Lagos, Nov. 13, 2023: The Governor of Lagos State, Mr Babajide Sanwo-Olu, says his administration will continue to place a high priority to provision of key infrastructure to make the state safer, more secure, and functional for businesses and lives.
Sanwo-Olu represented by Mr Bode Agoro, Head of Service, said this during the closing ceremony of the Lagos International Trade Fair (LITF) on Sunday with the theme: “Navigating Economic Challenges: Forging a Path to Prosperity.”
He also pledged to fast track the delivery of Certificate of Occupancy (C of O) to the Lagos Chamber of Commerce and Industry (LCCI) as a means of supporting the chamber’s building project.
Sanwo-Olu said that given the prevailing economic uncertainties, all efforts must be geared towards supporting businesses to grow to create jobs, enhance standard of living and ensure economic prosperity.
The governor noted that the position of the state as the fifth largest economy in Africa was currently propped to as a global megacity and a prime investment destination.
He saidas a testament to his administration’s commitment, the state had supported over 12,710 Micro, Small and Medium Enterprises (MSMEs) to access over N8.4 billion loan through the Lagos State Employment Trust Fund.
“We have also provided the much needed support to explore practicable measures towards improving their production process, giving cognisance to local contents in order to maximise profit.
“In the area of infrastructure our administration has made and is still making huge investment in road construction, building of integrated intermodal multi modal transportation system, laying of 3,000 kilometers metropolitan Fiber Optic Cable Network across the state to drop reliable and fast internet connectivity in homes and work places to aid operations and promote socio-economic development, he said.
“There are other initiatives that will alleviate poverty, reduce youth unemployment, induce human capital development, and improve the social welfare of the people.
“All of these are targeted towards creating a conducive environment for businesses to thrive,” he said.
Sanwo-Olu assured members of the Lagos business community that his administration was committed to improving the business environment towards making it more attractive to investment.
Mrs Folashade Ambrose Medebem, Commissioner, Ministry of Commerce, Cooperatives, Trade and Investment, noted that the event’s theme in the current age of unprecedented challenges, compounded by global economic shocks, was both timely and pertinent.
Medebem said at the crux of businesses was the unrelenting commitment to combine factors of production to create marketable value that can be converted to wealth.
She said to navigate the economic challenges and forge a path to prosperity, the ministry was committed to interfacing with the business community to foster a conductive environment and enhance ease of doing business in the state.
“The current administration remains committed to sustaining engagement with the Organised Private Sector and other stakeholders.
“We are determined to build on the already created relationship, strengthen partnership that has been mutually beneficial, and foster an environment for shared values and deeper collaboration.
“This is because we understand that in our interconnected world, the success of one is invariably linked to the success of all,” she said.
Dr Michael Olawale-Cole, President, LCCI, commended Lagos State outstanding governance over the years.
Olawale-Cole said the event’s theme underlined the importance of relationships and networking among businesses for wealth creation, trade partnership and productivity growth.
He urged government at all levels to continue addressing the enabling environment issues in the country, with particular focus on infrastructure, insecurity and implementation of policies to address the monetary policy performance.
This, he said, was critical to fully harness the huge enterprising resources of domestic and foreign investors for economic diversification.