Implementation Of Ease Of Doing Business Policies Has Paid Off In Lagos – Sanwo-Olu

Lagos State Governor Babajide Sanwo-Olu has said the state government recorded phenomenal growth in its economy through initiation and implementation of deliberate policies and intentional strategies to facilitate and promote a conducive environment for business to thrive.

Available statistics have shown that the Gross Domestic Products (GDP) of Lagos State grew from N27 trillion to N41 trillion under the administration of the Governor, Mr Babajide Sanwo-Olu for promoting ease of doing business in the state.

The state’s deputy governor, Dr. Kadri Hamzat who represented the Governor, Babajide Sanwo-Olu at the extraordinary 9th Lagos Corporate Assembly, LCA which is the 4th in the series of the Babajide Olusola Sunwo-Olu (BOS) Meets With Business Community at Eko Hotel, Lagos explained that

The deputy governor attended the forum with the theme; “Unpacking Barriers to Ease of Doing Business: Accelerating Business Growth.” Pointed out that LCA has become a virile public-private engagement platform, through which the state government and the business community interact and discuss issues that are germane to Ease of Doing Business and business prosperity in the state.
He said, “This gathering is a testament to our unwavering commitment to fostering a conducive environment for businesses to thrive in Lagos State.

“Lagos, the economic hub of Nigeria, is home to a diverse and dynamic business community. As your Governor, I am profoundly aware of the critical role you play as the engine driving the economy of our State. Your resilience, innovation, and contributions have been instrumental in positioning Lagos as a beacon of prosperity and progress.

“With this role that you play, it is always very exciting to reiterate that Lagos occupies the enviable position of the fifth largest economy in Africa. Its economy remains exceedingly active with fourteen industrial estates and four Central Business Districts (CBD).

It hosts seventy percent of the country’s total industrial investment, sixty percent of the nation’s commercial activities, contributes thirty percent of Nigeria’s Gross Domestic Product (GDP) and fifty percent percent of the non-oil GDP.

“As the most urbanised cosmopolitan in West Africa and largest market in sub Saharan Africa, Lagos has the fourth highest GDP in Africa after Cairo, Johannesburg and Cape Town. Its GDP is equivalent to twenty-four African countries combined.

“Let me state here that, through our T.H.E.M.E.S+ Development Agenda, we remain steadfast in our commitment to sustaining an enabling environment for businesses to grow and thrive. This agenda encapsulates our vision for a Greater Lagos, particularly the 4th Pillar M, which is Making Lagos a 21st Century Economy.

“Using the instrument of the agenda, we have introduced numerous policy reforms to ease the doing of business in Lagos. We are simplifying regulatory processes, improving infrastructure, and leveraging technology to streamline interactions between businesses and government agencies. Our goal is to minimize bureaucratic bottlenecks and create a seamless experience for all businesses operating in our State.

“I assure you of our continued support as our administration is unreservedly committed to providing the necessary resources, infrastructure, and policies that will ensure your businesses not only survive but thrive. We will continue to engage with you, listen to your needs, and implement reforms that will foster an environment necessary to grow your businesses.”

A member of the Presidential Enabling Business Environment Council, PEBEC, Dr Jumoke Oduwole said the mandate of the council was to remove bureaucratic bottlenecks and improve the perception of doing business in Nigeria.

The Commissioner for Commerce, Cooperatives, Trade and investment, Mrs. Folashade Ambrose-Medebem stated, “Here in Lagos, we understand the language of business and what we need to do to get our investors and businesses to where they ought to be. This is why the State still retains its key status as the operational headquarters of many multinationals and Fortune 100 companies.

“In recent years, the economy has grown from 27 trillion to 41 trillion naira. 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 a conducive environment that continues to attract investments into the state.

She revealed that the State is in the process of constituting an Ease of Doing Business (EoDB) Team that would be tasked with interfacing with stakeholders in the business community via a one stop shop virtual interface.