Budget rises from N700bn to N4.2tn in seven years
By James Adamu
Lagos State Governor Babajide Sanwo-Olu has said plans are underway to commence the creation of Lekki Deep Sea Port Phase Two, as the state targets a $1 trillion economy by 2052.
Sanwo-Olu disclosed this at the Lagos Executive Business Breakfast Meeting organised by the Nigerian-British Chamber of Commerce in Lekki, Lagos, with the theme “The Future of Lagos: Business, Investment and Global Competitiveness.”
He said the Lekki Deep Sea Port, developed during the COVID-19 era, is today working at full capacity and is asking for additional land to create a Phase Two.
“For Nigerian manufacturers, efficient port infrastructure is very, very critical. And we are beginning to see that Lekki will provide that,” the governor said.
He also said approval has been granted for the Badagry Deep Sea Port, adding that two international shipping lines have indicated interest in working with the proposed Badagry sea port.
The governor said the state’s $1 trillion target is anchored on the Lagos State Development Plan 2052, a long-term blueprint featuring 447 initiatives across 21 strategic sectors, designed to position the state as Africa’s model megacity and a globally competitive economic and financial hub.
He said the development plan was built around four pillars: a thriving economy, a human-centred city, modern infrastructure and effective governance.
According to him, sustained investment in infrastructure, technological innovation and improved port efficiency had the potential to strengthen manufacturing, create jobs and stimulate economic activity beyond Lagos.
Sanwo-Olu, who has been in office since May 29, 2019, said his administration had created opportunities and improved the lives of millions of residents through governance initiatives and infrastructure development.
He added that he hoped to be remembered as a governor who made a tangible difference in the lives of Lagosians by addressing their needs in transportation, healthcare, education, economic empowerment, security and infrastructure.
Highlighting projects undertaken by his administration, the governor cited the Blue and Red rail lines, improvements in electricity regulation, expanded digital connectivity and investments in healthcare and education as critical to the state’s long-term competitiveness.
He also identified the Lekki Deep Sea Port, industrial developments and the expansion of the technology and creative sectors as important drivers of economic growth and regional trade.
Sanwo-Olu said the state was strengthening support for small and medium-sized enterprises through financing and grants, while promoting innovation and developing a skilled workforce to meet the demands of emerging industries.
He disclosed that Lagos State’s budget had increased from about N700 billion in 2019 to N4.2 trillion in 2026, reflecting rising investment requirements and the need to improve revenue generation to sustain development.
The governor urged members of the NBCC to look beyond Lagos as a large consumer market and recognise its potential as a centre for production, innovation, regional trade and international investment.
He reiterated his administration’s commitment to building an economy capable of attracting global capital, creating employment opportunities and improving residents’ quality of life.
On land documents, Sanwo-Olu ordered an immediate clearance of a backlog of documents in the state’s lands department awaiting the issuance of Governor’s Consent.
He said: “I am sure some people in this room will say that we still have issues with our land transactions. Yes! There are six of them that are meant to be signing the Governor’s Consent. It is not only me. I sign the Certificate of Occupancy.
“But some of the challenges that we have seen include the excuse that the internet goes down, which is not an excuse. I told my colleague that I am going to fire some of them because if we give them the responsibility to sign the Governor’s Consent, they should not have any excuse not to be able to sign at least one thousand in a month.
“But they have given me commitments that they will clear up the backlog because citizens of Lagos State must have functional property assets they can trade with.”
The governor also said the Okpebi Link Bridge will be open to the public next month, adding that care is being taken to ensure the bridge will be an iconic infrastructure even in the next 100 years.
He also disclosed that he signed an Executive Order on Tuesday compelling employers to provide health insurance schemes for their workers.
“We are giving till December 31 for that to happen. We cannot afford to leave our staff, especially on the private sector side, to chance in the face of mounting health issues.
“In the same way businesses pay housing allowances and taxes for their staff, we want them to be part of their health because a healthy nation is a wealthy nation. And Lagos State wants to take that lead,” he said.
In his remarks, the President and Chairman of the NBCC, Abimbola Olashore, called for stronger collaboration between government, businesses and investors to improve the business environment, attract investment and enhance Lagos’s global competitiveness.
Olashore reaffirmed the chamber’s commitment to strengthening trade and investment relations between Nigeria and the United Kingdom.
“The Meet the Governor Series 2.0 is part of the chamber’s ambition to strengthen its role as a catalyst for trade, investment, enterprise development and international business collaboration. Today’s edition is particularly significant because of the importance of Lagos to Nigeria’s commercial and investment landscape.
“However, sustaining this position and strengthening Lagos’s global competitiveness requires continuous investment, innovation, effective infrastructure and an enabling environment in which businesses can operate, expand and compete,” Olashore stated.
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