KEY POINTS

• BoI urges Lagos to invest in industrial clusters along port corridors.
• Olusi names power costs, traffic and financing as key constraints.
• He says Lagos should judge progress by what businesses and residents feel.

The Bank of Industry has called for more investment in industrial clusters, reliable power and supporting infrastructure to raise productivity, attract private capital and strengthen the Lagos State economy, Vanguard reported.

Managing Director Olasupo Olusi made the call in a keynote address at the fourth Lagos Economic Outlook 2027 Discourse. Isa Omagu, a general manager in his office, delivered the speech on his behalf.

Industrial clusters along port corridors

Clusters along major industrial and port corridors would help firms overcome production bottlenecks, lower operating costs and compete more effectively, Olusi said.

However, he argued that Lagos should measure progress by what businesses and residents actually experience, not just by growth figures and public spending. “The test is whether Lagos becomes more productive and more liveable,” he said.

He named electricity costs, traffic congestion, access to suitable financing and institutional coordination as the main constraints on productivity. Manufacturers need reliable power, workers need commutes that don’t eat into productive hours, and firms need predictable approvals, appropriate finance and customers, he said.

So he urged the state to prioritize power for industrial clusters, faster freight movement, simpler business approvals, flood-resilient commercial routes and skills development.

State outlines its planning push

Meanwhile, Lagos Commissioner for Economic Planning and Budget Ope George said his ministry would keep coordinating economic intelligence, development planning, budgeting and performance monitoring. The 2027 outlook, he also said, offers a chance to build on the state’s gains, tackle structural problems and make Lagos more competitive and resilient.

Also, Permanent Secretary Olayinka Ojo said Lagos is strengthening evidence-based governance through its long-term development plan, Medium-Term Expenditure Framework, annual budgets and regular tracking of revenue, spending and project delivery.