Fashola seeks more private investment for Lagos megacity

Fashola seeks more private investment for Lagos megacity

Lagos State Governor, Babatunde Fashola, has called on the organized private sector to invest on the meg city project to make it a reality by 2015.

Speaking through the Permanent Secretary, Mr. Wale Raji, in Lagos, Fashola stated that the state government has the obligation to develop strategies that would help it harness public and private investments with a view to having a dynamic and expanding economy that is functional and visually attractive.

“Let me state that our role as an economic and financial hub in the sub-region requires that we prioritise the improvement of vital infrastructure in such a way and manner that will facilitate the creation of a business environment conducive to private sector investments. As such and in line with our development imperatives, we have predicated our development plans on pillars that take into account the need for economic development, infrastructure development, social development and security, as well as sustainable environment,” he stated.

According to him, the development challenges of a growing megacity and state like Lagos require that it targets investment in key areas that would drive growth particularly in a world economy that is getting increasingly globalized.

Fashola noted that the structure of the economy as a state, when examined by its Gross Domestic Product, reveals the preponderance of investment in the area of hospitality, financial services, trade and commerce, but added that they are poised to broaden the prevalent economic structure through diversification to promote potential growth of industries and sectors such as agribusiness, power, transportation and housing.

Earlier in his opening remarks, the President Lagos Chmber of Commerce and Industry, Alhaji Remi Bello, said the 2014 Lagos international trade fair witnessed a good measure of domestic and foreign participation.

Bello said “We have participation from Indonesia, EU, Cameron, Japan, India, Pakistan and Arab Republic of Egypt.

“We are pleased with the participation of many large corporate bodies, Small and Medium Enterprises (SME) in the country from practically all sectors of the Nigerian economy,” Bello said.

He stated that a total number of 1,600 exhibitors taking a total space of 30,000 meter square as against the 2013 performance of 1,300 exhibitors and 23,000 meters square of space utilized.

Source: The Sun