Lagos resuscitates economic summit

By CHINYERE JOEL-NWOKEOMA

Lagos State Government on Sunday unveiled plans for the 2020 Lagos Economic Summit, popularly known as EHINGBETI.

Mr Sam Egube, Lagos State Commissioner for Economic Planning and Budget, said at a media interaction in Lagos that the summit had been resuscitated by Gov. Babajide Sanwo-Olu for enhanced economic growth and development.

Egube said that the summit would address pertinent issues that beset Lagos as an evolving mega city and chart a course for actualisation of the dream of the current administration.

He said that the government had implemented 109 out 119 resolutions reached at past editions of the summit.

“The summit has a rich history and is firmly established as a credible forum for stimulating economic growth for Lagos State.

“It is our belief that you cannot lead a place like Lagos with one mind, you have to bring together all the minds.

“So far, about 119 resolutions were taken in the history of EHINGBETI and 109 of them implemented.

“What Lagos State Government is trying to do is to stimulate contributions from the private sector, get them interested in the governance of the state, and lead the way in terms of the outcomes.

“For example, the whole idea about the   blue line, the red line, the rail master plan are things that came out of EHINGBETI,” he said.

Egube, also the Chairman EHINGBETI, said that major developments in the state were key decisions reached at past editions of the summits.

He said that the summit was introduced to stimulate contributions from the private sector and corporates for a better Lagos.

Egube noted that the platform was primarily driven by the private sector and backed by government to show vibrancy of Lagos.

“We are proud that the private sector in Lagos is active and responsible and takes positive outcomes with the government in development of ideas,” he said.

Mr Olayemi Cardoso, Co-Chairman EHINGBETI, commended Sanwo-Olu for bringing back the summit in line with his campaign agenda.

Cardoso said that the summit introduced in 2000 had yielded a number of positive results and should be maintained.

“It is timely that this is happening. I say that because COVD-19 and its aftermath wreaked havoc in economies around the world and we are no exception to that, and when it going to end, nobody knows.

“All we know is that countries around the world, paid dearly from being on lockdown, and for any lockdown, you have a corresponding loss in gross domestic product.

“With the challenges ahead, and Lagos being the economic nerve centre of the country, there is a large responsibility to ensure that it protects the citizens of the state, and this is something that can’t happen unless it is planned for.

“It is a great opportunity for us in the private sector to come together with the government again to show what Lagos is truly made off and show what Lagos can truly do in the most difficult and challenging circumstances which we are in,” Cardoso said.

Cardoso said that the virtual summit slated to begin from Nov. 10 and end on Nov. 12, would make it easier for enhanced participation of the private sector, local and foreign investors.

Mr Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry, said that EHINGBETI was about inclusiveness.

Yusuf said that investment was very important for the development and growth of any economy.

“We know that making the economy progress is about promoting investment, and that is what makes the difference between Lagos and many other states.

“The focus on investments is very key and is top priority for Lagos State Government, and we appreciate that a great deal.

“This has been the context of the very strong public/private partnership that we have witnessed in the state.

“We are part of this and we know it is going to create a lot of value. We are committed to partnering with Lagos State Government to ensure that we continue to push this forward,” Yusuf said.

The News Agency of Nigeria (NAN) reports that the summit would have the theme: “For Greater Lagos: Setting the Tune for the Next Decade.

The summit held last in 2014. (NAN)