Sanwo-Olu reaffirms commitment to ensuring thriving business environment

Gov. Babajide Sanwo-Olu of Lagos State has reaffirmed his commitment to providing resources, infrastructure, and policies for businesses to thrive in the state.

The governor stated this at the ninth Lagos Corporate Assembly, “BOS meets with the Business Community”, held at Victoria Island on Tuesday.

It was reported that the programme has the theme: “Unpacking Barriers to Ease of Doing Business: Accelerating Business Growth”.

Sanwo-Olu, who was represented by his deputy, Dr Obafemi Hamzat, acknowledged the significant role the business community play in driving the state’s economy.

He, therefore, assured that the government would continue to engage with the business community and implement reforms that would foster an environment necessary to grow businesses.

He highlighted Lagos economic statistics which he described as being impressive to include the fifth largest economy in Africa.

Sanwo-Olu said that the state economy accounted for 70 per cent of Nigeria’s industrial investment, thereby contributing 30 per cent to the country’s Gross Domestic Product (GDP).

According to him, Lagos GDP rivals that of 24 African nations combined, a testament to its economic prowess.

Sanwo-Olu emphasised the government’s commitment to simplifying regulatory processes and improving infrastructure.

“We will leverage technology to streamline interactions between businesses and government agencies through the T.H.E.M.E.S+ Development Agenda.”

The governor called for collaborative efforts between Lagos state agencies and the private sector, exemplified by initiatives aligned with the Presidential Enabling Business Environment Council (PEBEC).

He stated that the partnerships were pivotal in driving mutual prosperity and fostering an ecosystem where businesses thrive.

Earlier in her welcome address, the Commissioner for Commerce, Cooperative, Trade and Investment, Mrs Folashade Ambrose-Medebem, said the government was constantly making Lagos the preferred business point.

She urged continued engagement and feedback to make the state a model of excellence and the most attractive destination for business and innovation in Africa.

According to her, the assembly aimed to foster collaboration and resolve issues affecting the business environment.

The commissioner revealed that the ministry was establishing an Ease of Doing Business Team and a virtual one-stop-shop interface to enhance access for global businesses.

Ambrose-Medebem noted that a conducive business environment is essential for job creation, poverty eradication and overall economic development.