The Lagos Chamber of Commerce and Industry has urged the Federal Government to maintain consistency in policymaking to safeguard private sector investments. This recommendation was articulated in a statement titled “LCCI Statement on Lagos Project Commissioning by President Muhammadu Buhari,” signed by the chamber’s Director-General, Chinyere Almona. While acknowledging the fanfare surrounding the president’s visit to Lagos State, the chamber expressed a greater concern for the economic implications of the projects inaugurated during his two-day working visit.
The statement highlighted the commissioning of several key projects, including the Lekki Deep Sea Port, the Lagos Rice Mill at Imota, the 18.75km Eleko-Epe rigid pavement six-lane expressway, the first phase of the Blue Light Rail from Mile 2 to Marina, and the John Randle Centre for Yoruba Culture and History. These initiatives are seen as crucial drivers of development in the state. The LCCI encouraged other state governments to invest in the necessary infrastructure to stimulate economic activities and growth. It also called on the Federal Government to recognize the substantial private investments in various states and to create a stable policy environment, noting that policy inconsistency has been detrimental to investor confidence.
The statement emphasized that infrastructure is a vital component of growth and development. The Lekki Deep Sea Port, Nigeria’s largest seaport with a draught of 16.5 meters, is expected to enhance trade and commerce not only in Nigeria but also across the West African region. Additionally, the 32-metric tonnes per hour Lagos Rice Mill at Imota-Ikorodu was launched to supply rice for local consumption and potentially for export. The conceptualization and launch of the Lagos Blue Line Rail project aim to alleviate transportation challenges in the city, fulfilling the demand for a multi-modal transport system that can ease the traffic congestion faced by residents.
To fully leverage the benefits of these infrastructures, the LCCI noted the necessity of a connecting rail network to facilitate the movement of goods and people, thereby enhancing trade and commerce within the state and beyond its borders. The statement pointed out that with such connections, Eko Rice could easily access the West African market, allowing farmers in Lagos to increase their investments in rice production, create more jobs, and address rising prices of the product.
Furthermore, the chamber commended the Lagos State government for its commitment to providing infrastructure that positively impacts the economy, contributing to the growth of both the state’s and the nation’s GDP. It also urged financial development institutions to support rice farmers in Lagos to enhance their production capacity and meet local demand.
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