Lagos rallies private sector on investment, commits to infrastructural devt

The Lagos State government has rallied members of the organised private sector (OPS) on the need to support it government in achieving developmental objectives through sustainable investments, even as the state restated commitment to infrastructural development and renewal, as well as a conducive business environment.

Lagos State Governor, Babajide Sanwo-Olu, gave the assurance during an interactive session between All Progressives Congress (APC) and the Organised Private Sector (OPS) in Lagos, yesterday.

According to him, the private sector remains a key partner in the realisation of key development goals, as well as resilient climate infrastructure.

Sanwo-Olu also reiterated plans by government to promote inclusive development by investing in key infrastructure and projects that would attract investors to other parts of the state rather than concentrating on the centre.
“We have several interventions that are deliberately aimed at pushing investments and development in the form of education, infrastructure to Badagry, Epe and other areas of the state,” he said.

Minister of Works and Housing, Mr Babatunde Fashola, noted that the current APC-led administration inherited aging and dilapidated infrastructure but had done a lot to turn the infrastructure story of the country around for good.

The minister noted that roads connecting Lagos to other states were being attended to in half the time it had taken previous administrations to do the same.

He added that the impact of the APC-led government infrastructural strides on the job creation aspects and other components of the economy were without comparison.
“Let us remember that at the beginning of the APC administration, we campaigned about security, economy and corruption. At the federal level, the major problem we met was insurgency and terrorism and now Nigerians are facing the other party that ran away from the problem and the one that confronted the problem.
“Do you want to go back to those that didn’t attend to them or those that have started the job?
“On infrastructure, we noticed that Nigerians were ‘japaing’ because of the quality of infrastructure knowing that infrastructure builds the economy and builds the quality of life.
“We decided to address infrastructure to increase economic growth so that the effect would be more felt with our well laid out economic plan and ways of optimisation of government revenue,” he said.

Director General, Budget Office of the Federation, Ben Akabueze, said the private sector would be well advised to take greater interest in public finance engagement and be more involved at the policy level.

He noted that the needs of the government had grown very significantly over the period particularly with population increase but its resources had not grown enough.

He added that the country’s infrastructure stock which was 15 per cent seven years ago was currently at 35 per cent against the 70 per cent goal countries needed globally.

He, however, stressed that the country would have been in a worse state if the infrastructural choices were not made despite hovering debt concerns.

“We understand the need to double the growth rate for people to begin to feel the growth and to achieve double GDP growth takes action from both the private and public sector. The bulk of investment needs to come from the private sector and the enablement to do that is what is required”, he added.