In view of its status as the fifth largest economy in Africa, Lagos State is set to make its economy a reference point globally.
Consequently, an Economic Management Team that will chart a new economic outlook for the state will soon be constituted.
Governor Akinwumi Ambode stated this when a delegation of the British Chamber of Commerce paid him a courtesy visit at the State House.
According to him, the Economic Management Team will bring both the private and the public sectors together to scale up the economic feat recorded.
Governor Ambode explained that government would explore synergy with the private sector with a view to lifting Lagos into a true global city-state in the true sense of the word.
“Very soon we would be setting up what we would refer to as an Economic Management Team to drive the fifth largest economy, because that’s the way we need to envision our self and this Economic Management Team will involve nominees from the Chambers and other people in the private sector, so that we can collaborate because majority of this economy is driven by the private sector, our duty is to create an enabling environment and fuse all that together, I think that synergy can just catapult Lagos into that global city state that we want it to be,” Governor Ambode said.
Private sector driven economy
The Governor said that there was no doubt about the fact that the economy of Lagos was in the hands of the private sector and the willingness on the part of government to ensure an enabling environment for businesses to thrive.
This, according to him, is why government has been investing massively in security and other business incentives.
He said that his decision to come up with the Office of Oversees Affairs and Investment, otherwise known as Lagos Global, was part of efforts at encouraging investment in Lagos.
“I think it is very instructive to clearly state that the economy of Lagos is in the hands of the private sector and beyond the fact that Lagos is now the fifth largest economy in Africa, the drive to take Nigeria out of recession actually resides in the private sector and willingness on the part of the public sector.”
“Because our economy is in the hands of the private sector and we are willing to allow them drive it, that is why we have decided to formulate policies and decisions that will make the private sector to thrive in this State and that is why in the last 18 months, we have been running this administration on a tripod of security, job opportunities and infrastructure development,” he reiterated.
Kudos to investors
Governor Ambode commended investors who have remained committed in doing business in Lagos despite the down turn in the economy.
He assured that his administration would continue to work hard and partner with the private sector.
Leader of the delegation and President of the Council, Prince Dapo Adelegan congratulated Governor Ambode on the emergence of Lagos as the fifth largest economy in Africa.
He noted that with the development, it was now important to globalise the economy of Lagos.
Adelegan said that the Chamber would be willing to partner with the Lagos State government not only to globalise the economy of the State, but also in the area of policy formulation, among other critical sectors.