Governor Babajide Sanwo-Olu has revealed that Lagos State would require at least ₦7 trillion in the 2024 fiscal year to adequately address infrastructure demands and provide essential amenities. The governor made this disclosure during the eighth Lagos Corporate Assembly, a stakeholder engagement session titled “BOS Meets with Business Community,” held at the Lagos House in Ikeja.
State Budget Falls Short of Infrastructure Needs
While the state government is currently proposing a ₦2 trillion budget for 2024, Governor Sanwo-Olu noted that this figure falls significantly short of the actual demand.
“Based on reports from our Ministries, Departments, and Agencies, if resources were available, we would need nothing less than ₦7 trillion to meet infrastructural and basic needs across the state,” the governor stated.
He acknowledged the growing gap between available revenue and development demands, highlighting the strain caused by inflation, market volatility, and economic uncertainty.
Collaboration with Private Sector Critical for Growth
Governor Sanwo-Olu stressed that the government cannot work in isolation and called for stronger collaboration between the public and private sectors.
“We must work together. If we don’t get it right here in Lagos, it will have dire consequences for the nation. The federal government, under the Renewed Hope Agenda, is reaching out to investors globally—and Lagos must be ready,” he said.
He emphasized the urgency of the moment, stating that he is operating within a political timeline and cannot afford to fail.
Support for MSMEs and Policy Reforms Highlighted
Governor Sanwo-Olu underscored the need to support Micro, Small and Medium Enterprises (MSMEs) through business-friendly policies that foster sustainability.
“We must let MSMEs breathe. They are the backbone of a sustainable economy, and our policies must reflect that,” he said.
Commissioner Reaffirms Government’s Commitment to Investors
In her remarks, Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperative, Trade, and Investment, highlighted the importance of the Corporate Assembly as a key public-private dialogue platform.
She noted that previous concerns raised by the business community have been addressed by relevant agencies, emphasizing the government’s responsiveness.
“The administration continues to implement reforms aimed at improving the ease of doing business. These include reducing the time for Planning Permit issuance to just 10 days in the built environment sector,” she explained.
Major Infrastructure Achievements Recognized
Ambrose-Medebem also pointed to the successful launch of the first phase of the Lagos Blue Line Rail Project, stretching 13 kilometers from Mile 2 to Marina, as a major win for urban mobility and productivity.
“The rail system has reduced commuting stress and public health issues while improving labor and goods movement into key business districts,” she noted.
Lagos Remains Open and Ready for Business
The commissioner affirmed Lagos State’s commitment to inclusive economic growth, stating that sustained collaboration with the Organised Private Sector (OPS) is critical to accelerating development.
“Lagos’ prominence today would not be possible without the consistent contribution of the private sector. We are determined to keep that momentum going,” she said.
She added that the Ministry will continue engaging with federal institutions, other states, development partners, and both local and international Chambers of Commerce to strengthen investor confidence.
“We are ready and open for business. Through robust policies and sustained partnerships, we aim to further position Lagos as Africa’s premier business destination,” she concluded.
