 173 cities surveyed using qualitative and quantitative factors. In recent years, the economy has grown from N27 trillion to N41 trillion.

“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 conducive environment that continue to attract investments into the state. “