The Lagos State Governor, Mr Akinwunmi Ambode said his administration has already embarked on reform aimed at generating 3000 megawatts (MW) of electricity within the next few years.
The governor explained that the initiative would go a long way in improving the state’s economy and make life more comfortable for its residents (Lagosians).
He made the disclosure at the 7th Annual Public Lecture of the Lagos State Public Service Chapter (LSPSC) of the Institute of Chartered Accountants of Nigeria (ICAN) held on Monday in Ikeja.
The lecture has the theme; Lagos@50: Unlocking Its Economic Potentials for Sustainable Development.
Governor Ambode stressed the importance of adequate power supply to unlock the economic potentials of the state, noting that the sector remained strategic in reducing the cost of doing business and improving the living condition of Lagosians.
He described the theme of the lecture as apt and in line with the resolve of his administration to identify, explore and exploit the untapped potentials of the Lagos economy, which according to him, was why the state government was adopting the approach of strategic, innovative, as well as long-term thinking and planning.
Smart City Initiative
The governor stated that with high population growth of 3.2% annually and high immigration rate estimated to be one of the highest in the world and rapid urbanisation, the state government was not oblivious to the fact that the most effective and efficient way to unlock the economic potentials of Lagos was to open up the economy for private enterprise to thrive.
According to him, this is why his administration has been delivering first class infrastructure and putting in place right policies to ensure business-friendly environment.
Ambode further attributed the ongoing projects in some parts of the state to the resolve of his administration to unlock the tourism, entertainment and arts potentials of Lagos which he said were all critical.
“Our smart city initiative will help to ensure that the state is cleaner, safer, productive and then more resilient thereby making the state more attractive for Foreign Direct Investment.
“Upon assumption of office in 2015, our administration created the Ministry of Wealth Creation and Employment and subsequently launched the N25bn Employment Trust Fund and as at today, over 3000 entrepreneurs have benefited from the fund through access to low-cost credit for their business.
“Lagos State is also actively involved in the Development Agenda for Western Nigeria (DAWN), a body comprising all the South-Western states. We are working on a collaborative development plan, a regional economic integration which will help to minimise some of our current challenges such as high immigration, infrastructure deficit and traffic congestion,” he said in a statement signed by his Chief Press Secretary, Habib Aruna.