Thursday, February 18,
2021 / 1:29PM / By LASG / Header Image Credit: Twitter; @followlasg
Being Welcome Address by His
Excellency, Mr. Babajide Sanwo-Olu at the Ehingbeti 2021 Economic Summit
Excellency, Muhammadu Buhari, President and Commander-in-Chief of the Federal
Republic of Nigeria, Representatives of Presidents and Heads of States Asiwaju
Bola Ahmed Tinubu, National Leader, All Progressive Congress, Oba of Lagos, Oba
Rilwan Akiolu, Member of the Diplomatic Community Chief Executives and Captains
of Industry, Distinguished Speakers, Guests, Youths, Ladies and Gentlemen.
It is a
great pleasure to welcome you all to the 8th edition of Lagos Economic Summit
(Ehingbeti). Our focus this year is "Setting the tone for the next decade - for
a greater Lagos".
is a forum for all stakeholders in and outside of Lagos - citizens, businesses,
governments, regulators, civil society, technocrats, academics, funders, donor
community, and international partners - to exchange ideas, address potential
developmental roadblocks and chart a path forward towards accelerating sustainable
economic growth in Lagos State.
noteworthy that the Summit previously planned for November 2020, was
rescheduled to this period as we wanted to have conversations and constructive
engagement with stakeholders in the Lagos project, including our youth whose
voices must be heard. We wanted to take lessons from the unfortunate incident
of 20 October 2020 - #ENDSARS - and together build back better. As a
government, we are taking great care to address the concerns of all our
citizens. The Lagos we are building today, and for the next decade, is for the
youths of today, who are the leaders of tomorrow.
like to highlight a few unique features of Lagos that have so far been of
is Nigeria's largest city and the 7th fastest growing city in the world.
contributes approximately 25% of Nigeria's total GDP
- It is a
service-driven State, majority of its revenue is generated from taxes and
private sector commercial activities.
accounts for 90% of Nigeria's foreign trade and 70% of all industrial
is the main economic, financial, and industrial hub in Nigeria with over 2,000
manufacturing industries and over 200 financial institutions
- It is
rated the best city for start-up in Africa and ranked 2nd out of 37 states in 'starting a business' for Doing Business Ranking 2018. These position Lagos as
an important socio-economic hub in Nigeria and sub-Saharan Africa, and
consequently an investment destination of choice.
years, and with changes to the state government's administration, the Ehingbeti
Summit has been an avenue for executing developmental projects and initiatives,
in furtherance of Lagos State as a megacity. Some of the notable achievements
as a byproduct of the past summits include:
- Establishment of the Lagos agricultural youth empowerment scheme
- Increased large mechanised rice cultivation, from 20 hectares to over 500-hectare
- Establishment of the Lagos rice mill situated in Imota
- Increase in transportation infrastructure through the construction of the
Lekki/Ikoyi link bridge and over 10,000Km road networks.
5,000 units of houses have been constructed and delivered under the home
- Construction of three (3) operational independent power plants in Akute, Island
I & II and Alausa. Two more in Lekki Peninsula and Lagos Mainland are in
establishment of the Ibile oil and gas projects, creating alternative power
generation and distribution infrastructure, and making Lagos a major gas
production and exporting hub.
government has provided numerous initiatives and policies aimed at providing
incentives for Foreign Direct Investment (FDI) and encourages ease of doing
state has been a driving force for this administration's response to the
COVID-19 pandemic. Being the epicenter of the pandemic in Nigeria, we are
taking proactive steps and ensuring consistent and transparent communication.
Lagos great and actualize our vision, we devised the Lagos T.H.E.M.E.S, an
acronym that represents the six strategic pillars of development namely Traffic
Management and Transportation, Health and Environment, Education and
Technology, Making Lagos a 21st Century Economy, Entertainment and Tourism as
well as Security and Governance. These have been designed to focus on the key
pillars of a competitive megacity in this new decade.
is one of the anchors for the crystallization of the T.H.E.M.E.S programme of
this administration. The plenaries and high-level discussion forums at this
3-day event all resonate with T.H.E.M.E.S. Over the next three days of
Ehingbeti 2021, we will listen to visionaries, thought leaders, futurists,
disruptors, innovators, venture capitalists, economists Gen X, Y, Z all focused
on problem-solving for Lagos State. They will share insights and offer
perspectives, including global leading practices on the various topics and most
importantly the solutions that can be readily implemented in Lagos.
to set the tone for the prosperous future of Lagos state, some initiatives are
being considered, while leveraging on the large young and skilled population,
and available digital technology: Boosting shared prosperity and economic
growth through private sector investments in Lagos are top priorities. The
government has been addressing key determinants for achieving prosperity
including with examples:
- Diversification of the state economy, through agriculture, tourism, and power
launch of the strategic agricultural 5-year master plan, with initiatives and
establishment of the Lagos State Aquatic Centre of Excellence (LACE) under a
Public Private Partnership framework.
completion of the Imota Rice Mill funded by the Central Bank of Nigeria N8bn
- Acceleration of Infrastructure development - facilitation of the first phase of
the 6,000 unified fibre duct infrastructure deployment under a PPP initiative
to bring broadband internet access to homes, offices, schools, and hospitals
- Installation of 2,000 intelligent cameras around critical points to mitigate
crime and enhance traffic management and improve data collection.
- Commencement of some strategic transportation projects, example the Red Line
Railway Project, the Regional Road at Victoria Garden City and Ikota and the
Ibeju-Lekki Epe express way
- Enhancing good governance - In line with our
citizens engagement strategy the level of proactive communication and
collaboration with citizens was increased to ensure transparency
- Improving access to opportunities in the private sector
- N103bn invested in infrastructure to boost employments and encourage
addition to these proposed initiatives and projects, we are ramping up on
attracting local and foreign direct investments, for:
- Economic growth - currently the largest internally generating state and
controlling the largest GDP contribution (approx. 10% of national GDP) to the
to free trade areas - Lagos has the highest number of free trade areas, 9
active industrial zones
rates - As part of the efforts to encourage investment, the government has
provided several trade treaties, reliefs and agreements to encourage foreign
direct investment into the economy
- Transport and infrastructure - With proximity to the Atlantic sea and with 2
ports, goods can be moved freely in and out of the state thereby giving Lagos
state a significant competitive advantage
rates and labor skills - Average wages in Lagos are cheaper, thereby providing
an incentive for investors to invest due to the lower costs of production
especially for labor-intensive production. Also, Lagos has the highest number
of young skilled and highly educated workforce
- Size of
economy - The ever-growing population (7th fastest growing city in the world)
and the scope for economic growth is an important factor for attracting
2021 is one of rekindled hope, taking into consideration the roll-out of
vaccines to combat the global Covid-19 pandemic and introduction of agile and
innovative means of digitization and technology across all aspects of human
enthusiastic about the outcomes from this Summit and how these initiatives can
be implemented to make Lagos State transform from a Mega-city to a Smart city
in the new decade.
we will have the goodwill messages, keynote speeches and thereafter begin the
conversations that will assist drive the development agenda of this
administration - T.H.E.M.E.S.
again, thank you and welcome to the Ehingbeti Summit 2021. Let's together Build
the Lagos of our Dreams.
Download PDF Here - Ehingbeti 2021
Ehingbetti Summit: Lagos as An Accelerator; A Smart City's Destiny
Forum: Governor Sanwo-Olu Highlights US$2bn PPP Opportunities in Lagos
the Lagos T.H.E.M.E Agenda Will Drive Industrialization - Gbenga Omotosho
State Explains its 2021 Budget of "Rekindled Hope" to Media
Budget: Lagos to Raise N100bn Debt Through the Capital Market to Finance
Reviews 2021 Budget; Builds on the T.H.E.M.E Agenda
Publishes 2020 Revised State of States Reports, Measure Epidemic Preparedness
Leads Eight-Man Team for Lagos Recovery Efforts
Raises N100bn Bond to Finance Infrastructure
holds the key to BRINCS â€“ Ehingbeti 2012