Press Releases

Public Private Sectors Partnership To Get Legal Backing

May 30, 2008 - Mindful of the need for a concrete platform for constructive engagement between the public and private sectors in dealing with infrastructure needs, the Lagos State Government is in the process of establishing a legal framework for such engagement.

Stating this at the Capital Market Road show held at the Civic Centre, Victoria Island Friday, the Governor, Mr. Babatunde Raji Fashola, said the new law is predicated on the understanding that partnership between the sectors can neither be amorphous nor based on uncertainties.

He said his administration will in conjunction with the private sector establish a functional arbitration centre within the Lekki corridor, adding that the capacity for judicial resolutions is higher now than before.

While also stating Lagos represents a veritable market for any investor, the Governor averred that such investor’s delight will only be realized when the right attitude, leadership and dedication are put in place.

The Governor said that the State Government would soon be in the Capital Market to source for N75 billion for infrastructural development adding that this was based on the belief and confidence the Government has in the capacity of the Private Sector for infrastructural development.

According to the Governor, “Given the rate of population growth in the state, if we do not build more roads, if we do not open up waterways, if do not develop our transportation system, if we do not build more hospitals, more schools, more markets, and things that will sustain life, then we will be heading for a disaster”.

Also speaking the Lord Mayor of London, Mayor Alderman David Lewis, pledged the commitment of the British Government to the Vision 2020 of Nigeria. According to him, there is need for Nigeria to continue the campaign against, corruption and insecurity while also addressing the issue of liberalizing the market.

He noted that pitfalls encountered by London can be avoided if the policy of liberalization is pursued.

Alderman also stated that Nigerians in Diaspora can be drafted to assist the nation in building its economy adding that a process of secondment to other high profile organizations abroad will assist the process immensely.

He noted that the dominance of the banking sector in the Stock Exchange should be addressed such that companies in the telecommunication, oil and gas sectors also actively participate in the market.

The Lord Mayor also urged Nigerian bankers to be innovative in providing services in the area of Islamic banking product which is capable of meeting the yearnings of the rate of population were the extensive Muslim population in the country.

The Chairman of the occasion, Mr. Pascal Dozie of Diamond Bank Group, in his comment noted the growth in the Nigerian economy as indicative of the positive investment climate in the country.

He said such could be traced to improved governance, conducive location and available national and human resources.