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Sanwo-Olu calls for private sector collaboration for inclusive development

sanwo-olu - lagospost.ng

Lagos State Governor, Mr Babajide Sanwo-Olu, has tasked private sectors in the state to foster deeper and mutual collaboration with the government at all levels to achieve inclusive development and greater wealth generation, particularly in Lagos State and in Nigeria as a whole.

He made this known while delivering the keynote address at the third Nigeria Public-Private Partnership Network Conference (NPPPNC) organised by the Lagos State Public-Private Partnership Office, at Bon Hotels, Ikeja GRA, Lagos, on Wednesday with the theme, “The Role of PPP in the 2021-2025 National Development Plan”.

According to Sanwo-Olu, the conference was timely and is coming after the new National Development Plan (2021-2025) which was approved by President Buhari to succeed the Economic and Recovery Growth Plan (ERGP), designed to confront the economic challenges being faced by the Nation.

He also said the National Development Plan (2021-2025) is standing on six strategic pillars, namely: Economic Growth and Development, Infrastructure, Public Administration, Human Capital Development, Social Development and Regional Development.

Sanwo-Olu noted that strategic reception to private sector capital investment is an essential tool for advancing infrastructural development, the Governor stated that Nigeria’s infrastructure gap is estimated at about $3 trillion, which is about six times the size of its annual national GDP.

In his words: “The National Development Plan (2021-2025) is thus a major imperative to unlocking quantum private sector collaboration and partnerships for us to travel the distance of socio-economic advancement in a quicker and more inclusive fashion”.

“The National Development Plan projects an ambitious investment size of N348.7 Trillion over a five-year period, out of which the Private Sector is expected to contribute 85.7% while the Federal Government, State Governments and Local Governments will contribute 14.3% cumulatively”, Sanwo-Olu said.

Lagos state governor said that the state has increasingly become the PPP Eco-Chamber of Nigeria, being home to over 2000 financial institutions, Nigeria’s largest Ports, hosting 65% of Nigeria’s commercial activities and being West Africa’s Maritime and Aviation Hub, declaring that Lagos State is ready and open to more private investments, innovation and partnerships.

Also speaking at the occasion, the Special Adviser to the Governor on Public-Private Partnerships, Mr Ope George, said any government that plans to provide adequate infrastructure to its citizens has to adopt all available PPP models, noting that Lagos State is the trailblazer in the adoption of PPP for infrastructural development.

George said the PPP initiative, in all cases, is aimed at increasing private investment into the PPP infrastructure market and the core infrastructure sectors.

“Most of our projects encompass capacity-building for Ministries, Departments and Agencies (MDAs), as well as technical support for project preparation and advisory services to develop commercially viable PPP transactions. We have gone a long way in the adoption and utilisation of PPP models, but we are not resting on our oars”, he said.

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