… Calls For A Private Sector-Driven Economy

 The Lagos State Government has assured its partners under the Public-Private Partnership programme of innovative policies, business-friendly environment and infrastructure that will further guarantee Return On Investment as well as grow a private sector-driven economy in the State.

Speaking at a meeting with members of Franco-Nigerian Chamber of Commerce and Industry (FNCCI) in Lagos, the Commissioner for Commerce, Industry and Cooperatives, Mrs. Olayinka Oladunjoye said the government has set up a positive business environment where investors can be assured of prosperity and investment security.

She noted that the Electricity Reform Bill recently signed into law by Governor Ambode to give legal backing to the Embedded Power Initiative for generation of 1,000 megawatts of electricity in 2018 and 3,000 megawatts by 2022 are all borne out of government’s intention to grow a private sector-driven economy.

“More than ever before, we are renewing our call for the development of a private-sector driven economy with a positive business environment through innovative policies and infrastructure”, she said.

“With our charter, you can only be assured of a win-win situation all through, especially as it relates to the security and prosperity of your investments and business interests”, the Commissioner stated.

While attesting to the 2018 World Bank Ease of Doing Business report which revealed that Lagos is responsible for 77% of all the impact of ease of doing business indicators at the sub-national levels, Oladunjoye said the government will continue to do more to ensure that Nigeria takes its place as the prime destination of foreign direct investments in Africa.

Giving an overview of the Nigerian Business Environment, Oladunjoye said the Nigerian Business Environment is robust and promising if some factors limiting the growth of trade and investment could be removed.

She urged the federal government to address the challenges in power, multiple tax structures and bureaucratic delays in policy implementation with regards for businesses, ethnoreligious crisis, kidnapping and corruption; these, according to her, are posing hindrances for business growth.

The Commissioner, who commended the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) for playing an active role in fostering economic, commercial and financial ties between France and Nigeria, said she is optimistic that the relationship would have a far-reaching impact on national business and economic landscape of the State.