Lagos pivotal to Nigeria’s recovery from resession – Utomi

Renowned economist and financial expert, Professor Pat Utomi has said that Lagos State is a crucial catalyst if Nigeria’s economy is to witness a turnaround for the better.

Utomi, who spoke at the Executive/Legislative retreat for members of the State Executive Council and lawmakers from the Senate, House of Representatives as well as the House of Assembly, said there were a lot of lessons to be learnt from the Lagos economy, which according to him, is largely driven by its huge investment in infrastructure, vibrant tax collection strategy and an enabling environment for businessses to thrive with less dependence on oil revenue.

Utomi, in his paper presentation, cited an example of when Comrade Adams Oshiomhole emerged as the Governor of Edo State and alluded to the fact that he needed to learn how Lagos was getting it right and then replicate same in Edo.

“The first thing he (Oshiomhole) did was to say he needed to learn how Lagos was getting it right. And he came over to Lagos with his core team to understudy the Lagos developmental model. And we can see how that worked well in Edo,” Utomi said.

He said that several other states have also followed suit in emulating how the tax and IGR template works in Lagos and how the public service is structured in a way that there is good coordination.

Utomi said the Lagos example should be prescribed for other states and for Nigeria as a whole, because according to him, the momentum would be good for the country, just as he canvassed for the South West States to scale up its economic integration.

“This is why I have always advocated for a Lagos-Ibadan megalopolis. Lagos is already a mega city by virtue of its population, but a deliberate economic integration with other South-West states can produce even better results.

“This won’t be a new template. In fact it will be taking us back to the template of the old federal structure in a way, when the three regions had a healthy competitive spirit that brought about development.