{"id":12868,"date":"2026-11-09T06:15:46","date_gmt":"2026-11-09T06:15:46","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/09\/boi-advocates-investment-in-industrial-clusters-to-boost-lagos-economy\/"},"modified":"2026-11-09T06:15:46","modified_gmt":"2026-11-09T06:15:46","slug":"boi-advocates-investment-in-industrial-clusters-to-boost-lagos-economy","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/09\/boi-advocates-investment-in-industrial-clusters-to-boost-lagos-economy\/","title":{"rendered":"BoI advocates investment in industrial clusters to boost Lagos economy"},"content":{"rendered":"
\"Bank<\/p>\n

By Babajide Komolafe<\/p>\n

\n

The Bank of Industry (BOI) has called for increased investment in industrial clusters, reliable power supply and supporting infrastructure to boost productivity, attract private capital and strengthen the Lagos State economy.<\/p>\n

\n

Managing Director\/Chief Executive Officer, BoI, Dr. Olasupo Olusi made this call in a keynote address delivered at the 4th edition of the Lagos Economic Outlook 2027 Discourse, themed, \u2018\u201cDevelopment Pathways, Emerging Risks and Strategic Policy Priorities.\u2019\u00a0<\/p>\n

Represented by Dr. Isa Omagu, General Manager, MD\/CEO\u2019s Office, BoI, Olusi\u00a0 said investment in industrial clusters, particularly along major industrial and port corridors, would help businesses overcome production constraints, reduce operating costs and improve their competitiveness.<\/p>\n

He also said Lagos must assess economic progress by the improvements businesses and residents experience, rather than relying solely on economic growth figures and public spending.<\/p>\n

\u201cThe test is whether Lagos becomes more productive and more liveable,\u201d he said.<\/p>\n

He identified electricity costs, traffic congestion, access to appropriate financing and institutional coordination as major constraints to business productivity.<\/p>\n

\u201cA manufacturer needs reliable electricity. A worker needs a commute that does not consume productive hours. Firms need predictable approvals, appropriate finance and customers,\u201d he said.<\/p>\n

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.<\/p>\n

Speaking at the event, Lagos State Commissioner for\u00a0 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 Lagos State\u2019s long-term development aspirations.<\/p>\n

He said the 2027 economic outlook provided an opportunity to consolidate the state\u2019s achievements, address structural challenges and strengthen its position as a competitive and resilient economy.<\/p>\n

\u201cOur 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,\u201d George said.<\/p>\n

Earlier, Permanent Secretary, Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo, highlighted the state\u2019s development planning, budget monitoring and performance evaluation frameworks.<\/p>\n

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.<\/p>\n

Ojo also highlighted the government\u2019s engagement with communities and the use of platforms to improve citizens\u2019 access to information on public projects and social intervention programmes.<\/p>\n

The post BoI advocates investment in industrial clusters to boost Lagos economy<\/a> appeared first on Vanguard News<\/a>.<\/p>\n<\/div>\n

Source: <\/p>\n

Vanguard News<\/div>\n","protected":false},"excerpt":{"rendered":"

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