Sanwo-Olu makes case for Lagos economy at UNGA

From Idowu Abdullahi, Lagos

Governor Babajide Sanwo-Olu has said that 9,000 megawatts is the amount of energy required to transform Lagos State economy.
If realised, Lagos, the most populous city-state, and the fifth largest economy in Africa, would be self-sufficient in electricity supply that would adequately power its industrial sector, Small and Medium Enterprises (SMEs) and residential buildings.
The Lagos State Governor revealed this when he addressed a Forum at the Corporate Council on Africa, a side event at the ongoing 74th Session of the United Nations General Assembly (UNGA) in New York, United States.
Governor Sanwo-Olu wooed investors at the forum, assuring them that his administration would be open to tapping private investment in clean energy to enable Lagos attain its aspiration of transforming to 21st century economy driven by technology and innovation.
Adequate electricity supply, the Governor asserted, would also help the State to fully unlock the potential of its tourism sector and waterway transportation.
The Governor said his government had been reviewing the State’s Public Private Partnership (PPP) policy, with the objectives to boost investors’ confidence on returns on their investment and to drive more investments in critical areas to the State’s economy.
He said: “Lagos is a peculiar city among megacities in the world. It is the smallest State in Nigeria in terms of land size, yet it is the most populous in terms of demography. One third of Lagos land is covered by water, while the large population of humans is left to occupy about 4,000 square metres of dry land size.
“Lagos, as the fifth largest economy in Africa, it accounts for the 60 per cent of Nigeria’s GDP, in which manufacturing sector accounts for about 30 per cent. Despite this potential, we have energy deficiency of about 9,000 megawatts, which is required to give the economy the needed support for more growth. We are open to investment in independent power generation to address energy deficit, which would help to fully unlock opportunities in tourism sector, infrastructure and technology business.” he said in a statement by his spokesman,
Among the audience at the forum included Governor Godwin Obaseki of Edo State, President of the Corporate Council on Africa, Florizelle Liser, Founder and Chairman of Zenith Bank of Nigeria, Mr. Jim Ovia, as well as Chairman of of Flour Mills of Nigeria, Mr. John Coumantaros.

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