At a time economic summits have become commonplace and sometime a mere economic buzz word around the world, the Lagos State Government has turned its own brand of economic summit, the Lagos Economic Summit (LES) popularly called EHINGBETI, into a huge platform to drive socio-economic and infrastructure development in the state.
Buoyed by the successes of the past six editions of LES, a public-private sector driven initiative, the stage is set again for the hosting of the seventh edition of the summit from April 8 to 10, 2014 under the theme, Powering the Lagos Economy: Real Opportunities, Endless Possibilities to underline the investment opportunities behind what many regard as challenges in our clime as developing continent.
As preparations for the hosting of the summit gear up, the Lagos Economic Summit Group (LESG), the secretariat responsible for organising the bi-annual summit, said the 7thEconomic Summit is intended to open a floodgate of investment opportunities in the power, agriculture, transportation and housing sectors of the Lagos economy to many more private sector operators.
Speaking on the summit, the Lagos State Commissioner for Economic Planning and Budget, and LESG Chairman, Ben Akabueze, said this year’s economic summit would consolidate the gains of the 2012 edition which focused on key critical sectors namely Power, Agriculture, Transportation and Housing. He said the whole essence was to accelerate sustainable development in the state.
“The 7th Lagos Economic Summit will focus on strategies for accelerating sustained growth in the economy of Lagos State especially through the creation of a vibrant and cost effective power sector. This is because an effective and efficient power sector is very strategic to the growth of other sectors like modern agriculture especially food processing.
‘‘The provision of an integrated transportation system and affordable, decent housing for the people are also very critical areas. So, we want to use this summit to attract investors who will be joining the state government in bringing about lasting solutions that will address the gaps that we have identified in these four areas. This is why the choice of summit theme which was informed by the set agenda and objectives of the summit is tagged ‘Powering the Lagos Economy: Real Opportunities, Endless Possibilities’”, he said.
It is heart-warming to note at this juncture that aligned to the positioning of the Lagos Economic Summit as a ‘to do’ summit as opposed to the common type ‘talk shop’ that many summits have become, the Lagos State Government has implemented 28 out of the 33 resolutions reached at EHINGBETI 2012 while the implementation of the remaining five resolutions is ongoing.
The effects of the summit and indeed the previous editions are equally evident on the economy of the state. These include the completion of three Independent Power Projects namely Akute Power Plant, Island Power Plant and Alausa Power Plant with a combined capacity of 32.55MW within the last there years along with some associated distribution infrastructure.
Two more IPPs at Lekki and Ikeja with combined capacity of 14.8MW will also be commissioned this year.
On agriculture, increased funding is being channelled towards effective involvement of youths and women in agriculture through various initiatives such as Agric YES, Songhai farm settlement and Rice for Job as part of the EHINGBETI resolutions.
The state government has also embarked on transition from an air-cooled vehicular transportation system to a fully refrigerated meat transportation system, as a first in a series of steps intended to completely overhaul meat handling to internationally acceptable standards.
There is also the introduction of produce van for the transportation of agriculture produce. The state government has also invested heavily on road rehabilitation and construction of new infrastructure such as commitment to the completion of the first phase of the Blue Line Rail Corridor with 82 per cent completion of infrastructure work, completed construction of 1.385km Lekki- ikoyi link Bridge through direct state financing and commitment to the completion of five modern Waterways Terminal and additional 20 Jetties across the state.
Akabueze noted that the 7th opportunities that await us when resolutions for change are taken atEHINGBETI 2014,stressing that the summit provides a great opportunity for various stakeholders to get together for mutual benefit.
Investment experts say the size of Lagos and the huge deficit in infrastructure needs of the state, not peculiar to Lagos though, are strategic investment consideration that perceptive investors should begin to look at as the reason to be at the forthcoming economic summit.
Acknowledged as one of the fastest growing mega cities in sub Sahara Africa, Lagos is Nigeria’s hub for commercial and business activities as well as home to the corporate headquarters of most financial institutions and over 40 per cent of bank branches. The city-state also hosts the nation’s two busiest seaports in Nigeria and the country’s busiest airport just as it accounts for 48 per cent of petroleum products’ consumption in Nigeria.
In addition, over 40 per cent of telecommunication subscribers are based in Lagos while the state also offers immense opportunities for leisure and tourism, and entertainment.
‘‘Lagos boasts of a huge population estimated at almost 21 million residents and it has
been established through various studies that due to its mega city status, the state requires massive investment in a number of social infrastructures that can support its population’’, a Lagos-based investment analyst, who craved anonymity, said.
According to the expert, the infrastructure needs of the state are in critical sectors such as uninterrupted electric power,roads and integrated transportation system, health, housing, education, food security and general security among others.
To underline the importance attached to the summit, an array of international and local speakers and panellists has been confirmed for the summit. They include former President Pedro Pires of Cape Verde as the Summit Keynote Speaker; former Minister of Power, Prof. Barth Nnaji; Chairman, Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi; Commissioner, Market Competition and Rates, NERC, Mr.Eyo Ekpo; Group Executive Director (Gas and Power), Nigeria National Petroleum Corporation (NNPC), Dr. David Ige; Dean, Faculty of Environmental Science, University of Lagos, Prof. Olimide Olusanya and Lagos State Commissioner for Energy and Mineral Resources, Engr. Taofiq Tijani.
Others are Chairman, Falcon Petroleum Ltd, Mr. Chima Ibeneche; Chairman, West Power and Gas, Mr. Charles Momoh; Managing Director, Niger Delta Power Holding Company,
James Olotu; Managing Director, ASO Savings and Loans, Hasssan Usman; Principal Partner, Mckinsey, Nigeria, Mr. Scott Desmarais; Managing Director/CEO, Oando Gas Power, Mr. Bolaji Osusanya; Senior Vice President, Gas and Power, CAMAC, Mr. Fisoye Delano;
Country Manager, International Finance Corporation (IFC), Solomon Adegbie-Quaynor; former Partner, Lazard Ken Costa; Managing Director, Consolidated Solutions Ltd.,
Abiodun Adeoye; General Manager, Lagos State Electricity Board (LSEB), Damilola Ogunbiyi and Managing Director, Lagos Metropolitan Area Transport Authority (LAMATA), Dr. Dayo Mobereola.
That being said, there is no gainsaying the fact that real opportunities reside in Lagos State; in its population, diverse culture dominance, its social and cultural lifestyles and of course commerce and industry. EHINGBETI 2014 will indeed provide stakeholders in various sectors opportunity to rub minds and exchange ideas on the most efficient ways to utilise these real opportunities to help the state realise its endless possibilities.
In this regard also, participating consumers and stakeholders at the summit will get a better sense of challenges, issues and timing of changes for planning purposes while the Government would also get a good input for planning and have a better understanding of how changes and policy can enable good economic growth. Investors will also not be left out as ideas for delivering superior returns to investors, venture capitalists will be considered as these will also gain insights into the emerging opportunities.
The Lagos Economic Summit (EHINGBETI) dates back to 2000 and it was borne out of the strong desire by the state government to accelerate economic growth and development of the Lagos.
The summit was is a participatory forum for integrating stakeholders into economic planning and development matters in Lagos State.
