By Lukman Olabiyi
Rise in Lagos State’s Gross Domestic Product (GDP) from N27 trillion to N41 trillion has been attributed to Governor Babajide Sanwo-Olu’s administration efforts in promoting ease of doing business.
Deputy Governor Dr. Kadri Hamzat, representing Governor Sanwo-Olu
made this attribution yesterday at the 9th Lagos Corporate Assembly (LCA) held in Eko Hotel.
He highlighted that the state’s economic growth was driven by deliberate policies and strategies to create a conducive business environment.
The forum, themed “Unpacking Barriers to Ease of Doing Business: Accelerating Business Growth,” served as a platform for public-private engagement, allowing the state government and business community to discuss issues pertinent to business prosperity.
Governor Sanwo-Olu, in his address, underscored Lagos’s role as Nigeria’s economic hub, noting that the city accounts for 30% of Nigeria’s GDP and 50% of the non-oil GDP.
He emphasized Lagos’s position as the fifth largest economy in Africa and its significance in the region, attributing this to the state’s active economy, industrial estates, and central business districts.
Sanwo-Olu reiterated the state’s commitment to the T.H.E.M.E.S+ Development Agenda, particularly its fourth pillar focused on transforming Lagos into a 21st-century economy.
“Our administration has introduced various policy reforms to streamline regulatory processes, enhance infrastructure, and leverage technology to reduce bureaucratic obstacles.
“A notable example was the collaboration between the Ministry of Commerce, Cooperatives, Trade & Investment and the Presidential Enabling Business Environment Council (PEBEC), which facilitated a constructive dialogue between state agencies and private sector partners”, he said.
Dr. Jumoke Oduwole of PEBEC highlighted the council’s mandate to eliminate bureaucratic hurdles and improve Nigeria’s business environment.
The council, chaired by Vice President Kashim Shettima, collaborates with various stakeholders, including development partners and regulatory bodies, to adopt international best practices and enhance business processes in Nigeria.
Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, emphasized Lagos’s proactive approach in fostering a favorable business climate.
She noted that the state had met all criteria for the World Bank’s State Action on Business Enabling Reforms (SABER) programme and had implemented key reforms in land administration, tax payments, and dispute resolution.The state is also establishing an Ease of Doing Business (EoDB) Team to interact with stakeholders through a virtual one-stop-shop interface, aiming to enhance access for local and global investors.
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