Sanwo-Olu Harps On Regional Integration For Socio-Economic Prosperity

Sanwo-Olu Harps On Regional Integration For Socio-Economic Prosperity—Lagos State Governor, Mr. Babajide Sanwo-Olu, has stated that unlocking the potential of the Southwest would depend on the commitment of regional governments to stronger alliances and exploration of evidence-driven solutions for sustainable development.

Speaking at the two-day

(IPAC-1) in Ikeja, the Governor explained that the forum was informed by the collective desire to explore common heritage to stimulate growth and improve the socio-economic artilleries of the region.

Sanwo-Olu posited that the session came at a crucial time when opportunities are being exploited to ignite economic growth and deliver sustainable development across every sector of our economy, taking cognisance of the damage done by the COVID-19 pandemic to the global economy.

According to him, the primary essence of regional integration is to stimulate the allocation of resources based on the perceived comparative advantage of each State, hence the coordinated and collective efforts to facilitate the flow of trade, capital, energy, people and ideas for the solution of issues prevalent in key economic sectors.

Highlighting the strategic importance of the convergence in line with the theme “Southwest: An Economic Bloc for Investment”, the Governor maintained that governments of member States should directly encourage effective regional cooperation and integration among members by supporting efforts towards deepening regional markets, enhancing transboundary cooperation, boosting intra-State trade, accelerating industrialisation, fostering market institutions and tackling the challenges of structural transformation.