EXPERTS URGE LASG TO STRENGTHEN VITAL ECONOMIC AREAS AGAINST FUTURE SHOCKS
Lagos State government has been urged to strengthen key economic sectors to avert future domestic and global shocks that may hamper the development of the State and Nigeria by extension as it is the commercial nerve centre of the nation.
The call was made on Tuesday at an event organised by the Economic Intelligence Department (EID), Ministry of Economic Planning and Budget, in the second edition of the Lagos Economic Roundtable, tagged: ‘Economic Outlook 2025 - Building resilience in times of global and domestic Shocks’, held at the Protea Hotel, Ikeja.
Lead paper presenter at the roundtable, Prof. Adeola Adenikinju, President of the Nigerian Economic Society (NES), likened Lagos to the city of Jakarta in Indonesia with over 10 million population, stating that the state has the resources to ride on its current achievements in building a more resilient economy.
According to him, “Lagos needs financial independence and stability. Lagos is doing tremendously well in terms of IGR but they have to expand that by accelerating the diversification of the economy; inspiring the tax system; building fiscal profile; establishing political bonds; collaborating with development banks; sustaining efforts like the Lagos-Kebbi partnership; ensuring budget efficiency and develop industrial parks to boost the manufacturing sector to grow the state GDP”.
Prof. Adenikinju stated that the government should also create more opportunities for domestic entrepreneurs, which would, in turn, mean more revenue generation and expansion for the State. He stressed the need for the government to pay added attention to social welfare and inclusion, especially at this time of economic harshness.
Corroborating the call, the Chief Executive of Economic Associates, Dr. Ayo Teriba said the Lagos State government should harness the bundle of opportunities still lying in the transportation sector.
He, however, lauded the government’s initiatives on Road (BRT bus terminals and services); Rail (Blue and Red rail lines); Water (acquisition of boats and building of jetties) and also the creation of career path professions such as LASTMA and LAWMA, noting, however, that there are yet untapped prospects abound within it.
In his address, Commissioner for Economic Planning and Budget, Mr. Ope George said, “This discourse provides a crucial platform for us to collectively address these challenges and explore forward-thinking strategies to bolster Lagos’s fiscal space, sustain economic growth, and enhance resilience”.
“It aligns with the vision captured in the recently presented "Budget of Sustainability" for 2025 by Governor Babajide Sanwo-Olu, which underscores our commitment to sustaining development amid uncertainties”.
“Lagos ranked as the 4th wealthiest city on the continent and the 6th largest economy, our position is a testament to our resilience and ingenuity. However, these remarkable achievements do not shield us from the significant challenges posed by global and domestic economic shocks”, he noted.
The Commissioner, therefore, called for actionable solutions that will solidify Lagos’s position as a dynamic, adaptive and progressive economy, ensuring shared prosperity and a brighter future for all Lagosians.
His counterpart for Innovation, Science and Technology, Mr. Tunbosun Alake, who spoke on the digital transformation for economic growth, said the state government had invested heavily on internet connectivity that had allowed for seamless interface among Ministries, Agencies and Departments (MDAs).
Mr Alake noted that the innovation and transformation drive is continuous as the Ministry of Innovation, Science & Technology is not resting on its oars to seek more sustainable innovative means to create a more robust one-stop-shop for efficient public service delivery.
The Permanent Secretary, Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo remarked that beyond the consignment being done in the Ministry, there is a need to interface with high-profile economists in town to give their perspective of the growth recorded as well as the likely situation the State should look out for in the 2025 fiscal year.
Panelists adjudged the Lagos government’s resilience status, while also averring to the call that more and more can be done and improved upon.
Members of the panel included Dr. Noah Olasehinde from University of Ibadan; Dr. Adebola Odunsi (Carbonivity); Mr. Abdul-Kabir Ogungbo, Special Adviser to Governor Sanwo-Olu (Taxation & Revenue) and the Lagos State Chief Resilience Officer, Dr. Folayinka Dania amongst others.
More photos below.
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