Sanwo-Olu meets business community, says Lagos needs N7tr to meet infrastructural deficits

….To present N2tr 2024 budget

By Abdulfatah On Dec 9, 2023

Ayodele Olalere

Lagos State Governor, Babajide Sanwo-Olu, on Friday met with business communities in the state to hear their challenges and intimate them on his administration’s drive towards creating a conducive business environment.

The governor told the business executives that he would soon present a N2trillion 2024 budget but admitted that the state would require N7trillion to solve the infrastructural challenges.

The meeting tagged ‘BOS Meets Business Community’ was the 8th in its series and was held at the Banquet Hall, Lagos House, Ikeja.

Governor Sanwo-Olu expressed readiness to ensure ease of doing business in the state despite current global business challenges, stressing that his administration could not continue to give excuses.

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The governor, had on January 31, signed the 2023 appropriation bill of N1.76trn to law at the State House, Ikeja. The budget was tagged ‘Budget of Continuity”.

On October 27, 2022, he also presented a N1.69 trillion to the state assembly, which was passed on December 12, 2022, by the lawmakers.

The assembly, however, raised the approved budget by N76 billion to N1.768 trillion.

Participants at the Friday’s programme includes Chairman of Channels Television, John Momoh, Managing Director Lekki Concession Company, Chairman Silverbird Television, Ben Murray-Bruce, representatives of Manufacturer Association of Nigeria, MAN, Heads of agencies and parastatals, heads of foreign missions, members of the the state executive council, bankers, business leaders, business membership organisations, Micro, Small and Medium Entrepreneurs, MSMEs and all other important stakeholders, among others.

The stakeholders complained of multiple taxations, bad roads, activities of miscreants, lack of regular supply of electricity, high exchange rates as factors affecting the growth of their businesses.

The governor promised the government is making efforts to address these challenges, adding the business community would not be left alone.

The Commissioner for Commerce, Cooperative, Trade and Investment, Mrs. Folashade Ambrose-Medebem, explained that the corporate assembly has been a very important public–private sector engagement platform, through which the state government and the business community interact and discuss issues that are crucial to the state’s industrial and commercial growth.

Ambrose-Medebem, assured that all issues raised at the last edition had been addressed adequately by various MDAs relevant to improving the business environment in the state.