CIBN asks banks to support Ehingbeti summit

The Chartered Institute of Bankers of Nigeria (CIBN) has called on all members of the banking community to support the Ehingbeti summit, an initiative of the Lagos State Government.

The Institute said the banks should channel their resources to critical sectors towards the development of Lagos State into a major economy in Sub-Saharan Africa.

Ken Opara, president/chairman of council, CIBN, made the call at the Institute’s head office in Lagos, during the maiden edition of the Private-Public Partnership, Pre-Ehingbeti Stakeholders’ engagement on building a sustainable future for a greater Lagos.

“As you may be aware, this event is organized by the Chartered Institute of Bankers of Nigeria in collaboration with the Lagos State Economic Summit Group as a platform for engagement between the Lagos State Government and members of the banking and finance community who are critical stakeholders in the ‘Greater Lagos’ agenda,” he said.

According to him, the forum, which is a precursor to the Ehingbeti Summit, scheduled to hold on October 11, and 12, 2022, provides an opportunity for the State Government and private sector players to exchange ideas on the most efficient and effective way of accelerating growth and development in the State.

“This collaboration between our highly revered Institute and the Lagos State Government epitomizes a partnership that works as the Institute has enjoyed a very cordial relationship with the Lagos State Government under the able leadership of Governor Babajide Sanwo-Olu, who was a quintessential banker himself,” Opara said.

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“The State Government in recognition of the pivotal role played by the banking and finance industry in the development of the economy has decided to share its vision and plans with us, to harness insights and commitment of the banking industry towards the actualization of the development agenda. I, therefore, call on all members of the banking community to support the initiatives of the State Government by channeling resources to critical sectors towards the development of Lagos State into a major economy in Sub-Saharan Africa,” he added.

Making his presentation on the LSDP2052- the Next Decade of Boston consulting Group, Olayinka Majekodunmi, said the plan has inputs from experts, citizens engagement, global benchmark and focus areas that would drive growth and ensure that governance is responsive.

He maintained that the plan has four strategic dimensions namely; thriving economy, human centric, modern infrastructure, effective governance and 20 focus areas.

“The plan has over 400 initiatives across different metrics that will drive the GDP of Lagos to about $80 to $100 billion with the period of the plan.”

Giving a historical perspective of the Ehingbeti, the partner head West Africa Strategy Team, PWC and the Co-Chair Ehingbeti Summit 2022, Mary Iwelumo, said LES was borne out of the strong desire by the LASG to accelerate economic growth and development of Lagos.

“The governor introduce the Lagos State Development Plan (LSDP 2052) -a frame of Lagos’ ambition towards a Social, Economic and Financial stakeholders-high-power hub that is Safe, Secure, Functional and Productive-to kick-off of the communication process and engage with speakers, thought leaders and the audience on the focus areas of the LSDP 2052.”

However, responding to stakeholders’ question on ease of doing business, housing and infrastructural development within the state, the Deputy-Governor noted that as a state they would continue to respond to issues that would move the state forward.

“We want people to use government channels in transacting their businesses. We have an ease of doing business platform that has helped us to solve various mirages of problems facing the state.

“On traffic we recognized that is very critical to the development of the state. The fourth mainland bridge is now becoming a reality as investors are now showing interest; we now have about three of them,” Hamzat explained.