Lagos State Governor, Babajide Sanwo-Olu said he is very proud of the leading role being played by the Lagos Chamber of Commerce and Industry (LCCI) in the business sector.
Sanwo-Olu made the commendation at the opening of the 2023 Lagos International Trade Fair, LITF.
The Governor on Friday in his goodwill message at the opening noted that through the 37th edition of LITF, LCCI, the organiser of the fair is providing another huge 10-day window for businesses to showcase their products and services, gain great marketing mileage and fresh opportunity for networking with other businesses.
He acknowledged that LITF has the potential to generate and woo Foreign Direct Investment into our dear country and reduce the pressure on our currency, adding that the need to leverage “this 10-day event to drive more investment also becomes more apparent, when we consider the good percentage (of over 70%) of Nigeria’s population under the age of 30, in addition to other variables that are critical to encouraging investors and growing the economy”.
Sanwo-Olu stated: “Some would call the youth’s population a challenge to be managed, but I call it great potential to be unleashed in our dear State and nation at large. I believe it is time to do things differently in the State and country in general to entice potential investors.
“I want to reassure you that the Lagos State Government would continue to be your partner in progress towards ensuring conducive business environment for investments to thrive in the State.
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“We are very much aware that our quest to move Lagos, our dear State, from Nigeria’s biggest commercial city to become a mega or smart city, running on 21st Century Economic dynamics, will depend, to a large extent, on our political will to effectively tackle various challenges confronting businesses such as inadequate infrastructure, inadequate power, security and others.
“For us, we see the challenges as great opportunities for further investment and our administration is not only working assiduously to change the narratives, we are also ready to work with willing investors to expand the infrastructure for the benefit of our businesses in particular and our State and nation in general.
“Directly, we are committing huge resources to build infrastructure that improves business operations and make the State attractive for investment. Among what we have done in recent times is the completion of the first phase 13-kilometer Lagos Rail Mass Transit – Blue Line, extending from Mile 2 to Marina. This has been commissioned to ease the movement of workforce and goods, eliminate stress associated with public transportation and reduce traffic gridlock along with productive man hour loss in traffic. Since the tracks were energised, daily trip of the rail has increased from 12 to 54, while working towards our actual target of 74 trips per day.
“In addition, we are ramping up efforts to ensure timely completion of the 37-kilometre Red Rail Line extending from Agbado to Ebute Metta, with 13 stations and other ultra-modern infrastructure. The project is 97 percent completed and would complement the Blue Line and other modes of transportation that exist in the State”.
Governor Sanwo-Olu pointed out that at Lekki Free Trade Zone, his administration’s partnership with the private sector is already yielding great dividends as multi-billion-dollar businesses have been set up there.
He indicated that through the Alaro City project alone, a joint venture project between Messrs Rendeavour Nigeria Development Company Limited and the Lagos State Government, 230 jobs have been created.
This, he affirmed is in addition to other investments we have made and are still making such as the 10,000 metric tonnes rice mill at Imota, various completed and ongoing road construction projects, completion of the first phase of the 6,000 Fibre Optic Cable Network that would expand broadband access and drop internet connectivity at homes and business spaces in the State, different supports to MSMEs and many other interventions.
He assured that the State Government remains committed to providing a friendly and conducive business environment for the Organised Private Sector and other stakeholders, through continuous engagement in the implementation of policies, regulations and projects as they impact business prosperity of the State.
Sanwo-Olu appreciated the efforts of the Management Board of the LCCI for sustaining regular engagement with our government, adding that through its policy advocacy activities, “has been an unrelenting partner in the business of ensuring good policy direction for economic prosperity of not only Lagos State, but Nigeria at large”.
While attesting that the engagement has been yielding positive results, Governor Sanwo-Olu affirmed that his administration will continue to protect and promote the interest of investors and businesses in the State, expressing confidence that the collective will “take our businesses to greater prosperity and success”.
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