Fashola unfolds agenda for economic summit

09.03.2008

Lagos State Governor, Mr. Babatunde Fashola (SAN), Friday unfolded the agenda of the planned State Economic Summit scheduled for next month.

Fashola, who spoke while receiving the American Ambassador to Nigeria, Mrs. Robin Renee Sanders and the U.S. Assistant Secretary for Commerce, Mr. Israel Hemandez in his office, said the summit would be looking at practical ways to address and implement the State Government’s plans as it relates to Water supply, power supply, development of rail and water transportation as well as look at infrastructure for the rail system.

According to the Governor, the Summit would also be looking at possibilities for concessioning and bringing in the rolling stock and coaches to operate the rail system.

“We will also be looking at possibilities of concessioning to bring in the ferries to operate the water transportation. We will be starting on three major water routes which have just been awarded for construction of jetties and terminal buildings, water supply, water treatment and reticulation as well as distribution and metering”, the Governor said.

In the area of investment, Fashola said the State Government needed investment in power supply and distribution, merchandising and manufacturing particularly in the Free Trade Zone.

“It gives you the opportunity to enjoy the best of worlds, manufacturing off-shore and selling on-shore”, the Governor said, adding that the manufacturer also has a ready market.

Giving the Housing sub-sector as an example, Fashola, who described the opportunities for investment in the sector as almost limitless, said the government has been able to stimulate market demand in partnership with some banks to bring in N40 billion real accessible demand backed by finance for mortgage, adding that the challenge before government now was to build the houses and put in place the policy framework that would make the environment conducive.

“The opportunity to invest is almost limitless. You have a big gap between actual demand and supply, shopping malls, manufacturing of household equipment, air conditioners, television, electrical and electronic gadgets and so many other household appliances”, the Governor pointed out, adding that the Free Trade Zone would help investors to start manufacturing those things in Nigeria.

He disclosed that the State Government planned to arrange during the Summit to take the Trade Mission from Europe and the United States to visit the Free Trade Zone, adding that the opportunities for Tourism was breath-taking and also almost limitless.

“On both sides of the city stretching from the Western to the end of the Eastern Axis, you have about 180 kilometre beach and Atlantic Coastline waiting to be taken”, Fashola disclosed adding that the only limiting factor was the imagination and courage to take the risk.

Describing the Ambassador as Pro-Business, the Governor declared: “We look forward to doing more business with you here”.

Earlier in her remarks, the U.S. Ambassador told the Governor that she was in his office to introduce the U.S. Secretary for Commerce who is leading a delegation of 13 American companies on a business mission to Ghana , Nigeria and South Africa .

Speaking about the trade mission, Hemandez said the topic of discussion would be the development of stronger business ties between Lagos and the United States adding that the goals of the trade mission he was leading to Nigeria would be to learn about Lagos State and national development goals and projects that might offer an opportunity to U.S. companies to get involved.