Lagos News

LASG To Deepen Economy Through Private Sector Collaboration

LASG To Deepen Economy Through Private Sector Collaboration

The Lagos State Government is looking forward to deepening its economy and achieving inclusive development through mutual collaboration with the private sectors.

Governor Babajide Sanwo-Olu made the call while delivering the keynote address at the third Nigeria Public-Private Partnership Network Conference (NPPPNC) organised by the Lagos State Public-Private Partnership Office, at Bon Hotels, Ikeja GRA, Lagos, on Wednesday with the theme, “The Role of PPP in the 2021-2025 National Development Plan”.

According to him, the conference was apt and timely coming after the new National Development Plan (2021-2025) was approved by President Muhammadu Buhari to succeed the Economic and Recovery Growth Plan (ERGP), designed to confront the economic challenges being faced by the Nation.

Sanwo-Olu said the National Development Plan (2021-2025) is hinged, essentially, on six strategic pillars, namely: Economic Growth and Development, Infrastructure, Public Administration, Human Capital Development, Social Development and Regional Development.

Noting that strategic openness and reception to private sector capital investment is a tool for advancing infrastructural development, the Governor stated that Nigeria’s infrastructure gap is estimated at about $3 trillion, which is about six times the size of its annual national GDP.

His words: “The National Development Plan (2021-2025) is thus a major imperative to unlocking quantum private sector collaboration and partnerships for us to travel the distance of socio-economic advancement in a quicker and more inclusive fashion”.

“The National Development Plan projects an ambitious investment size of N348.7 Trillion over a five-year period, out of which the Private Sector is expected to contribute 85.7% while the Federal Government, State Governments and Local Governments will contribute 14.3% cumulatively”, Sanwo-Olu said.

The Governor said Lagos State Government has increasingly become the PPP Eco-Chamber of Nigeria, being home to over 2000 financial institutions, Nigeria’s largest Ports, hosting 65% of Nigeria’s commercial activities and being West Africa’s Maritime and Aviation Hub, declaring that Lagos State is ready and open to more private investments, innovation and partnerships.

Also speaking at the occasion, the Special Adviser to the Governor on Public-Private Partnerships, Mr. Ope George, said any government that plans to provide adequate infrastructure to its citizens has to adopt all available PPP models, noting that Lagos State is the trailblazer in the adoption of PPP for infrastructural development.

He said Nigeria is open to public-private partnering in various fields including leasing, franchising, concessions, equity and joint venture participation, pointing out that many States are focusing on facilitating PPP projects with Lagos State, just as he estimated that 70% of Lagos’ ongoing projects and planned projects will be in PPP format.

George said the PPP initiative, in all cases, is aimed at increasing private investment into the PPP infrastructure market and the core infrastructure sectors.

“Most of our projects encompass capacity-building for Ministries, Departments and Agencies (MDAs), as well as technical support for project preparation and advisory services to develop commercially viable PPP transactions. We have gone a long way in the adoption and utilisation of PPP models, but we are not resting on our oars”, he said.

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