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Lagos to adopt fiscal, investment initiatives for ease of doing business

By Femi Adekoya
16 December 2020   |   4:14 am
The Lagos State Government has reaffirmed its commitment to partner Business Member Organisations (BMOs) and the Organised Private Sector through promotion of fiscal and investment initiatives to ease the burden of doing business in the State.

Dr Obafemi Hamzat, Deputy Governor, Lagos State. PHOTO: NAN

The Lagos State Government has reaffirmed its commitment to partner Business Member Organisations (BMOs) and the Organised Private Sector through promotion of fiscal and investment initiatives to ease the burden of doing business in the State.

The Governor, Babajide Sanwo-Olu, said the state is committed to improving the business environment and making it more attractive and conducive for investment.

The Governor represented by the Deputy Governor, Obafemi Hamzat, at the closing ceremony of Lagos International Trade Fair (LITF), said the state government would continue to place a high premium on the provision of infrastructure that would make the state safe, secure, functional and productive as an impetus towards achieving sustainable economic growth through highly-motivated and vibrant private sector participation.

“It is therefore befitting that we crown the success of the 34th Lagos International Trade Fair with an epic “Lagos State Day” with the significant status of Lagos State as the hub of commercial and industrial activities in Nigeria and the ECOWAS sub-region. Since the inception of our administration about 19 months ago, we have continued to develop and implement strategies and initiatives to enhance business and investment opportunities for foreign and local investors to tap into,” he said.

According to him, the Micro, Small and Medium and Small-Scale Enterprise (MSME) sector remain a key factor in creating opportunities for growth and development of the investment network that will continue to generate wealth and job opportunities.

He added: “I am highly impressed by the number of MSMEs and “Start Off” enterprises standing side by side with older and orthodox businesses. We will continue to support the sector thrive especially in the area of maximising the huge opportunities in the value chains of the various sectors of the economy.”

He said the Lagos State Employment Trust Fund is already reaching out to stakeholders and concerned business owners and operators of vandalized or looted properties to get back on their feet through the application of the Lagos Recovery Fund for Looted Businesses, stressing that more than 2,500 business owners and operators have applied for the fund.

Earlier, the Commissioner for Commerce, Industry and Cooperatives, Mrs. Lola Akande, said the theme of this year’s Trade Fair-” Connecting Businesses, Creating Value” has proven appropriate at this time due to the increasingly urgent need for the nation to diversify its economy through networking and value addition, in light of the COVID-19 health crisis and looming economic recession.

She added: “It is important for us to continue to provide active support to entrepreneurs and business owners to mitigate such challenges through consistent marketing support activities such as the conduct at this year’s trade fair which is rounding off today, as well as other Lagos State Government sponsored trade fairs recently held within the state.”

The President, Lagos Chamber of Commerce and Industry LCCI, Mrs. Toki Mabogunje, expressed hope that the governments at all levels would continue to address the issues of enabling the environment in the country, especially as regards infrastructure.

“We need to do this in order to fully harness the huge enterprising resource of domestic and foreign investors for the diversification of our economy and the welfare of our people. We applaud the disposition and commitment of the governor to the promotion of close collaboration between the Lagos State Government and the organised Private Sector in Lagos State. We also appreciate his inclusive approach to governance”, she added.