6th December, 2024
The Lagos State Government has been urged to strengthen key economic sectors to avert future domestic and global shocks that could hinder the development of the state and Nigeria at large, given its position as the nation’s commercial nerve centre.
The call was made at the second edition of the Lagos Economic Roundtable, tagged ‘Economic Outlook 2025 – Building Resilience in Times of Global and Domestic Shocks’, organised by the Economic Intelligence Department (EID) of the Ministry of Economic Planning and Budget at Protea Hotel, Ikeja.
The lead paper presenter, Prof. Adeola Adenikinju, President of the Nigerian Economic Society (NES), compared Lagos to Jakarta, Indonesia, highlighting its potential to leverage its current achievements to build 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 systems; build fiscal profiles; establish political bonds; collaborate with development banks; sustain efforts like the Lagos-Kebbi partnership; ensure budget efficiency; and develop industrial parks to boost the manufacturing sector in order to grow the state’s GDP,” he said.
He added that the government should create more opportunities for domestic entrepreneurs, noting that this would lead to increased revenue generation and expansion for the state.
Adenikinju also emphasised the need for the government to prioritise social welfare and inclusion during these economically challenging times.
Supporting the recommendation, Dr. Ayo Teriba, Chief Executive of Economic Associates, advised the Lagos State government to capitalise on the untapped opportunities in the transportation sector.
He commended the government’s initiatives in transportation, including road projects (BRT bus terminals and services), rail developments (Blue and Red rail lines), and water transport (boat acquisitions and jetty construction), as well as the creation of career paths through agencies like LASTMA and LAWMA. However, he noted that there were still significant untapped prospects within the sector.
In his address, the Commissioner for Economic Planning and Budget, Mr. Ope George, stated, “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.”
George further noted, “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 urged stakeholders to propose actionable solutions that would solidify Lagos’s position as a dynamic, adaptive, and progressive economy, ensuring shared prosperity for all Lagosians.
Commissioner for Innovation, Science, and Technology, Mr. Tunbosun Alake, highlighted the state’s significant investments in internet connectivity, which have facilitated seamless interaction among Ministries, Departments, and Agencies (MDAs).
Alake added that the innovation drive remains ongoing, with the Ministry continuously seeking sustainable solutions to enhance public service delivery through technology.
In her welcome address, the Permanent Secretary of the Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo, remarked, “Beyond the consignment being done in the ministry, there is a need to interface with high-profile economists to gain insights into the growth recorded and the likely scenarios the state should prepare for in the 2025 fiscal year.”
Panelists acknowledged Lagos’ resilience while urging further improvements. The panel included Dr. Noah Olasehinde from the University of Ibadan; Dr. Adebola Odunsi of Carbonivity; Mr. Abdul-Kabir Ogungbo, Special Adviser to Governor Sanwo-Olu on Taxation and Revenue; and Dr. Folayinka Dania, among others.
