The Lagos Chamber of Commerce and Industry (LCCI) has warned that the unintended consequences of fast population expansion, urbanisation, unrelenting infrastructure demands, and rising demand for quality education and healthcare services jeopardize Lagos Island’s economic potential.
LCCI President Asiwaju Michael Olawale-Cole said this during his opening remarks at the Lagos Island economic summit webinar on Wednesday.
Olawale-Cole stated that Lagos Island was critical to Nigerian trade and commerce because a large volume of commercial and financial business was conducted daily in the island’s central business sector.
He said, “The extensive and daily money-making activities have, over time, accelerated the transition of the Island from a mere trade point to a commercial nerve centre.
“This underscores its immense potential along with the key structural components of the Nigerian economy, especially in distributive trade, real estate, transportation, logistics, tourism, and hospitality sectors.
“However, as the economic assets of the metropolitan mega-city increase by leaps and bounds, unintended consequences of rapid population growth, urbanization, relentless demands for infrastructure, increasing demand for quality education services, and healthcare are common realities.
As it is, the economic growth of Lagos Island is outpaced by the geometric increase in the population size.
He further called for concerted efforts towards developing a comprehensive blueprint for harnessing opportunities for the development of the Island to unlock untapped economic potential along with its areas of comparative advantage.