5th May, 2011
The Lagos State government has disclosed that 64 companies have signed up for the Lekki Free Trade Zone, LFTZ, with an initial investment of over 25 billion US dollars ( about N3.8 trillion.)
Commissioner for Economic Planning and Budget, Mr. Ben Akabueze disclosed this on Wednesday in Lagos, South West Nigeria, saying that the LFTZ had been able to attract lots of foreign investors to the state.
He also disclosed that the state government would not stop having a budget deficit until 2013 while he defended the government for its consistent borrowing to finance its deficit budget.
Akabueze refused to disclose the debt profile of the state by tactically evading the question asked on the issue, saying that even the United States was indebted to the tune of trillions of naira.
The commissioner also spoke on the State’s Gross Domestic Product, GDP, saying that there had been an increase over the years.
“The projected Lagos State GDP figure for Year 2009 stood at N4.163 trillion as against N3.909 trillion recorded in the previous Year 2008, representing an increase of 6.5%. “In year 2010, the figure stood at N4.443 trillion, representing an increase of 6.7% over the Year 2009 figure. The relevant data from the recently concluded year 2010 Lagos Household survey are also being compiled as inputs to the GDP computation for year 2010,†he said.
On the implementation of the conditional grant scheme, Akabuze explained that the 2008 projects had achieved 95% completion with over 51 sites completed and handed over.
“In addition, supply of equipment to 35 sites has been fully completed. The State Government through the Ministry successfully bid for funding of projects under the Scheme for 2009 projects implementation.
“The State Tenders Board has awarded the contracts while 70% advance payment had been approved as mobilisation. The contractors for 2009 projects have achieved an average of 60% completion on their various sites. We also successfully completed the application process for 2011 Conditional Grants Scheme. There was no grant scheme for 2010,†he added.
He, however, appealed to Lagosians to continue to give the government the necessary support in making Lagos Africa’s Model Mega-city, adding that “I want to assure you that we shall continue to serve you with equal commitment and uncommon purpose. With the renewal of the mandate of the present administration at the last election, I wish to assure you that this new term, like the outgoing one, will witness greater delivery of democracy dividends as the Ministry will continue to remain the pivot of the State Government in the articulation of well focused policies as well as the translation of same into democracy dividends for the citizens.
“The Ministry of Economic Planning and Budget will accordingly maintain high standards in planning for the development of the state and as well as in aligning government’s processes with international best practices for effective service delivery, while improving the economic well-being of the people in Lagos.