Lagos State Governor Akinwunmi Ambode on Tuesday expressed delight at the emergence of Lagos as the fifth largest economy in Africa, just as he said his administration is in the process of setting up an Economic Management Team comprised of distinguished individuals from the private sector and the public sector to manage and scale up the successes recorded in that direction. Governor Ambode, who spoke at the Lagos House in Ikeja when he received a delegation from the Nigerian-British Chamber of Commerce on courtesy visit, said the emergence of Lagos was very instructive, adding that government would explore synergy with private sector with the view to catapult Lagos into a true global city-state in the true sense of the word.

He said: “I think it is very instructive to clearly state that the economy of Lagos is in the hands of the private sector and beyond the fact that Lagos is now the fifth largest economy in Africa, the drive to take Nigeria out of recession actually resides in the private sector and willingness on the part of the public sector. “Because our economy is in the hands of the private sector and we are willing to allow them drive it, that is why we have decided to formulate policies and decisions that will make the private sector to thrive in this State and that is why in the last 18 months, we have been running this administration on a tripod of security, job opportunities and infrastructure development.”

Governor Ambode commended investors who have remained committed in doing business in Lagos despite the down turn in the economy, assuring that his administration would continue to work hard and partner with the private sector. The leader of the delegation and President of the Council, Prince Dapo Adelegan, congratulated Governor Ambode on the emergence of Lagos as the fifth largest economy in Africa, adding that with the development, it was now important to globalize the economy of Lagos. He said the Chamber would be willing to partner with the Lagos State Government not only to globalize the economy of the State, but also in the area of policy formulation, among other critical sectors.