Speeches

Lagos State Day At The 22nd Lagos International Trade Fair

Nov 16, 2008 - It is an undisputable fact that, in a growing economy like ours, Trade Fair and Exhibitions if effectively organized and encouraged would be the much needed instrument required to showcase and promote the growth and development of our numerous potentials as well as the activities of the industrialists in the State. It is in this regard that l took interest in this fair that is designed to attract both Local and Foreign investors to participate in promoting the socio- economic development of the Country and Lagos State in particular.

May I, therefore commend the Lagos Chamber of Commerce & Industry (LCCI), the organizer of this fair for carefully choosing the theme of this year’s fair ‘BOOSTING ENTREPRENEURSHIP DEVELOPMENT FOR INVESTMENT GROWTH’. The theme underscores the significance of entrepreneurs in the drive to boost investment and accelerate economic growth and development. Entrepreneurship development is a relevant developmental reference point and statement in our quest for sustainable growth and development of our State in particular and the nation in general.

Just as I explained during the 4th Lagos Economic Summit and other similar fora, we are ready to do business with every willing investor because “our words have remained our bonds’’. Without being immodest, as you survey the length and breadth of this country, it would be difficult if not impossible to find a place like Lagos. The critical factors that make Lagos State a prime centre of attraction for investors include her strategic geographical location that enable her to harbour the nation’s largest international sea and airports. Other factors include playing host to the country’s hospitality, telecommunication, media and service industries in addition to hosting West Africa’s Premier Stock Exchange and the Financial and Industrial sectors.

Lagos State, is the country’s manufacturing hub and with the largest population of 18 Million peoples the largest consumer market. Despite having served as the seat of the Federal Government for several years in the past as well as the State Government, Lagos State had suffered gradual infrastructural decay over the decades.

Since our assumption of office barely over five Hundred days ago, we have focused attention on infrastructural renewal and development, economic empowerment of our people, employment generation, improved power supply to ensure full capacity utilization in industries, improved quality of education and healthcare delivery system.

We are making concerted efforts to re-invigorate the economy of the State and it is heartwarming to note that this administration has recorded landmark achievements in the provision of enabling environment to attract and sustain direct foreign investments in areas such as the Lekki Free Trade Zone, Enterprising Cluster Zones, Improvement in Power Supply, improvement of traffic flow, preparation of master plan for tourism development, refuse collection and environment management. We believe that with the planned construction of the Lagos- Badagry Express way into a 10-lane international highway along the eastward ECOWAS route, vibrant socio-economic, cultural activities attractive for viable investments would be enhanced.

At this juncture, distinguished investors, permit me to just highlight some viable investment opportunities in Lagos State which I am always glad to talk about in forum of this status. Let me say that a decision to invest in Lagos is a decision for prosperity and economic growth with national multiplier effects.

REAL ESTATE
Accommodation needs for the growing population in Lagos has become so huge that investment in real estate has been regarded as the fastest and most lucrative growing long-term business opportunity. Most parts of Lagos are becoming prime areas from the high brow Lekki Corridor to the downtown Mainland Yaba and the CBDs in Central and Mainland Lagos to Ikorodu suburb. We have simplified our legal procedures for titling and other land matters.

FREE TRADE ZONE AT LEKKI
The State Government will welcome viable investment partnership which can facilitate the development of Free Zone in Lagos State to stimulate job creation and wealth generation. With the provision of the state-of-the-art facilities and other attractive incentives, investors are poised to enjoy a high net worth for their investment in the zone.

INVESTMENT IN SMALL AND MEDIUM SCALE INDUSTRY
This sub-sector has been regarded as a gold mine that we are yet to fully exploit in this country. Our administration is determined to use SMEs as the linchpin for rapid economic growth. This was what gave impetus to our Microfinance programme for which many are already beneficiaries. The State Government requires support and investment in infrastructural facilities, which can support the growth of the industry. We will provide the enabling environment for those willing to set up cottage industries to produce textile materials, shoes, fruit juices, simple equipment for artisans etc.

ENVIRONMENT
(a) Investment in Modern waste management techniques especially solid waste management for the promotion of a cleaner environment would be another veritable source of generating wealth for investors, others include;
(b) Commercialisation of waste management that is efficient and effective but also delivered at cheap cost to the people;
(c) Technology for the conversion of waste to wealth;
(d) The development of dumpsites and landfills.

TOURISM
I believe that the large expanse of coastal line with the beaches, water front and aqua- culture are also of immense economic, tourism and cultural exchange potentials.

In the area of tourism investment therefore, the Government would welcome business interests and discussions in these areas:
(a) Beach development for recreational facilities;
(b) Water recreation for boat cruises and water sports;
(c) Development of holiday resorts for relaxation and tourist activities.
(d) Development of Health resort and campsites;
(e) Development of amusement parks such as Water parks, Rides etc.
(f) Development of Botanical and Zoological Gardens; and
(g) Hotels and Restaurants development for Tourism.

PUBLIC TRANSPORTATION
The sector promises a handsome return on investment of US$100million in infrastructure because our Bus Rapid System will yield yearly revenue of US$50million. On rail transportation, estimated yearly revenue of US$400 million awaits any creative investor with a commuted US$787 million. Water transportation which presently has poor investment in spite of its very high viability represents an untapped economy potential for the State.
(a) The construction and management of metro line for the movement of the masses at very cheap cost. This is without any bias to any other suggestion that can best fit a mega city.
(b) The provision of an efficient rail system to serve a complementary role to the metro line and especially assist in the haulage sub sector.
(c) The development of a profitable water transport system, as the State is blessed with an abundance of water and waterways.

WORKS AND INFRASTRUCTURE
The Government will be looking forward to investors in areas of:
(a) Provision of social amenities and public infrastructure;
(b) the expansion of road network and rehabilitation of the existing ones; and
(c) roads and construction projects on Build-Operate-and-Transfer (BOT) basis for investors.

In the area of power supply, investors can participate in the Independent Power Project Initiative to provide the shortfall between 1000MW that is currently being supplied and the actual demand of 12,000MW. The same picture exists in the water supply sector. The effective demand is for 720million gallons per day but only 170million gallons are generated daily.

Distinguished guests, ladies and gentlemen, let me remind you that our determination and commitment to address the challenges of development in Lagos State led to the launch of the Public- Private Partnership Initiative (PPP). And I am pleased to inform this gathering that this initiative has remained one of the best decisions of this administration. Through the PPP, we have succeeded in launching a N400billion Lagos Housing Mortgage Scheme for income earning residents through the assistance of a consortium of six banks.

Apart from meeting the housing needs of many Lagosians, the scheme will significantly create spin-off jobs and stimulate the demand for housing stock; trigger higher demand for building materials, household utensils and appliances, water and electricity supplies thereby opening wider investment options in the various sectors of the economy.

In a similar manner, security of life and property which we consider a sine qua non to attracting investor has been greatly improved through our security Equipment Fund supported through the PPP. This has made possible the re-organization and strengthening of the State’s Anti-Crime Outfit, the Rapid Response Squad (RRS). Within the next few months we hope to launch a State wide security surveillance network with the installation of CCTV cameras and high tech communication systems in strategic locations when our Central Security Command building is completed.

Distinguished ladies and gentlemen, because we know that good governance involves transparency, due process, respect for the rule of law which are germane to rapid economic growth, we have introduced aspects of e-governance to modernize and simplify the process of administration. For instance, the introduction of the Electronic System in tax payments and the management of the State finances has ensured greater transparency and accountability in the collection, monitoring and utilization of revenue. Also, the land registry and record system have been computerized and made more reliable through the Electronic Data Management System (EDMS) while the process of accessing and perfecting land titles have been considerably simplified and made less cumbersome.

The efforts of our administration are also being deployed to meet the needs of our people who are yearning for an urgent upliftment of their living standards. We are always seeking ways to open up our markets and economy for investors with the provision of an enabling investment-friendly environment. It is in this regard that I consider the Lagos International Trade Fair as most timely platform, which would afford us the opportunity to showcase our investment potentials; hold bilateral discussions with both local and foreign investors on areas to participate in the development of the State and for the growth of their own businesses.

Let me assure you that the major pre-occupation of the present administration is the transformation of the State to a modern and vibrant economy that will meet the challenges and expectations of our people now and the 25 million persons that will inhabit this emerging Africa model mega city by 2015. Of course, these challenges demand hard work and focus. We have rolled up our sleeves to work assiduously towards accomplishing the goals we set for ourselves. We would, however, require the involvement/collaboration of all stakeholders in the areas of economic activities highlighted above that would make life worth living for the people of Lagos State and which promise bountiful returns on investments.

Finally, I congratulate the Lagos Chamber of Commerce and Industry, the organizer of this fair on the success of this year’s Lagos International Trade Fair. I would also like to thank all those who have contributed to the successful celebration of the Lagos State Day at this Fair. It is therefore, my honour and privilege to formally declare open the Lagos State Day at the 2008 Lagos International Trade Fair.

Thank you and God Bless.

Eko O ni Baje!

BABATUNDE RAJI FASHOLA (SAN)
GOVERNOR OF LAGOS STATE