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'Oil price slump will not ground Lagos economy'

17 December 2014, 13:14

Ikeja - The continuous fall in crude oil price at the international market will not ground the Lagos State economy, Gov. Babatunde Fashola said on Tuesday.

Fashola said this at the formal presentation of the state`s 2012-2025 Development Plan in Ikeja.

According to him, the Lagos economy was not built to rely on earnings from any extractive resource.

"The uncertainties in the oil market cannot have serious effects on the state's economy.

"The state's economy thrives on its diversity, its rich human resources, strong immigrant capital and government's sound fiscal policies.

"Whatever happens to oil, the state will survive. This is because the state's economy is not built on extractive resources, but on very strong foundations that had ensured continuous development," he said.

Also read: Jonathan warns spending at risk due to falling oil price

Fashola said that the drafting of the new economic plan for the state was to promote the state's development and make it an African model megacity by 2025.

He said though, some of the components of the plan were already being implemented by the state government, complete implementation would transform the state massively.

The governor listed the 70 million Adiyan Water Works, the Island Power Plant and the Alausa Plant, as some of the components of the plan that had been implemented by his administration.

Fashola enjoined residents to see the plan as their own and work with the state government to ensure its successful implementation.

Earlier, Ben Akabueze, the Commissioner for Budget and Economic Planning, said that the development plan was borne out of the need to harness the various documents articulating the vision.

He said that the plan provided the framework to guide private and public investments in government programmes.



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