The Managing Director/Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi, 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.
Managing Director/Chief Executive Officer, BoI, Dr. Olasupo Olusi made this call in
Delivering a keynote address at the 4th edition of the Lagos Economic Outlook 2027 Discourse, themed, ‘“Development Pathways, Emerging Risks and Strategic Policy Priorities,’ Dr. Olusi said that the investment in industrial clusters, particularly along major industrial and port corridors, would help businesses overcome production constraints, reduce operating costs and improve their competitiveness.
Represented by Dr. Isa Omagu, General Manager, MD/CEO’s Office of the BoI, Olusi also said that Lagos should assess economic progress by the improvements businesses and residents 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 major constraints to 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 Lagos 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 that the ministry would continue to coordinate economic intelligence, development planning, budget management and performance monitoring in support of Lagos State’s long-term development aspirations.
He said that the 2027 economic outlook provided an opportunity to consolidate the state’s achievements, address 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.
GIK/APA