April 23, 2012/Temple ASAJU/Proshare

With the theme “From BRICS to BRINCS: Lagos holds the Key”, the Lagos state government’s 6^th Economic Summit (“Ehingbeti” 2012) designed to last three days begins with focus on investment opportunities within the state, especially in the Power, Agriculture, Transportation and Health (PATH) sectors. At the event yesterday, the federal government of Nigeria announced its support and collaboration with the Lagos state government on the multi-faceted investment opportunities that abound in Lagos.

Speaking at the summit as the representative of Nigeria’s president, the Trades and Investment Minister, Olusegun Aganga says, “Nigeria has the potential to become a developed economy alongside the BRICS nations – Brazil, Russia, India, China and South Africa in the 21^st century.” Aganga stated that amongst other things, with “Lagos state accounting for 59.75% of the non-oil and Agriculture GDP of the country, a strong level of partnership is required between the state and the federal governments for economical developments needed to achieve the set goals in the state.”

Diffusing the Federal Government’s plans for achieving the Vision 202020 scheme, the Trades and Investment Ministry Controller stressed, “it is the aspiration of the Federal government to increase Nigeria’s ranking amongst nations and make the country a preferred investment destination from an emerging economy to a frontier economy.” He says, “This is the rationale behind the Trades & Investment Ministry.

Power
While expounding on the Power generation and transmission plans, he says the government cannot actualise it alone. Aganga maintains, “There are several opportunities in the power sector and we have focused on creating enabling environment for power generation with the private sector through the Public Private Partnership (PPP) initiative.” The minister also noted that the two power stations planned for Ijora, Lagos already has the backing of the federal government.

Agriculture
Addressing Agriculture, Aganga says “there are plans not only for farming but also for the production of renewed raw materials, development of a first class Nigerian Commodities Exchange and building of a transparent Exchange system for farmers.”

Transportation
In the area of Transportation, declaring that the federal government has embarked on the rehabilitation of first class roads in the country, “the on-going rehabilitations in Lagos - Apapa-Tincan-Oshodi Expressway will soon be accomplished.” Said Aganga. The incubating plans by the Nigerian Ports Authority (NPA) on the dredging of Warri and Calabar waterways will soon commence. On Railways system, the minister says the federal government is already in talking terms over the railway corridors for the Lagos light rail project.

Health
With the expansion of access and quality based services through primary Health care system, the federal government says it has its attention more on prevention and curative access; Clinical governance and developments to held unlock the health services market-potentials from Diagnostic, Retail, Finance to Manufacturing with an aim to develop medical-tourism.

The minister reiterates that through PPP, another Memorandum of Understanding MOU signed with General Electric (GE) will revive Nigeria’s health sector by creating Diagnostic Centres and Rural Health Centres in core locations.