SANWO-OLU RELISHES PARTNERSHIP WITH U.S ON ECONOMIC GROWTH

Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu has restated his administration’s commitment and willingness to sustain momentum in promoting an enduring and mutually beneficial partnership with both local and foreign investors.

The Governor said this on Thursday at the US-Nigeria Council for Food Security, Trade and Investment, themed: “A New US-Nigeria Partnership for Economic Revival” held at Eko Hotel and Suites, Victoria Island, Lagos.

Sanwo-Olu, who was represented by the Deputy Governor, Dr. Kadri Obafemi Hamzat, added that the prospect for generous return on investment in several sectors including agriculture and its value chain, multimodal transport system, healthcare service and waste to wealth, among others, is huge.

He further emphasised that the state government will continue to offer all the necessary support that will make doing business in the state a rewarding experience as Lagos State is open more than ever before for business:  “Lagos State is, more than ever before, open for business and we will continue to offer all the necessary support that will make doing business in Lagos a rewarding experience”, Sanwo-Olu promised.

He noted that the relationship between the United States and Nigeria is not just significant but pivotal, adding that “As we gather under the theme ‘A New US-Nigeria Partnership for Economic Revival’, we acknowledge the profound impact that a strengthened collaboration can have on both our nations and the broader international community”.

Speaking further, the Governor said the Council for Food Security, Trade and Investment serves as a bridge, connecting the dots between Nigeria and the United States and creating a roadmap for mutually beneficial collaboration.

He added that the event provides a unique platform for fostering dialogue and understanding between high-level representatives from the United States and Nigeria. 

He averred that it is the amalgamation of expertise and experience that positions Nigeria to explore the vast potentials that lie in the realms of investment and trade.

Sanwo-Olu said, “Nigeria, with its vibrant and diverse economy, holds immense promise for our American counterparts, likewise the United States with its innovative spirit and robust economic foundation stands ready to contribute significantly to Nigeria’s economic growth and development. 

In his remarks, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso noted that the Central Bank of Nigeria is committed to supporting the actualization of President Bola Ahmed Tinubu’s  Renewed Hope Agenda which relates to having a trillion dollars economy in another seven years, which is a very ambitious goal and shows that the present administration understands the need for partnership and collaboration. 

Speaking on the development recorded in Lagos, the CBN Governor said the quality of governance in the State has made it become the fifth largest economy in Africa and the tremendous growth experience is linked to the consistency in policy making and strong leadership.

Similarly, the former United States Ambassador to Nigeria and Chairman, US-Nigeria Council for Food Security, Trade and Investment, Terence McCulley stated that within six months of President Bola Ahmed Tinubu’s assumption of office, he made notable reforms through his “Renewed Hope Agenda”, in areas such as floating exchange rate, eliminating the fuel subsidy, shaking up the Central Bank and defense leadership, among others.

He added that the different initiatives witnessed since the inception of Tinubu’s administration have increased investor’s interest, adding that the biggest cause for optimism is Tinubu’s promise “To adapt his tech policy from his experience as Lagos State Governor to a national scale”. 

In his remarks, the United States Consul-General, Mr. Will Stevens stated that certain sectors are prioritised in economic relationships and must be considered when engaging the US government.
Citing examples of energy, climate, agriculture and technology, he noted that Nigeria must collaborate with the US for cleaner energy, electrify Nigeria and bring power closer to the people.