The 30-year vision for the socioeconomic growth of Lagos was revealed on Tuesday by Babajide Sanwo-Olu, the governor of Lagos State.
During a dialogue with corporate executives and the organised private sector in Lagos, Sanwo-Olu revealed this.
Sanwo-Olu stated that the upcoming 9th Economic Summit of the State will see the official unveiling of the Lagos State Development Plan 2052. (known as Ehingbeti). The 30-year plan, according to the governor, was created with specific goals from four strategic dimensions with the intention of placing the State to realise its vision.
Members of the diplomatic community attended the meeting, which was organised by the Lagos Chamber of Commerce and Industry (LCCI) and held at Commerce House on Victoria Island. The LCCI is the oldest chamber of commerce in the West Africa subregion, having been founded in 1888.
Sanwo-Olu, stated that each of the four dimensions in the development plan would be achieved through over 400 policy initiatives that would be implemented throughout the period.
According to the governor:: “The Lagos State Development Plan 2052 has been developed with a set of clear objectives across four strategic dimensions, which are to position Lagos on the track to achieving its vision.
“The goals of this plan are to maintain a strong, healthy, and expanding economy in Lagos, with enough jobs and wise investments to support growth. Every Lagosian will have access to cost-effective, top-notch education, healthcare, and social services in the human-centric city we are creating. A concerted effort will be made to maintain the modernization of our infrastructure by offering a stable and sufficient infrastructure that satisfies the requirements of a 21st-century city. The plan would also ensure that efficient government is maintained. All Lagosians will have opportunities thanks to Lagos’ friendly and enabling environment.
It is imperative that this enormous task be completed as soon as possible.
When the private sector, which drives the State’s economy, is not involved in the implementation of the designated policy phases, Sanwo-Olu feared the plan would not be realised.
The Governor commended business leaders for helping the state government during the difficult time of the Coronavirus (COVID-19) outbreak. He noted that more societal hardship might have followed the pandemic if the private sector had ignored the government’s pleas to stop mass layoffs.
In order to make conducting business in Lagos easier, Sanwo-Olu highlighted a number of state government initiatives in the areas of infrastructure, transportation, education, healthcare, security, environment, and technology.
He said: “In road construction, I make bold to say that our impacts are being felt across the State, because we have taken up the total rehabilitation of major roads and creating new highways. In the Central Business District of Victoria Island and Ikoyi, we have delivered key infrastructure projects that are improving mobility and giving businessmen new experience. Reconstruction of Idowu Taylor, Adeyemo Alakija, Adeola Hopewell is a major facelift we have signed off in this corridor.”
Sanwo-Olu claimed that over the previous year, Lagos had seen a significant increase in foreign direct investment (FDI) in the amount of $750 million in the technology industry, drawing major international IT companies like Equinox, Google, and Microsoft, among others. According to him, this works in conjunction with the State Government’s deployment of metropolitan fibres to advance e-commerce, control traffic, and boost security.
The governor expressed the expectation that new roadmaps would be developed as a result of the conference, enabling the development of stronger ties with the business sector.
The discussion with Sanwo-Olu, according to LCCI President Dr. Michael Olawale-Cole, demonstrated the Chamber’s ongoing confidence in the Governor’s administration to create a better business environment.
Olawale-Cole stated that Lagos alone accounted for 71% of the $1,573 billion in foreign investment Nigeria recorded in the first quarter of 2022. She noted that Lagos had remained to be the investment sanctuary for FDIs coming to the nation.
He said: “Policy direction is critical for a thriving and supportive business environment in any economy. The quality of the policy is a key consideration for local and foreign investment decisions.
“With an improved business environment, Lagos can attract more capital inflows from Nigerians in Diaspora as a more sustainable funding for the provision of required infrastructure. Enormity of needs in Lagos requires the cooperation of both the public and private sector.”
The head of the LCCI organisation further declared that Lagos will be the official primary host city for the next international tech and telecommunications (ICTEL) expo in August.