EHINGBETI: Impact of Lagos economic summit

By Abubakar Yusuf

Since the return of democracy in 1999 after several years of Military interregnum,successful adminstrations in Lagos State pioneered by the 8 years two terms, 1999-2007 of Chief Bola Ahmed Tinubu, the Jagaban of Borgu and the incontrovertible APC National leader, alot of innovativeness both in leadership and followership had adored Lagos State, the commercial and economic capital of Nigeria, as successive leaders toed the legacies of the elder statesman, with different approach to advance all facets of both human, material and infrastructural developement of the mini Nigeria.

The current administration of Governor Babajide Sanwo-Olu has toed a very unique way, few months away to his second year of his first term in office, with alot of achievements.

This is coming just few months away from the total lockdown of the country with Lagos State not in exception, as a result of the global pandemic of COVID-19, and the crises of Endsars that was later hijacked by hoodlums in Lagos State.

Also coming few weeks after the decision of the United kingdom that granted a direct access to doing business with Lagos State without recourse to clearance from federal authorities, as it is obtainable with other states of the federation, as well as the decision to initiate so many developmental programs along with the existing and ongoing projects, with plans to commence the 4th Mainland Bridge in the shortest possible time, came the grand ‘EHINGBETI’, a world economic summit that attracted both Local, African and foreign business interests and conglomerates.

The two days economic summit program was geared towards advancing the economic strategies by various stakeholders, with a view to moving forward the economic indices and realities amidst the recession and coincidentally exit from the recession and other global challenges, including the threat of second wave of COVID-19 with high vulnerability rates.

Conversant with proactive decisions that will guarantee the operationalization of both social, economic, and infrastructural advancement of Lagos State, amidst attention to other variables that will lead to economic stability.

With the attainment of it’s current status and recognition from our colonial masters that gave access to direct ease of doing business, the burden of the cosmopolitan Lagos State and its operators under Governor Babajide Sanwo-Olu became demanding in view of it’s roles as a leading light state, that other federating states of Nigeria are looking up to ressolving their economic targets and deterred from any possible quagmire.

Under the present administration, the two days economic summit had come and gone,but glaringly it had heralded a giant economic opportunities to Lagos State, Nigeria, both organised private and public sector economy and a launching pad of further advancement of other business interests.

This laudable initiatives by the current administration will also address not only the economic problems of Lagos State, but by extension other sectors of the economy linked to social stability and securtiy.

Coming at this auspicious period of direct access to ease of doing business with the United kingdom, it will mobilise the international communities not only to key into expanding further the status of Lagos as the economic and commercial capital of Nigeria only, but will make the entire country the staple of world economies, with Lagos State as springboard to the economic emancipation of Nigeria.

This positive developement when further exploited by it’s workability, it will not only improve the revenue base of Lagos State,but stabilize the Nigerian economy from foreign dependent, as the success will be the resultant consequences of the initiatives of the Lagos State Government.

It will further enhanced all the economic activities that Lagos State was known for, aftermath of the effects of the two days economic summit.

This initiatives by Lagos State Governor, Babajide Sanwo-Olu is quite commendable, coming at a time the world economies now leave on borrowings and advances rather than robust reform as witnessed in the last few years in Lagos State.

It will also re-orient other federating states of Nigeria to key into the global idea of carrying out a well thought economic program, using Lagos State as a role model to economic independent of States.

This foresight of the current administration in Lagos State, will on the long run transform in it’s entirety, the lives of ordinary Nigerians with better standard of living.

It is high time for other states of the federation to start thinking out of the box, by toeing the same template and pacesetter of Lagos State.

Yusuf Abubakar is a public affairs analyst and writes feom Abuja