PeakNews Online
Lagos, Nigeria – The Gross Domestic Product (GDP) of Lagos State has seen a significant increase, rising from N27 trillion to N41 trillion, a change attributed to Governor Babajide Sanwo-Olu’s administration and its efforts to enhance the ease of doing business.
This announcement was made by Deputy Governor Dr. Kadri Hamzat, representing Governor Sanwo-Olu, at the 9th Lagos Corporate Assembly (LCA) held at Eko Hotel yesterday. Dr. Hamzat credited the state’s economic growth to deliberate policies and strategies aimed at fostering a conducive business environment.
Themed “Unpacking Barriers to Ease of Doing Business: Accelerating Business Growth,” the forum provided a platform for public-private engagement, allowing the state government and business community to address key issues affecting business prosperity.
In his address, Governor Sanwo-Olu emphasized Lagos’s critical role as Nigeria’s economic hub, noting that the city accounts for 30% of Nigeria’s GDP and 50% of the non-oil GDP. He highlighted Lagos’s position as the fifth-largest economy in Africa, attributing this status to the state’s active economy, industrial estates, and central business districts.
Sanwo-Olu reaffirmed the state’s commitment to the T.H.E.M.E.S+ Development Agenda, particularly its fourth pillar focused on transforming Lagos into a 21st-century economy. He pointed out various policy reforms introduced by his administration to streamline regulatory processes, enhance infrastructure, and leverage technology to reduce bureaucratic obstacles.
“A notable example was the collaboration between the Ministry of Commerce, Cooperatives, Trade & Investment and the Presidential Enabling Business Environment Council (PEBEC), which facilitated constructive dialogue between state agencies and private sector partners,” he stated.
Dr. Jumoke Oduwole of PEBEC emphasized the council’s mandate to eliminate bureaucratic hurdles and improve Nigeria’s business environment. Chaired by Vice President Kashim Shettima, the council collaborates with various stakeholders, including development partners and regulatory bodies, to adopt international best practices and enhance business processes in Nigeria.
Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, highlighted Lagos’s proactive approach in fostering a favorable business climate. She noted that the state had met all criteria for the World Bank’s State Action on Business Enabling Reforms (SABER) programme and had implemented key reforms in land administration, tax payments, and dispute resolution.
Additionally, Lagos is establishing an Ease of Doing Business (EoDB) Team to interact with stakeholders through a virtual one-stop-shop interface, aiming to enhance access for local and global investors.
