That Lagos May Excel
By Kazeem Akintunde
Sunday, April 27, 2008
Economic egg-heads at the Lagos Economic Summit, discuss the envisage status of Lagos as a Mega City
Experts in various fields from all over the world gathered in Lagos State for three days last week to brainstorm on how to improve the fortunes of the state and offer suggestions for meeting the challenges posed by the status of the state as a mega city. The venue of the gathering was the Eko Hotel, Victoria Island, Lagos and the occasion was the fourth Lagos Economic Summit, tagged Ehingbeti 2008.
Egg-heads like Deepali Tewari, senior municipal development specialist at the World Bank, Hernando De Soto, president, Institute of Liberty and Democracy, Peru; Bharat Singal, officer on special duty, Delhi Integrated Muilti-Modal Transit System Limited, India as well as Angelo Reyes, minister for Energy, the Philippines among others joined their counterparts from Nigeria to assess development challenges in a developing economy like Lagos and to chart a way forward.
At the end of the three day event, the experts came out with a blueprint on how the state could forge ahead in its developmental efforts. One of their recommendations was the need for the state to continue its partnership with the organised private sector and the federal government in the task of improving the fortunes of residents of Lagos.
Muhammed Yinusa, group managing director of Dunlop PLC, who is also the co-chairman of the Lagos Economic Summit Group said the synergy for achieving that is already in place.
Yinusa noted that the co-operation expected of the organised private sector with government was already yielding result in the state as many corporate bodies were already now identifying with the developmental efforts of the state government. He commended the vision of Bola Tinubu, former governor of the state who, in the year 2000, put together the first Lagos Economic Summit where the foundation on how to meet the challenges of a mega city was first laid. "Since year 2000, the state and the organised private sector have collaborated in hosting the summit. While the private sector remained the vehicle for delivering growth, the role of the government is that of a catalyst in the creation of a conducive atmosphere where business would thrive," Yinusa said.
To further demonstrate the new found love between the Lagos State Government and the organised private sector, Stanbic IBTC Bank, provided N30 million to the state government as one of the sponsors of the summit.
Chris Newson, chief executive officer said it is a demonstration of his bank's support to economic growth and development of the state and the country. "Our support for the economic summit organised by the Lagos State Government is our own way of demonstrating commitment to noble efforts that would bring about the desired economic growth and development," he said.
Newson said Stanbic IBTC Bank was hoping to partner with the state government for the successful implementation of projects that would be of benefit to the people of the state. "Lagos State is a cosmopolitan state with huge opportunities, and Stanbic IBTC Bank is committed to giving support to the government through partnership on capital projects and other worthy initiatives for the benefit of the people of the state.
We are ready to partner with the state government on developmental project and investment drive," Newson said.
Newswatch learnt that 20 other corporate bodies supported the state government in organising the three day summit.
Babatunde Raji Fashola, governor of Lagos State while declaring the summit opened, said the focus of the state government was to tap into the rich experience of the experts for the development of the state. He maintained that such initiatives became imperative because there is no other way out. "For much of this century, sweeping economic change and a growing population have put enormous strain on Lagos. Our social structures have struggled to cope and are now stretched to bursting point."
Fashola noted that the magic year for the development of Africa was supposed to be the year 2000 when social amenities like water, power, literacy and adequate health care facilities would be available to all and sundry but "eight years after, it has remained just a dream." He said the vision of his government would be to create Africa's model mega city that would entail building a more competitive, globally-integrated city and economy. "With a population growth rate of five percent, the population should hit 20 million by 2025 and statistics tell us that in sub Saharan Africa, only 48 percent of urban households have water connection; only 31 percent are connected to the sewerage system while slums abound and only 20 percent of these have electricity with only three percent access to telephones."
Fashola assured that his administration was ready to offer good governance and, remain accountable to the people and be transparent in all its affairs. "Our administration shall provide all assistance necessary to make your investment safe, and deliver appreciable returns. Lagos is ready to think big and embrace bold initiatives," Fashola said.
Tanimu Yakubu, special adviser to President Umaru Yar'Adua on Economic Matters who stood in for the president was full of praises for achievements of the immediate past administration in the state.
Despite eight years of hostility between the administration of Bola Tinubu and the regime of former President Olusegun Obasanjo. Yakubu described Lagos as a mini Nigeria, adding that this calls for co-operation between the state and the federal government. He assures Fashola of the readiness of the Yar'Adua government to work with him. "The president believes that Lagos State needs the support of the federal government in its efforts at development and that was why the president was very emphatic on the need for a refinery to be established in the state.
Ben Akabueze, commissioner for Economic Planning and Budget told Newswatch that the state was interested in searching for solutions to its developmental challenges. "We have no intention to start listing the problems, or start debating the problems or analysing them. The problems are basically well known. We are in a solution mood. That is why we have gathered people who can contribute those solutions either with ideas or with the requisite finding that is necessary either as investors or financiers because ultimately, solving the challenges that face Lagos will require finance."
The theme of this year's summit is "Transforming Lagos into Africa's Model Mega City."
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