Yemisi Izuora
Calls have been forwarded to the Lagos State government to strengthen key economic sectors to avert future domestic and global shocks that may hamper the development of the state and Nigeria by extension, as it is the commercial nerve centre of the nation.
The calls were made at the second edition of the Lagos Economic Roundtable, tagged: ‘Economic Outlook 2025 – Building resilience in times of global and domestic Shocks’, organized by the Economic Intelligence Department (EID), Ministry of Economic Planning and Budget, at the Protea Hotel, Ikeja.
Lead paper presenter at the roundtable, Prof. Adeola Adenikinju, President of the Nigerian Economic Society, NES likened Lagos with the city of Jakarta in Indonesia with over ten million population, stating that the state has the resources to ride on its current achievements in building a more resilient economy.
“Lagos needs financial independence and stability. Lagos is doing tremendously well in terms of IGR but they have to expand that by accelerating the diversification of the economy; inspire tax system; build fiscal profile; establish political bonds; collaborate with development banks; sustained efforts like the Lagos-Kebbi partnership, ensure budget efficiency, develop industrial parks to boost the manufacturing sector in order to grow the state GDP ”.
He stated that the government should also create more opportunities for domestic entrepreneurs, which he said would in turn mean more revenue generation and expansion for the state.
He stressed the need for the government to pay added attention to social welfare and inclusion especially at this time of economic harshness.
Corroborating the call, the Chief Executive of Economic Associates, Dr. Ayo Teriba said the Lagos State government should harness the bundle of opportunities still lying in the transportation sector.
He, however, lauded government’s initiatives in the transport sector– Road (BRT bus terminals and services); Rail (Blue and Red rail lines); Water (acquisition of boats and building of jetties) and also creation of career path professions such as LASTMA and LAWMA, but stressed that there are yet untapped prospects abound within it.
In his address, Commissioner for Economic Planning and Budget, Mr. Ope George said “this discourse provides a crucial platform for us to collectively address these challenges and explore forward-thinking strategies to bolster Lagos’s fiscal space, sustain economic growth, and enhance resilience.
“It aligns with the vision captured in the recently presented “Budget of Sustainability” for 2025 by Governor Babajide Sanwo-olu, which underscores our commitment to sustaining development amid uncertainties.”
He noted further “Lagos ranked as the 4th wealthiest city on the continent and the 6th largest economy, our position is a testament to our resilience and ingenuity. However, these remarkable achievements do not shield us from the significant challenges posed by global and domestic economic shocks.”
He, therefore, urged for ’actionable solutions that will solidify Lagos’s position as a dynamic, adaptive, and progressive economy, ensuring shared prosperity and a brighter future for all Lagosians.’
His counterpart for Innovation, Science and Technology, Mr. Tunbosun Alake who spoke on the digital transformation for economic growth said the state government had invested heavily on internet connectivity that had allowed for seamless interface among Ministries, Agencies and Departments (MDAs).
Mr. Alake noted that the innovation and transformation drive is continuous as its organization (Ministry of Innovation, Science & Tech) are not resting on their oars to seek more sustainable innovative means to creating a more robust one-stop-shop for efficient public service delivery.
In her welcome note, the Permanent Secretary, Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo remarked that “beyond the consignment being done in the ministry, there is need to interface with high profile economists in town to give their perspective of the growth recorded as well as likely situation the State should look out for in the 2025 fiscal year.”
Panelists adjudged the Lagos government’s resilience status, while also averring to the call that more and more can be done and improved upon.
Parts of the panels were: Dr. Noah Olasehinde from University of Ibadan; Dr. Adebola Odunsi (Carbonivity); Mr. Abdul-Kabir Ogungbo, Special Adviser to Governor Sanwo-Olu (Taxation & Revenue); his counterpart for Lagos Dr. Folayinka Dania amongst others.
Photo from right: Commissioner for Economic Planning and Budget, Mr. Ope George; Special Adviser to Governor Sanwo-Olu on Taxation & Revenue, Mr. Abdul-Kabir Ogungbo; Permanent Secretary, Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo; Special Adviser to the Governor on Economic Planning and Budget, Mr. Lekan Balogun and President, National Economic Society (NES), Prof. Adeola Adenikinju during the 2nd edition of the Lagos Economic Roundtable tagged: Economic Outlook 2025 Discourse: Building Resilience in Times of Global and Domestic Economic Shocks, at the Protea Hotel, Ikeja.