Lagos State Governor, Akinwunmi Ambode on Monday said his administration has already embarked on reform aimed at generating 3000MW of power within the next few years, adding that the initiative, which is on course, would go a long way in scaling up the State’s economy and make life more comfortable for the people.
Speaking in Ikeja while declaring open the 7th Annual Public Lecture of the Lagos State Public Service Chapter (LSPSC) of the Institute of Chartered Accountants of Nigeria (ICAN) with the theme “[email protected]: Unlocking Its Economic Potentials For Sustainable Development,” Governor Ambode said that adequate power supply was a key factor needed to unlock the economic potentials of the State, saying that the sector remained strategic in reducing the cost of doing business and improving the living condition of Lagosians.
The Governor said that with high population growth of 3.2 per cent annually, high immigration rate estimated to be one of the highest in the world and rapid urbanization, the State Government was not oblivious of the fact that the most effective and efficient way to unlock the economic potentials of Lagos is to open up the economy for private enterprise to thrive, which was why his administration had been delivering first class infrastructure and putting in place right policies to ensure business-friendly environment.
Besides, Governor Ambode attributed the massive projects ongoing at the eastern and western axis of the State as well as Lagos Marina and Onikan to the resolve of his administration to unlock the tourism, entertainment and arts potentials of the State which he said were also critical.
According to the Governor, “Our smart city initiative will help to ensure that the State is cleaner, safer, productive and then more resilient thereby making the State more attractive for Foreign Direct Investment.
“Upon assumption of office in 2015, our administration created the Ministry of Wealth Creation and Employment and subsequently launched the N25bilion Employment Trust Fund and as at today, over 3000 entrepreneurs have benefited from the fund through access to low-cost credit for their business.
“Lagos State is also actively involved in the Development Agenda for Western Nigeria (DAWN), a body comprising all the South-Western States. Though DAWN and other platforms, we are working on a collaborative development plan, a regional economic integration which will help to minimize some of our current challenges such as high immigration, infrastructure deficit, and traffic congestion,” he said.
Aside from the regional collaboration, Governor Ambode said his administration has also entered into several partnerships locally and internationally, while the Lake Rice project which had been very successful is being taken to a new level with the establishment of the value chain for agricultural commodities like rice, groundnut, pepper, among others.