…Inaugurates 12-Member Economic Advisory Committee

Lagos State Governor, Mr. Akinwunmi Ambode on Monday said that the State would require at least $30billion dollars to adequately deliver 30 most impactful infrastructural projects over the next five years.

The Governor, who spoke shortly before inaugurating a 12-member Economic Advisory Committee at the Lagos House, Ikeja, said the projected figure represents about $6billion per annum, whereas the provision for capital projects in the 2017 budget is pegged at N500billion (about $1.6billion).

Alluding to the fact that the projection clearly shows that government alone cannot address the infrastructure deficit, he said the inauguration of the Economic Advisory Committee was therefore a step in the right direction.

“If Lagos was a country and we are the fifth largest economy in Africa, then we have to start thinking about the number five. In that regard, you must not think taxes of Lagos state citizens or IGR, you must create some kind of platform that would allow some other people who are outside to tell us how to run a country in a State.

“Let me crave your indulgence to present a picture of what we are confronted with. Our 2017 budget has earmarked about N500 billion (about US$1.6 billion) as capital spend. Whereas our recent Infrastructure needs analysis shows that over $30 billion would be required to achieve the 30 most impactful projects for the State over the next five years (an average of US$6 billion per annum).

“It is evident that Government cannot address this from current resources. A key task of this Committee is therefore to provide specific advice on the overall finance strategy to bridge the massive infrastructure gap. I am therefore glad and privileged that nine competent and well respected Lagosians have accepted our request to serve in the Committee,” he said.

Highlighting some of the key functions expected of the Economic Advisory Team, Governor Ambode said they would be expected to bring an independent perspective on economic and business issues with a primary role of offering advice to his administration under the four strategic 2012-2025 Lagos State Development Plan (LSDP) pillars of Economic Development; Infrastructural Development; Social Development and Security as well as Sustainable Development.

Governor Ambode said that whilst the Committee is independent and largely constituted by members from the private sector, the need for integration and collaboration to ensure that the views are taken on board necessitated in having three members of the State Executive Council, led by the Commissioner for Finance in the team.

He expressed optimism that the Economic team would further expand his administration’s all inclusive governance mantra and achieve the key objective of getting independent views on economic and business issues in delivering the mandate to the people.

Governor Ambode later inaugurated renowned economist and Founder of Agusto & Co, Mr. Olabode Agusto as the Chairman, while Commissioners for Finance, Mr. Akinyemi Ashade; Energy And Mineral Resources, Mr. Olawale Oluwo and Commerce, Industry and Cooperatives, Mr. Rotimi Ogunleye are members of the Committee.

Other members include former Managing Director, Skye Bank, Mr. Kehinde Durosinmi-Etti; Former Country Senior Partner, PwC, Mr. Kenneth Igbokwe; Founder/CEO Bestman Games Ltd, Mrs. Nimi Akinkugbe; Managing Partner, Dalmeida, Ogunlana & Co, Mrs. Adenike Ogunlana; Managing Director, Vetiva Capital, Dr. Laolu Mudashiru; former Minister of Science & Technology, Mrs. Omobola Johnson; Deputy Managing Director, Wema Bank Plc, Mr. Moruf Oseni and Mrs Yetunde Akinloye who doubles as Secretary of the Committee.

Responding on behalf of other members of the Committee, Agusto assured that they would work diligently and focus on the priorities of the State Government aimed at making life more comfortable for Lagosians.

He noted that one of the major reasons why Lagos is making steady progress was the fact that businesses are thriving, adding that the Committee would take into cognizance the important role the private sector plays in that regard.

http://akinwunmiambode.com/lagos-needs-30bn-to-execute-30-capital-projects-in-five-years/

FTC for the 1st time?....

Yeye state . . .
Lagos economy depends on Nigerias economy to grow. If Nigeria is in recession and Lagos starts boasting empty like they can survive then they are delusional people. . .

Ambode,the way u call money these days,I am a bit uncomfortable. million this,billion this,trillion that,I have even forgotten that billion is even 9zeros?
Mtchew,poverty?

Lagos take the lead.

fergie001:
Ambode,the way u call money these days,I am a bit uncomfortable. million this,billion this,trillion that,I have even forgotten that billion is even 9zeros?
Mtchew,poverty?o ga diri gi nma

Nwannem, you can make it in Lagos if you believe. Eliminate poverty!

As we may all be aware, Lagos City-State as one of the fastest growing cities in the world has a vision of becoming Africa’s model Mega City and global, economic and financial hub that is safe, secure, functional and productive. To achieve this vision, we are guided by the 2012 – 2025 Lagos State Development Plan (LSDP).

The transition from Vision to Strategy is expressed in four Development Pillars:
•Economic Development
•Infrastructural Development
•Social Development & Security; and
•Sustainable Development

However, underpinning these strategic pillars are the platforms of Finance and Governance. How do we attain the massive needs of our people especially in the face of strong ‘economic ‘head winds’? I am therefore very pleased that the set up and inauguration of this Economic team would go a long way in solidifying this platform.

As with most developing major city States, we are confronted with challenges in the areas of infrastructure, security, health, wealth creation, education and attracting investments and creating enabling environment to do business to mention a few. The modest gains achieved in addressing these over the past 20 months have been due mainly to prudent managing of the limited resources.

Let me crave your indulgence to present a picture of what we are confronted with. Our 2017 budget has earmarked about N500 billion (about US$1.6 billion) as capital spend. Whereas our recent Infrastructure needs analysis shows that over $30 billion would be required to achieve the 30 most impactful projects for the State over the next 5 years (an average of US$6 billion per annum).

It is evident that Government cannot address this from current resources. A key task of this Committee is therefore to provide specific advice on the overall finance strategy to bridge the massive infrastructure gap. I am therefore glad and privileged that 9 competent and well respected Lagosians have accepted our request to serve in the Committee. My sincere thanks and appreciation to each of you.



Whilst the Committee is independent and largely constituted by members from the private sector, the need for integration and collaboration to ensure that the views are taken on board has resulted in having three members of the State Executive, led by the Hon. Commissioner for Finance, in the team.

A key agenda of this Government has been to have an ‘all inclusive’ governance arrangement. My quarterly town hall meetings and regular meetings with business leaders emphasize the need to have the public and private sector views as we take major decisions. This private sector led Economic team achieves the key objective of getting independent views on economic and business issues in delivering the mandate to the people.

The Committee would be a sounding board over policies that will improve the business environment and the economic development of the State. Other roles include:
•Advise the Government on policies that should be considered for the purposes of fostering and advancing economic and business opportunities;
•Provide an effective mechanism for engaging the private sector on matters relating to economic development of the State;
•Provide advice and strategic direction along the lines of the Lagos State Development Plan, and or in relation to modifications if considered necessary;
•Analysing any issue, economic or otherwise, referred to it by the Governor;
•Act as ambassadors/champions for certain new initiatives;
•Advise on competitiveness issues, policy and programs;
•Provide advisory input according to their particular areas of expertise as appropriate and relevant in guiding and shaping the Governor’s vision and implementation strategy and process;
•Assist and provide support to the Governor on projects, issues and other matters as they arise.

Please note that this appointment is for an initial period of two years. In true spirit of recognizing the Committee’s independence, I leave it to you to determine the frequency of your meetings and the extent of your interactions with other stake holders.

On this note, the State Economic Advisory Team is hereby inaugurated. Congratulations.

Thanks again and God bless you.

Akinwunmi Ambode

Ajibel:


Nwannem, you can make it in Lagos if you believe. Eliminate poverty!

Enyi,making it,na all this trillions my bro.....U know how dem get am nah,na civil service job dem take get am?

The way they call this money without fear of God. Haba they should be adding titles to this kind of money

Ambode is the best. This guy should be given all the necessary support and in the next 10 years Lagos would be a world class city.
The guy has proven that Fashola was just a propaganda governor who did more on newspapers than on the streets.

The impact of Ambode is real. Journey from VI to Ajah has been cut from 3hrs to 20mins by the application of a simple smart solution that saw him knock off roundabouts and use a traffic channeling method that's just world class. On third mainland traffic, similar smart solutions and previously chocking traffic that lasted hrs was literally eliminated.

Fire in the lagoon!

That's a lot of money, even higher than what the federal government wants to borrow for the whole country.

Am just here to advertise my beautiful urban hardcore rap song titled "Let's flow"
Download @
http://m.padypady.com/music/4991/Lets-flow-Mickey-rova-MP3


Let's flow!

Ok

May God provide for you Ambode.
The dude is trying.
You can see his works.
Commendable.

thieves everywhere.

Lagos economy is far larger than those of Cairo,johannesbourg,luanda,nairobi,kigali,capetown,malabo etc and yet lagos still lag behind them in terms of infrastructural development.those aforementioned cities dont even need 30 billion dollars to achieve that feat.

really?

An audit of Lagos State's Accounts for the last 20 years will show that most if not all infrastructural projects have been padded from 100-450%.

The projects the governor speaks about could very well have been executed since but for financial opacity, greed and political ambition.....

case in point: where is all the mega income from the Lekki Toll gate going to?
Lagos as operated today is a 'bottomless pit' financially 'nobody' knows where the real money is going



Threads below attempt to explain the rot

https://www.nairaland.com/3418984/fashola-years-details-contracts-awarded

https://www.nairaland.com/2801004/recently-purchased-rrs-helicopter-5n-lag

https://www.nairaland.com/2331840/top-10-dodgy-contracts-awarded

https://www.nairaland.com/2380169/top-10-20-dodgy-contracts

Is Ajimobi even reading all these good news about other states

If Lagos was a country and we are the fifth largest economy in Africa, then we have to start thinking about the number five.

Enviable

30bn!?

Ambode, the super active gov.
I love men with quality ambition.

Lagos is really far ahead of even the country called Nigeria. And am glad Ogun state is massively exploiting it's close proximity to Lagos.


The forecast is even greater than that of some countries in Europe.

I believe Lagos can generate half of this money within the 5 years period and with the federal allocations and all.. I feel the state would be an envy to other state in Nigeria come 2022. the visionary leaders in that state are just wonderful. EKO ONI BAJE O

This is the way to think if progress must be made

Shout out to Ambode,The President of the Federal Republic of Lagos.

Shout out to Asiwaju Tinubu who set the foundation and selected Fashola and Ambode to continue his hallmarks.

All three of them na thief o but they are working thieves.F

If you look at Lagos since 1999 ,What has FG done ?

If you knew Ikorodu in 1999 which is where i have lived since 1998 and you know Ikorodu today 2017, you will know Lagos is working.

I also celebrate every ethnic group that contributes to the greatness of Lagos.

If you go to the Ikorodu version of states like Akwa Ibom and Delta and Bayelsa, there is zero development there o.

Finally Special shout out to Commissioner of works and Infrastructure,Ganiyu Johnson. The man sabi die. What Lagos is doing at Ojodu Berger and what they did to round abouts in Lekki, Barricades in Oworo and Ojota and the Alapere Extra lane among many other things just shows how little solutions can improve traffic flow. Respect to commissioner of the year;Ganiyu Johnson

Interesting

Good information. It would be economically encouraging to value Naira more. We should say and write Naira value of any commodity or project in Nigeria, than foreign currency.

Ghana, South Africa, Egypt, Brazil, among other countries mention the currency cost of projects first, then the US Dollar equivalent.

We in Nigeria should do so. Naira is our currency not US Dollar.

mtcheew....borrow money until no country go boro u again, even world bank go tire. FG wan boro een own 4rm China, Lagos too, another state too will come up all in the name of making #NIGERIA a better place. Na only God ft judge una wrk weda good or terrible!

Lagos come let me dash you pipo money or borrow from my colleagues Emoney or Dangote

Nma27:
30bn!?

yes! some individuals have that in there account... they are called looted funds. Lagos wants to utilize such money "30b dollars" and wait till 2022 when you'll be amazed at what this looted monies could have done for this country if they were properly utilized.

Xano:
A

A for aproko

pweshboi:

yes! some individuals have that in there account... they are called looted funds. Lagos wants to utilize such money "30b dollars" and wait till 2022 when you'll be amazed at what this looted monies could have done for this country if they were properly utilized.

OK o