Lagos Economy Boosted by Reforms and Partnerships

During the inauguration of the Oniru Business Cultural Day, Lagos State Deputy Governor Obafemi Hamzat highlighted the significance of reforms and partnerships between the palace and private sectors in fostering economic growth. He noted that Lagos contributes 28% to Nigeria's Gross Domestic Product (GDP) and is a major hub for small and medium enterprises in West Africa.

Hamzat explained that the state's deliberate reforms and strong institutional frameworks are crucial for sustainable development and attracting foreign direct investment. He emphasized the need for technological advancements and regulatory reforms to enhance revenue generation without imposing additional burdens on residents.

The event also marked the launch of the Iru Business Network and the establishment of the Oniru Business Council, aimed at promoting collaboration among businesses and addressing issues affecting operations in the Iru land. The Deputy Governor reiterated the commitment to infrastructure development, job creation, and maintaining a stable business environment in Lagos.