Governor Babajide Sanwo-Olu of Lagos State wants the Federal Government to grant the Lagos a special consideration in the implementation of the National Development Plan, (NDP) to enhance the state’s capacity as the leadig driver of the nation’s economic growth.
The governor, speaking at the third Nigeria Public-Private Partnership, Network, NPPN, hosted by the Lagos State Public-Private Partnerships, PPP Office in Ikeja, Lagos, described the theme, ‘The Role of PPP in the 2021-2025 National Development Plan,’ as quite relevant, considering the economic challenges being faced by Nigeria currently.
Sanwo-Olu, who cited Moody’s (Rating Agency) projection pointed out that Nigeria’s infrastructure gap estimated at about $3 Trillion, which is about six times the size of the nation’s annual national GDP, stressed the NDP(2021 — 2025) remained a major imperative to unlocking quantum private sector collaboration and partnership to attain socio-economic advancement in a quicker and more inclusive fashion.
According to Sanwo-Olu: “The National Development Plan projects an ambitious investment size of N348.7 trn over a five-year period, out of which the Private Sector is expected to contribute 85.7 per cent while the Federal Government, State Governments and Local Governments shall contribute 14.3 per cent cumulatively.
‘’For us in the Lagos State Government, we are indeed delighted to host this conference. Lagos has increasingly become the PPP Eco – chamber of Nigeria, being home to over 2000 financial institutions, Nigeria’s largest Ports, hosting 65 per cent of Nigeria’s commercial activities and being West Africa’s Maritime and Aviation hub.’’
Speaking further, the Governor said ‘’I wish to emphasize that we have witnessed significant and extensive mileage in PPP investment to address several developmental challenges confronting Lagos State, but we still have a long way to go. The Lagos State PPP Office is designed to facilitate, incentivize and create best-fitted structures for the injection of Private Capital into Lagos State.
‘’It is our hope that the Offices of the Honourable Minister of Finance and Mr Atedo Peterside, being (Chairman and Co-Chair) for implementing the National Development Plan [2021 — 2025] shall consider the special status of Lagos as the largest market in Sub Saharan Africa; in their implementation structures.’’
He urged the private sector to forge a much deeper and mutual collaboration with the government in ensuring the attainment of inclusive development and greater wealth generation in the country.