RAISING THE BAR OF EXCELLENCE

Lagos Governor Sanwo-Olu is harnessing the state potential for economic growth, writes Femi Salako

If taken as a country on its own, Lagos would be amongst the largest economies in Africa. It has been able to diversify its economy and to considerably reduce its dependence on oil allocations. Governor Babajide Sanwo-Olu-led administration has been able to harness the huge potential in the state by also investing in skilled labour force, reducing its bureaucratic hurdles and adopting an inclusive development approach which has continued to reposition the state for more economic growth amongst its counterparts.

Lagos has a rich history of economic growth and transformation. The state may cover only 0.4th of Nigeria’s territorial land mass, making it the smallest state in the country, yet its socio-economic significance is so huge that Nigeria cannot do without Lagos. It accounts for over 60% of industrial and commercial activities in the nation. Lagos is financially viable, generating a large chunk of its revenues independent of federal grants derived from oil revenues. It generates the highest internal revenue of all states in Nigeria

While the reality of the outbreak of Covid-19 pandemic has solely affected the economic wit of many states in the federation, making it impossible for many states’ governors to meet up with many financial demands of their states, Lagos has continued to thrive and grow in all areas. This reality has been made possible through the efforts of the Lagos State government under the leadership of Governor Sanwo-Olu who upon assumption of office recognized the immense potential of the state and in return created a viable economic road map that will see the state unlock its various potential at its disposal.

Lagos is unique in many ways. It has airports, seaports, several beaches, an array of headquarters of banks, telecommunications and manufacturing companies, the biggest breweries, the biggest flour mills, football stadia, several tertiary institutions, a thriving entertainment universe, high grade hotels, a vibrant night life – Lagos never sleeps – a major media hub, loads of highly trained human beings. It is also an exuberant economic and political vortex with exceptional vitality, perspicacity, creativity; a city that is constantly reinventing itself. Kaye Whiteman who published the book “Lagos: A cultural and historical companion,” described it as the “true city of imagination” while the famous poet Odia Ofeimun extols it for its “citiness.” Lagos makes money from land, air and water.

Now, rail has come into the mix. Even though none of the 35 states can be like Lagos they can pick up a few lessons if they are ready to be diligent students. Let’s look at the IGR trajectory of Lagos: 1999 (14.6 billion), 2007 (83.06 billion), 2015 (276.6 billion), 2020 (418.99 billion). Those figures show an upward swing from 1999 till date. Last year, the closest was Rivers State with N117.19 billion while the second runner-up was Delta at N59.73 billion. There are several reasons why most of the states are not doing excellently well

It is no gainsaying today that Lagos is leading the pack when it comes to economic development and growth, while other states depend heavily on the already dwindling monthly Federal Allocation, it has been able to create and sustain an economy that is not oil dependent, one that does not depend on the federal government intervention to manage its economic affairs.

While this has been the culture for Lagos over the last few decades, it has also gotten better as the incumbent governor of the state has also ensured that this culture is sustained by creating an enabling environment for small and medium scale enterprise to growth, for private and foreign investors from various nations of the world to make Lagos State their economic choice in Nigeria.

Just recently, Reckitt – a global leader in hygiene, health and nutrition, and the company behind brands like Dettol, Mortein, Durex, Airwick and Jik – opened its sub-Saharan head office in Lagos. The British Deputy High Commissioner in Nigeria, Ben Llewellyn-Jones, who opened the office said the citing of Reckitt’s sub-Saharan Africa (SSA) head office in Lagos is an indication that Lagos is “future in terms of investment and trade”.

Also the immense industrial cum infrastructural development of the Babajide Sanwo-Olu-led administration is another contributing factor which must be highly commended. Lagos leads the way today because it has a system that works, thanks to an exemplary leadership provided by Governor Sanwo-Olu.

EVEN THOUGH NONE OF THE 35 STATES CAN BE LIKE LAGOS THEY CAN PICK UP A FEW LESSONS IF THEY ARE READY TO BE DILIGENT STUDENTS