The coronavirus is throttling the global economy. In a matter of weeks, the highly contagious disease has pushed the world to the brink of a recession more severe than the 2008 financial crisis.
The depth and duration of the downturn will depend on many factors, including the behavior of the virus itself, public health responses, and economic interventions.
Many of the world’s largest economies are taking extraordinary actions to propel them through the crisis.
It is no wonder that the Lagos State government has decided to resuscitate its annual Ehingbeti Summit after it held the last one in 2014.
The 2020 edition, which is to hold virtually between November 10-12, is themed ‘For greater Lagos: Setting the tone for the next decade.’
Lagos State government has always used the Ehingbeti Economic Summit to sustain socio-economic development in the state.
Daily Trust findings show that the rail line projects, the Lekki toll gate, among others are ideas generated from the economic summit.
The summit has a rich history and is firmly established as a credible forum for stimulating economic growth for Lagos state.
The first one was hosted in 2000 making this the 20th year since the first summit was held. The first three editions were deliberately diagnostic but by the fourth one, the state had started to create a blueprint and had started to implement it from the early decisions that had been made.
As economies around the world begin to implement recovery strategies from the shockwave of Coronavirus, Olayemi Cardoso, Co-Chair of the 2020 Ehingbeti Economic Summit, explained that the Lagos Economic Summit Group (LESG), will provide a robust platform for deliberations on pragmatic optimization of the inherent opportunities in Africa’s 5th largest economy, and offer perspectives on how to manage the peculiar socio-economic landscape of the State in the coming decade.
He said, “The three-day summit, which will be a hybrid of virtual and live events, will draw participation from various sectors of the economy and across the globe.
“The quest to strengthen the existing relationship between government and the private sector is one of the major goals of this summit since greater private sector participation in governance is a prerequisite for a functional state.”
The Group has also refreshed the Ehingbeti logo to reflect the contemporary outlook of the annual summit without disconnecting from the economic heritage of the Marina and Broad Streets areas of Lagos, which served as the springboard for Nigerian and West African economic development since the European incursion in the 15th century.
Sam Egube, the Commissioner for Economic Planning and Budget, also explained that the last two decades, Ehingbeti has played a pivotal role in the transformation of Lagos State, with useful inputs into Lagos State Development Plans (LSDP).
Egube, who is also a Co-chair of the Steering Committee, said, “Our realities from 2000 when the first Ehingbeti held, exactly 20 years ago, have significantly changed. As a state, we now have to cater for the infrastructural needs of more than 22 million population and ensure that Lagos remains on the path of continuous growth.”
The Special Adviser on Sustainable Development Goals, Lagos State, Mrs. Solape Hammond, said the forum creates an enabling environment for a most-needed conversation about Lagos and the way forward for the state in terms of growth and development.
The Director General at Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf said: “The process of Ehingbeti is about inclusiveness and we know that making the economy progress, is about promoting investment and that is what makes the difference between what Lagos and many other states.”
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