Lagos State’s GDP rises by N14 trillion under Sanwo-Olu’s administration

The Gross Domestic Product (GDP) of Lagos State has surged from N27 trillion to N41 trillion under Governor Babajide Sanwo-Olu’s administration, according to Deputy Governor Dr. Kadri Hamzat.

This development was disclosed on Tuesday at the 9th Lagos Corporate Assembly (LCA) held at the Eko Hotels, where Hamzat represented Governor Sanwo-Olu.

Addressing the forum themed “Unpacking Barriers to Ease of Doing Business: Accelerating Business Growth,” Dr. Hamzat attributed the significant economic growth to deliberate policies and strategies aimed at fostering a business-friendly environment.

He highlighted the LCA’s role as a key platform for public-private engagement, facilitating interactions between the state government and the business community.

“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. Your resilience, innovation, and contributions have been instrumental in positioning Lagos as a beacon of prosperity and progress,” he said.

The Deputy Governor emphasized that Lagos occupies an enviable position as the fifth largest economy in Africa, boasting fourteen industrial estates, four Central Business Districts, and contributing significantly to Nigeria’s GDP.

Hamzat further outlined the administration’s THEMES plus Development Agenda, which includes numerous policy reforms aimed at easing business operations.

These reforms, he noted, encompass simplifying regulatory processes, improving infrastructure, and leveraging technology to streamline interactions between businesses and government agencies.

The Deputy Governor also highlighted the importance of the Lagos Corporate Assembly as a crucial platform for dialogue, where challenges are identified, solutions discussed, and strategies for sustainable economic growth are charted.

“Our resolve is to make the LCA a formidable platform for public-private collaboration, ensuring that your voices are heard and your concerns are addressed promptly,” he stated.

Dr. Jumoke Oduwole, a member of the Presidential Enabling Business Environment Council (PEBEC), also addressed the assembly, stressing the council’s mandate to remove bureaucratic bottlenecks and improve Nigeria’s business environment.

PEBEC, chaired by Vice President Kashim Shettima, collaborates with various stakeholders to streamline business processes and adopt international best practices.

Speaking at the forum, Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, highlighted Lagos State’s ongoing reforms, including land administration, electronic payment of taxes, and quick resolution of commercial disputes.

She announced the upcoming establishment of an Ease of Doing Business (EoDB) Team, which will interface with stakeholders via a virtual one-stop shop.

“In recent years, the economy has grown from N27 trillion to N41 trillion, made possible by deliberate policies and strategies to ease business operations and attract investments,” said Ambrose-Medebem.

The assembly concluded with a reaffirmation of the state’s commitment to fostering a conducive business environment and driving economic development in Lagos State.

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