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Sanwo-Olu advocates ₦7 trillion budget for 2024 to address infrastructural needs

He expressed determination to ensure the ease of doing business in Lagos.

Gov Babajide Sanwo-Olu. [Twitter:@jidesanwoolu]

The event, themed 'BOS Meets with Business Community,' took place at the Lagos House in Alausa, Ikeja.

Governor Sanwo-Olu acknowledged the prevailing uncertainty in the global business landscape but stated his administration's commitment to meeting the set goals promised during the campaign period.

Despite challenges, he expressed determination to ensure the ease of doing business in Lagos, even in the face of current global uncertainties.

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During his address, Governor Sanwo-Olu highlighted findings from various Ministries, Departments, and Agencies, indicating that the proposed ₦2 trillion budget for 2024 falls significantly short of the resources required to tackle infrastructural challenges and provide basic amenities.

He underscored the need to leverage modern technology and establish enduring policies to address the state's critical issues, particularly in road construction.

"We are where we are today, and if we don't get it right, it will have dire consequences on our country. But we can't give excuses; we need to work together. We are running against time. I have a political timeline I am working with, and we can't afford to fail," Governor Sanwo-Olu declared.

The governor urged collaboration and innovative solutions from the business community, stating the importance of addressing challenges through collective efforts. He noting the need for policies that support Micro, Small, and Medium Enterprises (MSMEs) for a sustainable economy.

Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperative, Trade, and Investment, affirmed the significance of the Corporate Assembly as a vital platform for public-private sector engagement.

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She assured stakeholders that issues raised in the previous edition had been adequately addressed by relevant MDAs to enhance the business environment in the state.

Highlighting the T.H.E.M.E.S Plus Development Agenda, Ambrose-Medebem outlined the strategic document's role in guiding the Sanwo-Olu administration toward transforming Lagos into a modern economy.

She noted the administration's commitment to creating a friendly business environment, attracting Foreign Direct Investment (FDI), and supporting existing businesses.

Ambrose-Medebem acknowledged the positive outcomes of previous reforms, including improved planning permit issuance times and the inauguration of the Lagos Blue Light Rail's first phase. She affirmed the government's dedication to sustaining engagement and fostering conversations to enhance the state's global Ease of Doing Business Index and promote inclusive growth.

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