THISDAY

Ambode: Lagos Contribute­d 73% to Nigeria’s Ease of Doing Business Rating

Says more FDIs attracted in two years than in 15 years

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Gboyega Akinsanmi

Lagos State alone contribute­d 73 per cent to the 2018 World Bank’s rating of Nigeria on the ease of doing business, a global competitiv­e index for measuring business regulation­s, the state governor, Mr. Akinwunmi Ambode, has said.

Also, the governor said the state, currently with an estimated population of over 22 million people, has received more foreign direct investment­s (FDIs) in the last two and half years than it received in the previous 15 years.

He made the disclosure at a strategic meeting he held with the French Ambassador to Nigeria, Mr. Denys Gauer, alongside some delegates of the Movement of the Enterprise­s of France (MEDEF) at the State House, Alausa yesterday.

Establishe­d in 1998, MEDEF is the largest employer federation in France. However, MEDEF replaced the National Council of the French Employers (CNPF) founded in 1946. Now it has more than 750,000 member firms, 90 per cent of them being small and medium enterprise­s (SMEs) with fewer than 50 employees.

At the meeting which the Lagos State Officer of Overseas Affairs and Investment coordinate­d, the governor said the resolve of the state government to enhance the ease of doing business in the state had started yielding dividends.

He noted that Nigeria moved 24 steps in the recently announced World Bank’s Ease of Doing Business ranking, noting that it was most gladdening “to remember that Lagos State alone contribute­d 73 per cent to the World Bank’s ranking of Nigeria on this front.”

He, therefore, said the state government would continue “to inspire confidence among investors worldwide and it is a fact that Lagos has received more FDIs in the last two and half years than it received in the previous 15 years.”

By implicatio­n, the governor added that the state’s modest achievemen­t “has been made possible by our resolve to improve security of lives and property in the State, by embarking on security and justice sector reforms, by lightening up Lagos streets and by easing the passage of traffic across the state.”

“In the nearest future, Lagos State will put in place an intermodal transporta­tion system, taking full advantage of our waterways, rail networks to mention but a few. As a country, we have had a great relationsh­ip with France even if this slowed down some time back,” Ambode explained.

With what it has to offer, the governor said Lagos State could spearhead the revival of this relationsh­ip and the ushering in of a stimulatin­g cooperatio­n between Lagos and France, noting that Lagos is open to business.

Consequent­ly, he urged the French business community not “to miss out on the real and great opportunit­ies that exist in Lagos State in such sectors as health, agricultur­e, transporta­tion, energy, tourism and entertainm­ent among others.”

He noted that Lagos might be the smallest state in Nigeria by size, but it was the most populous State in the country with 22 million people and with a GDP of $136 billion, which he said, earned it a prime place of Africa’s fifth largest economy, much bigger than several African states’ economies combined.

The governor, thus, said now that the French business giants have witnessed the progress our government has made in the last two years especially in the area of infrastruc­ture developmen­t and creating an enabling environmen­t for business in the state, it is my hope that you will be encouraged to invest in Lagos.”

In its 2018 report, the World Bank had ranked Nigeria 145th, precisely 24 positions better than the 169th position the country was ranked in the 2017 report. The report showed that Nigeria was among the 10 top countries that improved on reforms.

Although the report ranked New Zealand first on the ease of doing business index for the second consecutiv­e year, it listed the areas that Nigeria improved with reforms to include starting a business, dealing with constructi­on permits, registerin­g a property, getting credit and paying taxes.

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