The just concluded Lagos Economic Summit (Ehimgbeti 2022) which took place between 11th and 13th of October saw far reaching economic decisions stamped that have the potential to massively impact the landscape of the country’s commercial nerve centre.
No fewer than 25 speakers, who are experts from different sectors of the nation’s economy, converged to discuss the future of Lagos State economy.
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The conversations are expected to lead to profitable partnerships and investments for a greater tomorrow for the state and country at large.
Highlight of some of the landmark decisions include:
Sanwo-Olu signs Lagos Wealth Fund Bill, unveil 30yrs Devt Plans
The governor of Lagos State, Babajide Sanwo-Olu signed the Lagos State Wealth Fund (LSWF) bill and the Lagos State Civil Bill which will be sent to the Lagos State House of Assembly to be passed into law.
This is even as the state officially launched its 30-year development plan which will be implemented between 2022 and 2052.
Speaking on the signing of the two bills, the governor noted that they are critical and germane to the future development of the state, while enhancing ease of doing business in Lagos.
The Lagos Wealth Fund Bill, he said, signals the commencement of the state sub-sovereign green bond that will create sustainable wealth to government and the people of Lagos.
He said the fund will allow the state create a wealth reserve that will be instrumental to delivering of infrastructure, he added that the fund will prevent Lagos revenue from external shock and make the state the technology and investment hub.
By this development, he said, Lagos wealth fund becomes the first sub-national sovereign wealth fund in Africa and joins Singapore and Canada which have similar wealth funds and had gone on to do great things with it.
Disclosing that the state Assembly has already been notified that the bill is coming for their accent, he said he has been assured of speedy passage into law as it plays a critical role in the future of Lagos and its 30-year development plan.
Similarly, he said the Lagos State Civil Bill is expected to speed up the judicial process to ensure that judgment is discharged on time, thereby fast-tracking civil proceeding, believing this will improve the Ease of Doing Business in the state.
He also disclosed that the state has gotten approval for the Badagry seaport while several hectares of land have been earmarked for the project.
On the launch of the Lagos State 30-year development plan, he said the government would continue to pursue policies that are inclusive and equitable all through the development plan period.
The plan, he said, is an all-encompassing masterplan which clearly articulates initiatives that will drive Lagos’ ambition to become Africa’s Model Mega City, a global, economic and financial hub that is safe, secure, functional and productive.
FG issues approval letter on proposed Lekki-Epe Airport
The federal government during the summit issued an approval letter to the Lagos State government on the proposed Lekki-Epe cargo and passengers Airport, Lagos.
The airport, when completed, is expected to cater for about 5m air-traveling passengers around Lekki, Ajah and Epe axis of Lagos State annually.
While officially handing over the approval letter for the development of the airport to the Governor Sanwo-Olu at the opening ceremony of the 2022 edition of the Lagos Economic Summit tagged Ehingbeti in Victoria Island, Lagos, the Aviation minister Hadi Abubakar Sirika said the state is qualified to embark on the project, looking at the cosmopolitan nature of Lagos.
The proposed airport, he said, is crucial, especially as the state embarks on its 30-year Development Plan to make the state the model mega city in Africa and one of the best in the world, adding that “the airport would be effective to link Lagos with Africa and the rest of the world, through the aviation industry. The Lekki airport is the right step in the right direction.”
To him, “aviation has the uniqueness to link markets and opportunities, which Lagos can offer.”
Experts speak
Giving her welcome address at the event, the Co-chair of Ehingbeti 2022, Mary Iwelumo, said the Ehingbeti is an important platform for private and public sector stakeholders in Lagos State to engage over the state developmental agenda as it continues to be an invaluable tool for moulding the growth ambition of Lagos, having birthed several landmark projects in the state.
She said the focus of this year’s edition of Ehingbeti was “building and achieving consensus on the path to sustainable socio-economic development of Lagos State.”
Iwelumo, who is also a partner at PwC Nigeria, said “the Lagos State Development Plan (LSDP 2052) – is a holistic plan that clearly articulates initiatives that will guide the state’s ambition of becoming Africa’s Model Mega City, a global, economic and financial Hub that is safe, secure, functional and prosperous.
“With the growing youthful and vibrant population, there is no slowing Lagos down. Case in point, this year, based on the number and quality of start-ups, the Global Start-up Ecosystem index ranked Lagos as 81 of the top 1,000 startup cities, reflecting a +41 shift from its position in 2021.
“This is a substantial milestone as it is the first year where an African city (Lagos) made the global top 100 list. This is just one of many milestones recorded in Lagos. These successes will result in the migration of more people into the state. As Lagosians, we must be ready for this influx,” she pointed out.
The LSDP 2052 – a plan for Lagosians by Lagosians, she said, is expected to play an integral part in galvanising the vibrancy of Lagosians and sustaining the state’s growth trajectory for the next 30 years.
Similarly, the Commissioner for Economic Planning & Budget, Lagos State, Mr. Sam Egube, said Lagos is not progressing by luck or accident, it is evolving through the rigour of conversations and exchanges of ideas coming from platforms like Ehingbeti and the commitment of successive governments, who are determined to execute resolutions reached at Ehingbeti.
“It is for this reason that we say in Lagos and argue everywhere we go that for the benefits of national growth and nation building, Lagos should not be treated as just a state, but be accorded special status as a national asset. Lagos continues to lead the nation in demonstrating what her future can be and indeed take her into the continent as we pursue the objective of the African Continental Free Trade Agreement.
“As long as the earth remains, we will continue to have challenges that have not been resolved yet alongside victories over challenges that are being achieved. Indeed, the plane will take off and fly despite the presence of gravity. Also, investment decisions are taken due to observed opportunities and observed progress. That is the spirit of Lagos, that is the spirit of Ehingbeti,” he stressed.
Lagos State governor, Babajide Sanwo-Olu, had earlier said that “Around the world, cities are facing a combination of threats and opportunities that are amplified for globalisation, technology, climate change and even global pandemics like Covid-19.
“These threats and opportunities are often intertwined, meaning that, for example, climate change represents both a challenge to lives and livelihoods as well opportunities for innovation and reinvention.”
Promising that the state is committed to planning and strategizing, not just for today but for tomorrow as well, he believes that the future of Lagos is in our own hands, assuring that the 30-year development plan is in the right direction in its continued march towards global governance and excellence.
“Without implementation, even the best of plans is of no use to anyone. After putting in the work to craft and articulate the plans, we must proceed to put in the hard work required to implement it, regardless of the difficulties and obstacles that will be forced. There are no impactful decisions that will be made without some measures of pain and sacrifice. This is where dedicated leadership is required. As a state government, we will provide the required leadership to move from plan to action, and to transform Lagos from megacity to model megacity,” he pointed out.
Looking forward, he said Lagos State will continue to achieve its potential, which will be built on resilience, its rich heritage of culture, innovation and entrepreneurship and most importantly, its people.
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