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LAGOS SET TO BECOME AFRICA’S THIRD LARGEST ECONOMY BY 2020 – Lagos info & News


The Governor of Lagos State, Mr. Akinwunmi Ambode has reiterated the determination of the present administration to make Lagos Africa’s third largest economy by the year 2020.

Ambode stated this in his address at the 25th-anniversary celebration of the Commerce and Industry Correspondents Association of Nigeria held at the Sheraton Hotel & Towers, Ikeja, recently.

The Governor, who was represented by the Permanent Secretary, Lagos State Ministry of information & Strategy, Mr. Fola Adeyemi, said that the State economy is presently ranked among the top five in Africa, due to the sustained commitment of successive administrations to the State development plan.

He, however, emphasized that the target of making Lagos Africa’s third largest Economy by 2020 is achievable in view of the vast investment opportunities in areas such as tourism, entertainment, agriculture and transportation, among others.

He stressed that the State government has taken steps to stimulate investment in these sectors by providing relevant and necessary infrastructure, implementing business-friendly policies as well as strengthening the capacity of security agencies to guarantee the safety of lives and property.

Governor Ambode added that a key and unprecedented step his administration had taken within the context of its vision was the establishment of the Lagos State Employment Trust Fund (LSETF) through which young aspiring entrepreneurs are guaranteed access to funds at very liberal and friendly terms.

While commending the Association for several of its initiatives, the Governor said that the relevance of its efforts became more pronounced during the recent period of economic recession as Nigerians were better informed on opportunities available in the SME sector, especially in the agriculture value plan.

He stressed that the impact of the awareness created by SME opportunities has contributed greatly to the positive growth in the agricultural sector in the second quarter report of the National Bureau of Statistics.

He said, “It is therefore important to place the contribution of the Commerce & Industry Correspondents in perspective. Your efforts have contributed to the enlightenment and education of stakeholders and the general public particularly in making informed decisions with regards to taking advantage of business/investment opportunities”.

The Governor urged members of the Association to improve their reporting of Commercial and Industrial activities in the Nigerian economy, saying the growth and development of economies depend on the amount and quality of information available to investors and other stakeholders.

He also implored them to partner with government by raising the bar of information dissemination to members of the public and aspiring entrepreneurs on the vast investment opportunities available for them to generate wealth and create job opportunities for the growth and development of our economy.

He noted that the Association’s partnership and collaboration with the government are very crucial at this time when efforts are geared towards building a strong, sustainable and diversified economy.



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