The Lagos State government is determined to strengthen the state’s economy with right policies for accelerated growth and prosperity.
The state’s Gross Domestic Product (GDP) valued at $130 billion and over three million Micro, Small and Medium Enterprises (MSMEs), makes the state the fourth wealthiest city in Africa.
Governor, Babajide Sanwo-Olu, who gave this assurance during his meeting with captains of industry, manufacturers, and members of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in Lagos, also assured of government’s continual support in providing a more conducive environment for businesses to thrive.
The meeting, which held in the Banquet Hall in the State House, Alausa, had as its theme: “BOS Meets Business.”
Sanwo-Olu said the state has continued to strengthen its Ease of Doing Business policies to drive private investment and growth.
He further noted that the digitalisation of business registration and asset acquisition processes, which, he said has removed administrative bottlenecks, is part of such initiatives being taken by government to enhance further economic growth.
Sanwo-Olu said the state had started the first phase of the 6,000km optical fibre being laid across Lagos, with the aim of providing technological infrastructure to support MSMEs.
“We have just given approval for N1 billion support that will be given out through the Lagos State Employment Trust Fund to support hospitality business in the state. The beneficiaries of this fund will go through screening in line with the requirement of the agency. We are making this investment because of the huge potential for job creation and inclusive growth this sector can bring about.
“We will be working with the CBN for more funding to fully develop the potential of our tourism sector. This effort is being completed with the rolling out of 3,000 km optical fibre across the state to provide technological infrastructure for the MSMEs whose operations would depend on fast Internet networks to drive their businesses,” Sanwo-Olu added.
The Commissioner for Commerce, Industry and Cooperative, Dr. Lola Akande, noted that the government has continued to partner with the Organised Private Sector (OPS) to sustain the momentum of business growth.
According to her, this is because of the recognition that creating an enabling business environment is the key to job creation, poverty eradication and the economic development of the state and by extension, attracting Foreign Direct Investment (FDI) into the state which is the central agenda of governance.
She expressed belief that the commitment to collaborate between the state and private sector will inevitably lead to a more vibrant Lagos where all endeavours will thrive and flourish.
“I believe we shall leverage on this auspicious gathering and arrive at answers to questions that may have perturbed our minds at one time or the other,” the commissioner reiterated.