Lagos holds economic summit
Government has declared this year’s 7th biennial Lagos Economic Summit, Ehingbeti, as a platform for generating idea.
The Commissioner for Economic Planning and Budget, Mr. Ben Akabueze, while addressing journalists in Ikeja, said arrangement had been concluded for this year’s summit to hold at the Eko Hotel and Suits, Victoria Island between April 8 and 10.
According to him, this year’s event would focus on power, which informed its theme: ‘Powering the Lagos Economy: Real Opportunities, Endless Possibilities.’
He said the platform, over the years, had been an avenue for showcasing the economic potentials of Lagos and that deliberations at the summit had often formed the blueprint that drive the Lagos economy.
According to him, Ehingbeti has been successful so far.
For instance, he said, in the last summit, there were 33 resolutions out of which 28 have been fully implemented by the government. Some of the gains Ehingbeti has attracted were the implementation of the Independent Power Project (IPP), which led to the establishment of the Alausa IPP to provide 10.6 megawatts of electricity, the Lagos Island IPP and two others, which are being expected before the end of the year.
He said the 2014 Ehingbeti would focus on strategies for accelerating sustained economic growth in the State, especially through the encouragement of a vibrant and cost effective power sector.
According to him, the major goal of the summit is to provide cross-fertilization of ideas with a view to accelerating rapid and sustained economic growth in the State, envisaging the outcome of the Summit to include making new electricity players, regulators, consumers and other key stakeholders get a shared and better understanding of expectations and priorities.
“This should aid the strategic planning and implementation process. The summit would also enable consumers and stakeholders get a better sense of challenges, issues and timing of changes for planning purposes while the government would also get a good input for planning and have a better understanding of how changes and policy can enable good economic growth,” he said adding:
“The Summit will also create a forum for businesses, government, consumers and regulators to exchange ideas on how to tackle potential roadblocks, accelerate sustainable economic growth and delivering superior returns to investors as well as attracting venture capital, new investors and businesses.”
On the challenges encountered so far, Akabueze said there is the challenge of sustaining people’s interest in the project, getting the right kind of people for the event and even funding it, among others.