Business

Ease of doing business pushes Lagos GDP to N41trn — Commissioner

The Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs Folashade Ambrose-Medebem, has disclosed that the Ease of Doing Business programme of the government has, in recent years, pushed the state’s economy from N27 trillion to N41 trillion.

She pointed out that the phenomenal growth had been made possible by initiating and implementing deliberate policies and intentional strategies to facilitate the ease of doing business and promoting a conducive environment that continues to attract investments into the state.

Mrs Ambrose-Medebem stated this in her welcome address during the 9th Lagos Corporate Assembly, themed “Unpacking Barriers to Ease of Doing Business: Accelerating Business Growth,” held at the Eko Hotel & Suites, Victoria Island, Lagos, on Tuesday.

She stated that the ministry would continue to collaborate with bilateral and multilateral Chambers of Commerce and Industry to achieve and sustain the objectives of having an enabling environment where doing business in Lagos would be much easier.

On his part, Lagos State Governor, Mr Babajide Sanwo-Olu, enjoined the Organised Private Sectors (OPS) to collaborate with the government to accelerate business growth, create more jobs, and drive economic development in the state.

Sanwo-Olu, who spoke through the Deputy Governor, Dr. Kadri Obafemi Hamzat, said this would help to foster a more conducive and thriving business environment for everyone.

“Let us reaffirm our collective commitment to overcoming the barriers to doing business. Let us work together to accelerate business growth, create more jobs, and drive economic development in Lagos State,” the governor said.

Governor Sanwo-Olu assured that his administration was unwavering in its commitment to fostering an environment where businesses can flourish through its T.H.E.M.E.S+ Development Agenda, adding that the agenda embodies the vision for a Greater Lagos, especially highlighted by the 4th Pillar, M, which focuses on Making Lagos a 21st Century Economy.

According to him, through the implementation of the agenda, the government had initiated numerous policy reforms to facilitate business operations in the state.

This was just as he disclosed that his administration was simplifying regulatory processes, improving infrastructure, and leveraging technology to streamline interactions between businesses and government agencies, noting that his administration’s goal was to minimise bureaucratic blockages and create a seamless experience for all businesses operating in the state.

Speaking on the importance of the Lagos Corporate Assembly, Sanwo-Olu said the Assembly was a testament to his administration’s unwavering commitment to fostering a conducive environment for businesses to thrive in Lagos State.

“Lagos is the economic hub of Nigeria and is home to a diverse and dynamic business community; as such, the government sees the Lagos Corporate Assembly as a crucial platform for public-private dialogue that collectively identifies challenges, discusses solutions, and charts a course for sustainable economic growth and development.

“Our resolve is to make the assembly a formidable platform for public-private collaboration, ensuring that your voices are heard and your concerns are addressed promptly.

“We are determined to turn the feedback we receive from you into actionable policies that will further ease the business environment in Lagos,” the governor stated.

He, therefore, assured the State Cooperate Organisation of his continued support, saying that his administration was unreservedly committed to providing the necessary resources, infrastructure, and policies that would ensure their businesses did not only survive but thrive.

He further assured them that the government would continue to engage with them, listen to their needs, and implement reforms that would foster the environment necessary to grow their businesses.

Mrs Ambrose-Medebem, however, hinted that the ministry was in the process of constituting an Ease of Doing Business (EoDB) Team that would be tasked with interfacing with stakeholders in the business community via a one-stop-shop virtual interface.

According to her, the team’s approach will be technology-driven to meet the demand of the highly digitised local and global investor community.

The approach, which she described as the virtual one-stop-shop interface, will be enabled with robust connectivity to strategic global business gateways to enhance access to the state for the global business communities.

“The virtual one-stop-shop interface will be enabled with robust connectivity to strategic global business gateways to enhance access to the state for the global business communities,” Ambrose-Medebem said.

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