He, however, added that he will soon present a budget of over N2trn to the state House of Assembly.
The governor, who disclosed this at the 8th Lagos Corporate Assembly, a business forum, tagged ‘Babajide Olusola Sanwo-Olu, BOS Meets with Business Community,’ held at Lagos House, Ikeja, also expressed the readiness of his administration to ensure ease of doing business in the state despite current global business challenges.
“The demands from the report gathered from Ministries, Departments and Agencies show that if we have the resources, at least N7trnwill be needed for the year 2024 budget to meet the state’s infrastructure challenges and other basic amenities.
“Though we are proposing over N2trn budget size for the year 2024 to be presented to the state House of Assembly soon and we are having a demand of N7trn, our revenue is far from it.
“That’s one of the challenges we are having presently. We want to fix roads and do it correctly. We need to scale up with modern technology and put in place enduring policies. We didn’t anticipate the current inflationary rate. Our focus is on how to meet the demands of our people amidst the speculative market,” he said.
He solicited collaboration with the business community as well as the federal government to meet the demands, adding that his government was running against time, and he could not afford to fail.
“We are where we are today and if we don’t get it right here, it will have dire consequences for our country. We can have a handshake with the federal government. Mr President, in recent times, has embarked on trips abroad to canvass for investors to open up Nigeria’s economy as part of the Renewed Hope Agenda.
“We can’t give excuses; we need to work together. We are running against time. I have a political timeline I am working with. We can’t afford to fail. We will need to work together and identify the way forward. We should be able to solve some of our challenges through your ideas and submissions.
“We must let the MSMEs breathe for a sustainable economy, through friendly policies,” Sanwo-Olu said.
Speaking earlier, the Commissioner for Commerce, Cooperative, Trade and Investment, Mrs Folashade Ambrose-Medebem, stated that the corporate assembly has been a very important public-private sectors engagement platform, through which the state government and the business community interact and discuss issues that are crucial to the State’s industrial and commercial growth.
She said, “The T.H.E.M.E.S Plus development agenda was conceived as a comprehensive strategic document to guide the Sanwo-Olu’s administration in the areas of policy formulation, development, implementation and evaluation against set parameters, in order to aggressively transform the state to a modern economy and meet the yearnings and aspirations of all stakeholders, including the business community.
“As a responsive and responsible government, we recognise that ensuring ease of doing business is key to the state’s economic growth and development.
“This is why the administration, through the implementation of various reforms, prioritised the provision of a friendly environment that would support existing businesses while attracting more Foreign Direct Investments into the state.
“The outcome of the reforms includes, among others; improvement in the time of issuance of Planning Permit, which is down to 10 days for players in the built sector. This was achieved following a series of innovations introduced by this administration to make the process seamless, attractive and friendly.
“In the transportation sector, the administration recorded a milestone achievement with the inauguration of the much anticipated first phase of the 27km Lagos Blue Line Rail.
“The 13-kilometre project from Mile 2 to Marina, stretching across five stations, has brought considerable relief to commuters, reduced stress and public health challenges associated with public transportation, saved productive man-hour loss in traffic and is fast-tracking movement of goods and labour particularly to the business districts of Lagos Island and Victoria Island.
“There are various other interventions the administration has made since the last Assembly.
“To consolidate on what has been done, the state government will continue to use platforms, such as this Corporate Assembly, to sustain the engagement and fire up the conversation that would ensure that the state remains focused in its strong determination to move up the ladder on the global Ease of Doing Business index, and progresses steadily towards inclusive growth that would benefit the investors and the residents.”
“Indeed, whatever prominence Lagos State is laying claims to today would not have been possible without the contributions of the Organised Private Sector in the state.
Ambrose-Medebem added that the state government will continue to partner with the organised private sector for the sustenance of the state’s development.
“This is why the administration will continue to deepen collaboration with OPS stakeholders, not only to sustain the existing level of growth but also to accelerate the momentum of the state’s development,” she said.
