The Lagos Chamber of Commerce and Industry (LCCI) and other stakeholders have highlighted the need for the Lagos State Government to come up with a comprehensive plan to unlock the untapped economic potential needed for the development of the Lagos State.
According to LCCI President, Dr. Michael Olawale-Cole, in a webinar titled “Harnessing the Comparative Advantage of Lagos Island”, the development program should be implemented in a way that allows for periodic assessments of performance and continuous improvements.
He expressed his optimism that this year’s Lagos Economic Summit will help bring to light innovative ideas and policy alternatives that can be incorporated into the Lagos State Development Plan 2012-2025 for accelerated development. of the island of Lagos.
He pointed out that the 2022 edition of the Lagos Island Economic Summit is being organized to facilitate conversations on the development plan for Lagos Island, highlight investment opportunities and highlight areas of development. Comparative Advantage of Lagos Island for Sustainable Economic Development and Shared Prosperity.
“The relevance of Lagos Island in chronicling Nigeria’s existence as a national entity cannot be overstated. It is the heart of the city of Lagos, the center of trade, commerce, finance and administration,” he said.
He noted that Lagos Island is critical for trade and commerce in Nigeria, pointing out that a huge volume of commercial and financial business is conducted daily in the central business district located on the island.
“Furthermore, many banks, financial institutions and major tier 1 companies in Nigeria are headquartered on the island. Extensive and day-to-day income-generating activities have, over time, accelerated the island’s transition from a mere point of commerce to a commercial hub. This underscores its immense potential as well as the key structural components of the Nigerian economy, particularly in the distributive trade, real estate, transport, logistics, tourism and hospitality sectors.” he declared.
Also speaking, the Governor of Lagos State’s Special Advisor on Sustainable Development Goals (SDGs) and Investments, Mrs. Solape Hammond said that Lagos State has all the ingredients to become what it wants to be because of its very strong and rich history and strategic central location.
She affirmed the need to have a strategic set of documents to ensure the sustainable development of the state.
“Rail transport lines will open up even more beautiful natural and human resources, strong financial capacity and a surprisingly young and educated population.”
She, however, affirmed the need for continuous upgrading of the state security architecture, saying that security is key to attracting local and foreign direct investment.
The Founder and Managing Director of Main One, Ms. Funke Opeke, said that Lagos Island, despite being a prime business district, is still not exploiting the IT sector and of Communication (ICT), adding that the ICT sector would help boost the profitability and productivity of state enterprises.
She also called on the Lagos State Government to create an enabling environment for businesses to thrive in the state.
On his part, the Founding Managing Director of Agusto & Co Limited, Mr. Olabode Agusto, said there was an urgent need to enhance stakeholder engagement while building strong partnerships with the state government to achieve to sustainable development.