Tell Magazine

It was the sixth edition of the Summit. But it commanded more attention than previous ones. We are talking of last week’s Lagos Economic Summit (Ehingbeti 2012), which had the sub-title “FROM BRICS TO BRINCS: Lagos Holds The Key.” All the participants agreed that for Nigeria to develop and grow its economy, Lagos which has for many decades been the economic nerve-centre must continue to play that vital role. And the chief host of the event, Governor Babatunde Fashola, laid bare the statistics. Today, Lagos is home to some 18 million people. That is expected to rise to 20 million in another three years.  There are 22 industrial estates, 2,000 industrial complexes, 10,000 commercial ventures. That is not all.  Sixty per cent of the nation’s commercial and industrial transactions, 70 per cent of maritime cargo freight, 80 per cent of international aviation traffic take place in Lagos. Half of the nation’s power generation is consumed in Lagos. It is no wonder, therefore, that President Goodluck Jonathan promised two emergency power stations in Lagos. The federal government is equally granting concession to the state to build railway lines. These have become necessary because the state government has identified four key areas that can boost not only its economy but trigger the much anticipated national economic development. The areas identified by the state are power, agriculture, transport and housing. All the participants agreed that with sufficient investments in these key non-oil sectors, Lagos may more than double its present 25 per cent…