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The Lagos of Our Dreams Lagos Ehingbeti @ 20: the Lagos of Our Dreams Place of Ehingbeti Ehingbeti 2021: The Lagos of our Dreams Lagos Ehingbeti @ 20: The Lagos of our Dreams Place of Ehingbeti Ehingbeti represents the economic heritage of the Marina and Broad Street areas of Lagos State, which served as the spring board for Nigeria and West Africa socio- economic development Hence the virility and right from the time of European incursion in 1472 and the establishment of the African Association in Lagos in 1884. development of Lagos State is inextricably The Association embraced pioneer African merchant princes bound with Ehingbeti- and European supercargoes who promoted the establishment of Lagos civilizing role and the enterprising Lagos Chamber of (Marina/Broad Streets) as Commerce and Industry, the doyen of West African business reflected in the common chambers. saying “B’oju o ba t’Ehingbeti oju ole t’Eko”. Indeed, Ehingbeti symbolizes a glorious Meaning. So long as the past and a future building block for Lagos maze of waterways is and ECOWAS economic growth based on available for haulage of greater private sector participation (PSP). men, ideas and goods, Geographically, it is the water way and adjoining lands so long will Lagos stretching from the Marina West (Alakoro/Apongbon) to Iru continue to prosper as Creek in Marina East (Onikan), with access to Porto Novo and the emporium of Nigeria’s beyond in the west, and the Lekki corridor in the Lagos East. The area was the choiced site of commercial piers, multi- economic and financial national conglomerates, old Lagos Custom Quay and European activities”. Ehingbeti settlement. today is now known as the Lagos Economic Summit. Written by Yemi Cardoso 03 Ehingbeti @ 20: The Lagos of our Dreams The Ehingbeti summit has over the years served as a beacon of change and helped shape the future of Lagos state through public discourse 2000 2001 2002 Accelerating economic Improving urban Lagos Megacity and the growth through private development, economic Challenges of Economic sector partnership in growth and social Development infrastructural responsibility through development effective partnership 2008 2010 Transforming Lagos Investment opportunities into Africa’s Model in Africa’s emerging megacity model megacity 2012 2014 2021 FROM BRICS TO Powering the Lagos For a Greater Lagos: BRINCS: Lagos Holds Economy Setting the Tone for The Key the Next Decade Over a 3-day period of Ehingbeti 2021 (Tuesday 16 – Thursday 18 February), we will listen to visionaries, global citizens, thought leaders, futurists, disruptors, innovators, venture capitalists, economists, Gen X, Y, Z all focused on problem-solving for Lagos State. They will share insights and offer perspectives, including global leading practices on the various topics and most importantly the solutions that can be readily implemented in Lagos. 04 Ehingbeti @ 20: The Lagos of our Dreams Contents 08 27 Welcome Speech Pillar Members 10 28 Welcome Address Fireside Chats 15 Agenda 05 Ehingbeti @ 20: The Lagos of our Dreams 30 59 Lagos Statistics Speakers - Day 2 34 80 Goodwill Messages Speakers - Day 3 38 105 Keynote Messages Partners and Sponsors 41 106 Speakers - Day 1 Recognition 06 Ehingbeti @ 20: The Lagos of our Dreams 07 Ehingbeti @ 20: The Lagos of our Dreams Welcome Speech By Yemi Cardoso, Chairman, Citibank (Co-Chairman LESG) The Governor, Lagos State, Honourable Members of the Senate, Members of the press, distinguished ladies and gentlemen, all protocols observed. It is with great pleasure that I welcome you to the 2021 edition of Lagos Economic Forum, popularly known as the Ehingbeti Summit. We have held this summit successfully for over two decades. Despite the operate like a mega city. That would only be possible challenges we have had with the Covid-19 pandemic if we are deliberate about the plans and policies we and its disruptive effect on businesses, we have been put in place to ensure that both the public and private resolute in our decision that the summit will happen. sector can achieve the set goals or objectives meant to As a result of that, we have harnessed all our creativity develop the city. I believe we have the leaders with the to be able to hold this hybrid summit both virtually know-how and we have the workforce. What we need and with some live sessions, so we can continue to to do is provide the vision and guidance to make sure deliberate on issues that would move Lagos State it happens. That is what this summit is about. Bringing forward. together the people that can give not just great insight but also help us put together a road map for success, The theme for this year’s summit is “For a greater to ensure that this great city will reach its goal of being Lagos: setting the tone for the next decade”. This one of the best cities in the world. theme very much resonates with what the current thinking is for both Lagos and Nigeria. That is not to say, it’s going to be easy. That is not to Lagos has seen an appreciable development over pretend that there will not be challenges along the way. the past 10 years. In 2010, Lagos had a GDP of =N= That is to say whatever the challenges we face, giving 12.091 trillion and 10 years later, the economy of up is not an option. We have to keep on pushing till Lagos has grown to XXX GDP. This growth in GDP has Lagos reaches its deserved status in the world. come with some infrastructure development including The importance of Lagos doing well in the economy of (two examples) among others. Other sectors such as Nigeria is quite clear to everyone. It is estimated that housing and financial services have also seen some Lagos contributes about 30% to the GDP of Nigeria. significant growth. The growth has come with some What that means is if Lagos does well, Nigeria will do employment opportunities and the financial sector well. The success of Lagos is therefore not just a Lagos has grown to meet the increasing needs of the Lagos issue but a national issue. As a country, we must do population. The needs of the people are varied and it whatever is possible to ensure that Lagos realises its is important that we not only create employment for dreams and drives economic growth in Nigeria. them but also find creative ways to empower them economically. There are several opportunities we can harness in Lagos. We have a very youthful population and this Lagos is a mega city and must begin to look and serves as a good opportunity to drive entrepreneurship 08 Ehingbeti @ 20: The Lagos of our Dreams and growth of small scale industries. There are clear the path that will lead us to success. examples like the Silicon Valley in San Francisco which I believe this has given you an idea of why we are have not only contributed to the State but also the here today. To restate the message, we are here to United States of America and ultimately the whole discuss and find solutions that will make Lagos the best world in terms of driving new enterprise, especially in investment destination in the world. We want to put the area of technology. How do we develop a model Lagos State back on the map as the Head Quarters for like that? I believe the discussions during this summit businesses in West Africa and Africa. will give us a clearer understanding of what needs to be done. We plan for this summit to be highly interactive with plenary sessions and discussion forums that With our youthful population also comes the need for allow the public to contribute their opinions to the education. Investment in the infrastructure required to discussions. The Governor will make himself available ensure that our children are not only well educated, to answer questions directly in a session we call but they also have access to all the associated “Ask the Governor”. That should indicate the level of opportunities within the educational sector. If I talk importance the Governor has attached to this summit. about well educated, what I mean is to bridge the We are grateful to him for making himself available and gap between the high end schools and the lower end accessible to the people of Lagos. school, to ensure that there is a minimum standard that is set across Lagos. This is something we can do and it Key areas we will touch on during this summit includes requires that we start thinking about what infrastructure how to make Lagos the world’s best investment and policies are required to ensure that happens. I destination, how to strengthen governance, institutions believe that as we explore the various topics during the and legislation, driving a digital economy in Lagos, how summit, more insights will come on this. to develop the human capital in Lagos and how to fund the resultant growth in a sustainable way. The youthful population in Lagos also means that there will be a constant demand for affordable housing. Let me welcome you again and request that we all Investment in low cost but quality housing units is an participate keenly to ensure that we have a successful area we seriously need to look into. The investors in summit, but most importantly, that we end the summit the real estate business need to work with the state with insights and opportunities that would change the on strategies and plans that can ensure that the cost outlook of Lagos going forward. of housing is brought down to the level that makes it affordable to the people of Lagos. It may require I wish all a successful summit.
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