▪︎ Lagos Governor, Babajide Sanwo-Olu
The manufacturing and transportation sectors topped the major drivers of Lagos State’s economy which has grown from N27 trillion to N41 trillion in recent years.
This is disclosed by the State’s Commissioner for Commerce, Cooperatives, Trade and Industry, Mrs Folasade Ambrose-Medebem.
Ambrose-Medebem made the remarks on Tuesday, at the 9th edition of Lagos Corporate Assembly tagged: “BOS meets Business,” on Tuesday, with the theme: “Unpacking Barriers to Ease of Doing Business, Accelerating Business Growth,” held in Victoria Island.
Ambrose-Medebem, said, “I am more than confident that the present administration, under the able leadership of Mr. Governor, Sanwo-Olu and Deputy, Hamzat, will stop at nothing to sustain and further build on the current milestones already achieved.
“We will continue to build on the major drivers of the State’s economy by increasing the contributions of the manufacturing sector, which stands currently at 29.60 percent, road transport – 26.47 percent, building and construction – 19.70 per cent, wholesale and retail – 8.39 percent, telecommunications – 3.71 percent, financial institutions — 3.51 percent and real estate—2.01 percent.
As an implementing Ministry, MCCTI will continue to interface with other Ministries, Departments and Agencies here in the State, across other States of the Federation and at the Federal level, including relevant local and international support institutions and Economic Development Partners, towards ensuring improved Ease of Doing Business and sustenance of an enabling business environment in the State.
“To further strengthen the State’s delivery capacity, the Ministry of Commerce, Cooperatives, Trade and Investment, MCCTI, is in the process of constituting an Ease of Doing Business (EoDB) Team that will be tasked with interfacing with stakeholders in the business community via a one stop shop virtual interface.
“Moreso, according to the Time Out Magazine UK, Lagos State ranked 19th best city in 2024 to be visited out of 173 cities surveyed using qualitative and quantitative factors. In recent years, the economy has grown from N27 trillion to N41 trillion.
This phenomenal growth has been made possible by initiating and implementing deliberate policies and intentional strategies to facilitate the ease of doing business and promote conducive environment that continue to attract investments into the state. “