THE Lagos State Governor, Babajide Sanwo-Olu, has expressed confidence in the ongoing economic reforms being implemented by President Bola Tinubu to yield positive results to the global investment community and Nigerians.
Governor Sanwo Olu highlighted key areas of priority being explored by his administration to drive foreign investment into Lagos.
The President, Sanwo-Olu said, took the “courageous step” by ending the fuel subsidy regime, which, he stressed, was a necessity to save the nation’s economy from the edge of catastrophe.
The Governor said, although the action led to inflation, the money saved had been re-invested in various interventions geared towards stabilising the economy.
The Governor assured that Nigerians would soon feel relief as the President rolled out more interventions, noting that Tinubu came with a clear strategy to tackle the nation’s economic challenges while pleading with Nigerians to be patient with the President.
According to Sanwo-Olu, “I believe six months is a short term to evaluate President Tinubu’s far-reaching reforms, but in terms of the clear strategy and focus, the Tinubu administration is there.
“What the President has done over the last six months, none of his predecessors had the audacity to do. He took the courage and removed the subsidy on petrol, which will save the country about $2.5 billion.
“These are funds that can go into other areas, such as education, health, and social investment. What he brings to the table is more important, having governed Lagos before.
“The fact that the President is challenging members of his cabinet to sit up and focus on the business of governance shows his commitment. He said he would not hesitate to kick out non-performing ministers. What we are asking the citizens is to give the President a bit more time.
“He has a bold, laudable economic agenda known as Renewed Hope. In the next few months, we will begin to see relief coming out from all of the interventions he has put forward, and the country will be better for it.”
The Governor also spoke about the readiness of Lagos to welcome more foreign investment in key sectors of the economy, adding that Lagos remained a key player in the African economic order, with a Gross Domestic Product, GDP bigger than the economies of Kenya, Ghana, Rwanda, and Senegal.
