The Bank of Industry has called for more investment in industrial clusters, reliable power supply and supporting infrastructure to lift productivity, attract private capital and strengthen the Lagos State economy.
The Managing Director/Chief Executive Officer of BOI, Dr. Olasupo Olusi, made the call in a keynote address at the 4th edition of the Lagos Economic Outlook 2027 Discourse, themed “Development Pathways, Emerging Risks and Strategic Policy Priorities.”
Olusi was represented at the event by Dr. Isa Omagu, General Manager, MD/CEO’s Office, BOI.
He said investment in industrial clusters, particularly along major industrial and port corridors, would help businesses overcome production constraints, cut operating costs and become more competitive.
Olusi also said Lagos must measure its economic progress by the improvements that businesses and residents actually experience, rather than relying solely on economic growth figures and public spending.
“The test is whether Lagos becomes more productive and more liveable,” he said.
He identified electricity costs, traffic congestion, access to appropriate financing and institutional coordination as the major constraints on business productivity.
“A manufacturer needs reliable electricity. A worker needs a commute that does not consume productive hours. Firms need predictable approvals, appropriate finance and customers,” he said.
Olusi urged the state to prioritise investment in power infrastructure serving industrial clusters, faster freight movement, streamlined business approvals, flood-resilient commercial routes and skills development.
Speaking at the event, the Lagos State Commissioner for Economic Planning and Budget, Mr. Ope George, said the ministry would continue to coordinate economic intelligence, development planning, budget management and performance monitoring in support of the state’s long-term development aspirations.
He said the 2027 economic outlook offered an opportunity to consolidate the state’s achievements, tackle structural challenges and strengthen its position as a competitive and resilient economy.
“Our focus goes beyond economic projections. It is about shaping policies that will strengthen competitiveness, promote inclusive growth and secure a sustainable future for Lagos State,” George said.
Earlier, the Permanent Secretary of the Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo, outlined the state’s development planning, budget monitoring and performance evaluation frameworks.
She said Lagos was strengthening evidence-based governance through its long-term development plan, Medium-Term Expenditure Framework, annual budgets and regular monitoring of revenue, expenditure and project delivery.
Ojo also highlighted the government’s engagement with communities and its use of platforms to improve citizens’ access to information on public projects and social intervention programmes.
