Babajide Sanwo-Olu, Lagos State governor, has assured investors that he is consistently creating the enabling environment for businesses and reforming the tax system.
Speaking at the 9th edition of the Lagos Corporate Assembly on Tuesday, Sanwo-Olu, represented by Obafemi Hamzat, deputy governor, said the state has reduced bottlenecks impeding business growth through tax harmonisation.
The event, themed, ‘Unpacking barriers to ease of doing business, accelerating business growth,’ was attended by several business leaders in the private sector and federal agencies, including the Standard Organisation of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC).
The conference comes at a time when multinationals are exiting the country, citing an unconducive business environment and macroeconomic challenges.
Nigeria is currently contending with a record high inflation rate at 33.95 percent (May 2024) due to exchange rate crunch and removal of petrol subsidy.
The inflationary trends have raised Nigeria’s interest rates by a combined 750 basis points, from 18.75 percent in July 2023 to 26.25 percent in May 2024, as the central bank continues to deploy monetary tools to restore investor sentiments in the country.
According to Sanwo-Olu, Lagos holds a significant role in Nigeria. He highlighted that Lagos is the fifth largest economy in Africa, housing 14 industrial estates and four central business districts.
He said it accounts for 70 percent of the country’s industrial investment and 60 percent of its commercial activities.
Lagos, according to the governor, contributes 30 percent of Nigeria’s gross domestic product (GDP) and 50 percent of non-oil GDP. The state’s GDP is equivalent to 24 African countries combined.
Sanwo-Olu noted that the Lagos State government is fostering an environment where businesses can flourish through its development agenda, stressing that the agenda embodies his vision for a ‘Greater Lagos.’
He said several business-friendly reforms have been initiated through the implementation of the agenda.
