Fashola, Sanwo-Olu Harp On Infrastructural Investment For Economic Growth

The minister of Works and Housing, Mr. Raji Fashola and the Lagos State governor, Mr. Babajide Sanwo-Olu, have said, consistent infrastructural investment by several administrations in the state, is a propeller of the current economic growth within Lagos State.

The duo, alongside others, who spoke at an ‘Interactive Session with the Organised Private Sector,’  in Lagos on Monday, noted that, since democracy returned to the country in 1999, the past Lagos state governors, between then and now, have keyed into Lagos infrastructural masterplan that has made the state the best business investment destination in the country and one of the best on African continent.

On his part, the State governor, Babajide Sanwo-Olu said, the Lagos masterplan is centered around building of infrastructure, especially, in the area of transportation that is now aiding economic growth and development, while creating a conducive business environment for private investors to set up their businesses in the state.

To this end, he disclosed that his administration had embarked on improving mobility by injecting funds to deliver an integrated mass transit system, coupled with massive and comprehensive road rehabilitation across the State, stressing that, this has also boosted productivity by expanding transport infrastructure, investment in rail and opening waterways.

Stating that the THEMES agenda of the state government was to make life easier for its citizenry and the Business community, he added that, in Transportation and Traffic management, the state has intervened in almost a thousand roads and built new roads in total length of 125 kilometres, while activated ferry services to quickly move people at business hours, even as it injected ferries of different capacities and opened new jetties.

Adding that his administration has provided 3,000 vehicles to service its mass transit network and taxi scheme. he noted that, the State will soon have two fully operational rail lines to encourage mass movement.

This, he said, coupled with the completion of Lekki Deep Sea Port which Lagos is a major facilitator, will develop the interior parts of Lagos, adding that, the ongoing construction of Lagos-Badagry highway was being done strategically to open the west flank of the State to more investment and physical development.

He added that the economic redistribution plan was being supported by extension of Lagos Blue Line to Okokomaiko – densely populated suburb along Badagry, while the federal government’s granting of approval for the development of the Badagry Sea Port would fully catalyse economic growth and create new economic zone in the State.

This political philosophy in the state, he said, has transformed Lagos Gross Domestic Product(GDP) from deficit to a promising growth, accounting for 30 per cent of the nation’s GDP.

On his part, minister For Works and Housing, Mr. Raji Fashola, who narrated how road infrastructural development can create multiplier effect in  job creation, noted that, road network will ensure that communities along roads construction areas grow faster and become new destination of businesses.

He gave an example of the recent Oshodi-Apapa Expressway, Lagos-Ibadan Expressway, among others, that were newly constructed, which have reduced man-hours being wasted on the roads prior to now, as they have equally boosted revenues for businesses around the axis.

Stating that successive governments in Lagos as well as the incumbent government have keyed into the state’s economic masterplan for consistency in its development, he added that, the complex nature of governance in Lagos has thrown up a system that usually produced administrators who are problem solvers, rather than politicians giving excuses.

While stressing that the sustainability of the governance model in Lagos should remain the paradigm for the nation to adopt, he urged voters that, “the choice we have to make is between the political party which denies the problems and the one that has confronted the problems and trying to solve them.”

Similarly, the director general, Budget Office of the Federation, Mr. Ben Akabueze, who stated that, the country has improved in its infrastructure stock in recent times, owing to prudent public finance management, urged Nigerians to vote wisely in the next election to ensure continuity at the federal and state levels.

“7 years ago, Nigeria’s infrastructure stock was about 20 percent of our GDP. Today, with the level of infrastructure delivery, we have raised the number to 35 out of the 70 percent required to keep us on the good standing. We must double the GDP growth in relation to infrastructure to be able sustain services to the people. Only serious candidate with experience can do this,” he pointed out.

Meanwhile, Senior Special Assistant(SSA) to the President on Sustainable Development Goals(SDGs), Princess Adejoke Orelope-Adefulire, said, Nigeria has improved in the area of SDGs recently, especially, under the current administration at the federal and state levels, urging Nigerians to cultivate the habit of tree planting to preserve nature and ensure the environment is eco-friendly.

The event was part of the strategic stakeholder engagements initiated to keep business leaders and captains of industry in the loop of the comprehensive economic policies of All Progressives Congress (APC) presidential candidate, Asiwaju Bola Ahmed Tinubu, and Sanwo-Olu at the federal and Lagos state level.