Governor Babajide Sanwo-Olu has reaffirmed Lagos State’s commitment to fostering a robust and welcoming environment for investors.
He emphasised the government’s ongoing efforts to enhance business operations.
The governor spoke through his deputy, Obafemi Hamzat, during the visit of the Georgia House of Assembly, led by Almaz Dagash, to the Lagos House in Ikeja.
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Highlighting the state’s significant economic potential, Sanwo-Olu underscored Lagos’s immense market size, its dynamic atmosphere, and vast human capacity.
He cited the state’s estimated population of approximately 24 million people and a Gross Domestic Product (GDP) of around $259 billion, positioning it as a region brimming with opportunities.
Sanwo-Olu further noted that Nigeria now benefits from a federal government dedicated to reshaping economic narratives.
He pointed to measures such as efforts to stabilise the national currency, reforms in the subsidy regime, and a comprehensive tax reform initiative – the first of its kind in about six decades, which notably exempts lower-income earners from income tax.
While acknowledging the initial challenges these reforms present for citizens, the governor stressed that their ultimate aim is to liberalise and expand the national economy.
Regarding the state’s specific contributions, Sanwo-Olu detailed ongoing efforts to liberalise various sectors and automate governmental processes.
He mentioned the statewide broadband network rollout, designed to provide internet access to public schools and institutions, alongside a digital portal to facilitate greater public interaction and civic engagement with the government.
The governor reinforced Lagos’s unique market appeal, despite its small geographical footprint.
He highlighted that the state occupies only 0.4% of Nigeria’s landmass but accounts for 10% of the national population.
He also pointed out that Lagos’s population exceeds the combined populations of a dozen African countries, and if it were a sovereign nation, it would rank as the sixth-largest economy on the continent.
Earlier, Dagash explained that their visit was primarily aimed at fostering collaboration.
She stressed their ongoing commitment over the past eight years to providing training, mentorship, and access to funding for entrepreneurs within Lagos.
Dagash emphasised the critical role of the diaspora in harnessing knowledge, resources, and skills for the continent’s development through mentorship, investment, and opening new avenues.
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When asked about Nigeria’s appeal, Dagash highlighted the nation’s highly educated populace and remarkable achievements across various fields.
Despite acknowledged challenges, she affirmed that Nigerians consistently demonstrate exceptional performance and make significant contributions, not just within Africa but also in their adopted communities worldwide.
