GOVERNOR OF LAGOS STATE URGE THE COUNTRY

Lagos Accounts for 65% Non-oil GDP, Says Ambode

Lagos State Governor, Mr. Akinwunmi Ambode, on Sunday said his state accounts for over 65 per cent of Nigeria’s non-oil Gross Domestic Product (GDP) and 60 per cent of value added manufacturing.

The governor thus urged the country to pay more attention to the non-oil sectors of the economy in view of the historic fall in the prices of crude oil at the international market and consequent dwindling revenue from oil.

He said this at the 2015 Lagos International Trade Fair at the Tafawa Balewa Square (TBS), noting that as a proactive response to the issues in the oil sector, Nigeria should embrace other sectors so as to garner resources to address the critical needs of the people.

Ambode argued that there was need “to look inward for alternative and sustainable revenue sources apart from oil. Already, Lagos has been in the forefront of generating non-oil revenues.”

The governor noted that the state accounts for over 65 per cent of the country’s non-oil GDP and over 60 per cent of the country’s value added manufacturing.
He urged members of the business community to consolidate on the gains recorded so far, by following up the relationship already established with government for mutually beneficial business and investment.

He said when the 2016 edition takes place, it would consolidate on the gains of the current efforts of government at all levels in improved infrastructure, more efficient business support services, improved public transport system and a more secured and business friendly environment, would have materialized.

He urged the business community to remain hopeful and support President Muhammad Buhari’s genuine commitments towards transforming the current challenges to opportunities for sustainable economic growth.

He also assured that Lagos is open for business, and invited all interested investors to key into the investment opportunities that abound in the state.

In his address, President of the Lagos Chamber of Commerce and Industry (LCCI), Alhaji Remi Bello urged government at all levels to urgently address all impediments to successful running of businesses in Nigeria such as infrastructure, quality framework and funding, among others.

Bello specifically acknowledged and appreciated Ambode’s exceptional commitment to the creation of enabling environment for businesses to thrive, describing the state government as a worthy partner to the success story of the chamber.

He added that the 2015 Lagos International Trade Fair witnessed impressive local and foreign participation from countries such as China, Egypt, Japan, Ghana, India, European Union, Republic of Benin, Ethiopia, Pakistan and from many Nigerian state governments.