PANAPRESS
Panafrican News Agency
'Investment in infrastructure is key to Nigeria's growth'
Lagos, Nigeria (PANA) - Participants rose from the sixth Lagos Economic Summit Wednesday, emphasising the need to invest more in infrastructure and provide improved investments climate for business to thrive in Nigeria..
The participants, including local and foreign investors, captains of industries, private-public sector operators and policy makers, brainstormed for three days (22-25 April) on ways that Lagos, the commercial capital city of Nigeria, and indeed Nigeria as a whole could become the destinations of first choice for investors, giving the available potentials.
“For Nigeria to be among emerging economies, Lagos state has the key; there is the need to upgrade its infrastructure to world-class level, invest in urban renewal, mass housings, power generation, agro-allied and an effective intra-modal transportation system that will tap potentials in rail, water and roads”, one of the participants, Wonuola Adetayo, the chief executive officer of SoftSkills management consultant firm, said.
She spoke Wednesday at the close of the economic summit which had in attendance leading speakers from the US, United Kingdom and Nigeria.
On achieving the summit theme, ”From BRICS to BRINCS: Lagos Holds the Key”, participants said the significance of the commercial city lies in the fact that it contributes 25% of the National Gross Domestic Product (GDP) with 65% of the commercial activities coming from the city -- the headquarters of many of the banking and financial institutions.
With a population of close to 20 million and proximity to many West African countries, Lagos markets look most attractive as participants believe that "if the country could overcome its infrastructure and security challenges, it could become part of the emerging economies like Brazil, Russia, India, China and South Africa (BRICS)".
The acronym BRICS (representing Brazil, Russia, India, China and South Africa) was coined by Golden Sachs, a leading financial rating firm, to highlights the potentials of these countries based on their economic growths, population, level of infrastructural development, and prospects of becoming a industrialised economies in the nearest feature.
The combined GDP of the five countries is put at US$ 20 trillion. China has the largest population in the world with the second largest economy. While Brazil is rated as the sixth largest economy, South Africa leads in Africa.
Experts say that “Nigeria has the potentials to transform BRICS to BRINCS (Brazil, Russia, India, Nigeria, China and South Africa), with an economic growth of 5%, its huge population, size and market."
"Lagos holds the key in attaining this goal because of the level of economic activities it is generating. It contributes 80% of the International passenger flows in the country. In addition, the two sea ports generate about 70% of the cargo freights”, another participant, Wale Shonibare, added.
The participants also stressed the need to institutionalise good governance, transparency, accountability, rule of law, policy consistency, security and improved regular power system, to attract needed investments.
For three days, participants highlighted opportunities in power, housing, transportation, agro-allied and tourism sectors that investors could tap into.
Lagos needs 12,000 mega watts of electricity to meet its industrial and domestic needs and about one million houses for the ever increasing population, they said.
Closing the forum, the Lagos State Governor, Babatunde Fashola, pledged the commitment of his administration to implement recommendations put forward by the participants.
He said even though Lagos had the key to Nigeria becoming a BRINCS member, it cannot do so alone without the contributions of other parts of the country.
“It will be no good being a BRINCS member if we still battle Polio and struggle to provide water. We must work hard at achieving it,” Fashola said.
He continued, ”From the last summits, we have moved from planning stage to the implementation of the construction work on the Lagos-Badagry express road. The Lekki-Ajah express road, from just two water plants to five. Today we now have five independent power plants providing electricity to designated areas some of which include the Island Maternity Hospital, Lagos Island Hospital, the Magistrate Courts and streets lighting on the Island.The Lagos light rail project has left the drawing board to actualisation stage, all these are clear manifestation of our determination to transform the state."
-0- PANA SB/VAO 25April2012
The participants, including local and foreign investors, captains of industries, private-public sector operators and policy makers, brainstormed for three days (22-25 April) on ways that Lagos, the commercial capital city of Nigeria, and indeed Nigeria as a whole could become the destinations of first choice for investors, giving the available potentials.
“For Nigeria to be among emerging economies, Lagos state has the key; there is the need to upgrade its infrastructure to world-class level, invest in urban renewal, mass housings, power generation, agro-allied and an effective intra-modal transportation system that will tap potentials in rail, water and roads”, one of the participants, Wonuola Adetayo, the chief executive officer of SoftSkills management consultant firm, said.
She spoke Wednesday at the close of the economic summit which had in attendance leading speakers from the US, United Kingdom and Nigeria.
On achieving the summit theme, ”From BRICS to BRINCS: Lagos Holds the Key”, participants said the significance of the commercial city lies in the fact that it contributes 25% of the National Gross Domestic Product (GDP) with 65% of the commercial activities coming from the city -- the headquarters of many of the banking and financial institutions.
With a population of close to 20 million and proximity to many West African countries, Lagos markets look most attractive as participants believe that "if the country could overcome its infrastructure and security challenges, it could become part of the emerging economies like Brazil, Russia, India, China and South Africa (BRICS)".
The acronym BRICS (representing Brazil, Russia, India, China and South Africa) was coined by Golden Sachs, a leading financial rating firm, to highlights the potentials of these countries based on their economic growths, population, level of infrastructural development, and prospects of becoming a industrialised economies in the nearest feature.
The combined GDP of the five countries is put at US$ 20 trillion. China has the largest population in the world with the second largest economy. While Brazil is rated as the sixth largest economy, South Africa leads in Africa.
Experts say that “Nigeria has the potentials to transform BRICS to BRINCS (Brazil, Russia, India, Nigeria, China and South Africa), with an economic growth of 5%, its huge population, size and market."
"Lagos holds the key in attaining this goal because of the level of economic activities it is generating. It contributes 80% of the International passenger flows in the country. In addition, the two sea ports generate about 70% of the cargo freights”, another participant, Wale Shonibare, added.
The participants also stressed the need to institutionalise good governance, transparency, accountability, rule of law, policy consistency, security and improved regular power system, to attract needed investments.
For three days, participants highlighted opportunities in power, housing, transportation, agro-allied and tourism sectors that investors could tap into.
Lagos needs 12,000 mega watts of electricity to meet its industrial and domestic needs and about one million houses for the ever increasing population, they said.
Closing the forum, the Lagos State Governor, Babatunde Fashola, pledged the commitment of his administration to implement recommendations put forward by the participants.
He said even though Lagos had the key to Nigeria becoming a BRINCS member, it cannot do so alone without the contributions of other parts of the country.
“It will be no good being a BRINCS member if we still battle Polio and struggle to provide water. We must work hard at achieving it,” Fashola said.
He continued, ”From the last summits, we have moved from planning stage to the implementation of the construction work on the Lagos-Badagry express road. The Lekki-Ajah express road, from just two water plants to five. Today we now have five independent power plants providing electricity to designated areas some of which include the Island Maternity Hospital, Lagos Island Hospital, the Magistrate Courts and streets lighting on the Island.The Lagos light rail project has left the drawing board to actualisation stage, all these are clear manifestation of our determination to transform the state."
-0- PANA SB/VAO 25April2012
