‘Lagos Economy Thrives on Reforms, Palace–Private Partnership’

Yusuf Ebiti

The Oniru of Iru Kingdom, Oba Abdulwasiu Omogbolahan Lawal, has inaugurated the Oniru Business and Culture Day (OBCD), a structured engagement platform designed to deepen collaboration among investors, government and host communities, with a view to driving inclusive and sustainable development.

The Deputy Governor of Lagos State, Obafemi Hamzat, yesterday  said Lagos remains Nigeria’s foremost economic driver, following  deliberate reforms, strong institutions and effective collaboration with traditional authorities in the state.

Hamzat stated this at the has inauguration of the Oniru Business and Culture Day (OBCD),  a structured engagement platform designed to deepen collaboration among investors, government and host communities, with a view to driving inclusive and sustainable development.

According to Hamzat,  Lagos accounts for about 28 per cent of Nigeria’s Gross Domestic Product (GDP), hosts the largest concentration of SMEs in West Africa and serves as the country’s principal gateway for foreign direct investment.

“These outcomes did not happen by chance. They are the result of deliberate government choices and sustainable reforms,” he said.

The deputy governor  explained that the state has continued to strengthen the foundations of economic prosperity through infrastructure expansion, technology-driven policies and regulatory reforms, while growing its internally generated revenue without imposing additional burdens on residents. This, he said, was achieved by widening the tax net, leveraging technology to improve compliance and strengthening accountability.

Hamzat cited the transformation of the Victoria Island–Ikoyi axis as evidence of effective planning and collaboration with traditional institutions, noting that areas once dominated by residential estates have evolved into vibrant hubs for hospitality, commerce, green developments and creative enterprises.

He assured investors that Lagos would remain open for business, stable and forward-looking, stressing that political transitions must always be peaceful and guided by the collective interest.

The deputy governor said the state would continue to prioritise infrastructure development, job creation, environmental sustainability and security, describing the OBCD as a practical example of responsive leadership and shared development.

“When traditional institutions provide stability and clarity of vision, investors respond positively, the state collaborates effectively, communities grow, culture becomes an asset and prosperity is shared,” he said.

Hamzat added that Lagos is deepening support for SMEs and digital entrepreneurs through targeted programmes that offer skills development, mentorship, market access and capital, noting that the state is not just growing, but evolving into an inclusive, opportunity-driven economy.

Speaking at the maiden edition of the OBCD, The Oniru of Iru Kingdom, Oba Abdulwasiu Omogbolahan Lawal,  said the initiative formalises years of dialogue and consultation with residents, business owners, investors, artisans and youth groups across Iru Land.

According to him, the platform is anchored on the philosophy of “Peace Through Partnership,” with a deliberate focus on coordinating growth, structuring dialogue and ensuring shared prosperity.

“Growth must be coordinated. Dialogue must be structured. Prosperity must be inclusive,” the monarch said.

He noted that Iru Kingdom lies within one of Nigeria’s most dynamic commercial corridors, hosting major real estate developments, hospitality hubs, technology firms, financial institutions and creative industry establishments. With rising investment activity across the axis, he stressed the need for development that is orderly, inclusive and sustainable, while preserving investor confidence and delivering tangible benefits to host communities.

The Oniru explained that the OBCD is conceived as a continuous engagement framework rather than a one-off event, bringing together businesses, expatriates, residents, the Palace and relevant government agencies to jointly address issues affecting the ease of doing business in Iru Land.

He added that outcomes from the engagements would be formally documented and, in partnership with the Lagos State Government—particularly the Ministry of Commerce, Cooperatives, Trade and Investment—integrated into the state’s broader private-sector development agenda.

The monarch also announced the launch of the Iru Business Network and the establishment of the Oniru Business Council as permanent institutions to promote collaboration, accountability and continuity.

According to him, the Iru Business Network will link enterprises within the kingdom, encourage responsible investment, strengthen small and medium-scale enterprises (SMEs), expand employment opportunities and deepen local participation in large-scale commercial activities.

He said the framework would systematically identify regulatory bottlenecks, infrastructural gaps, environmental concerns, taxation, immigration and land administration issues, which would be channelled to relevant agencies for timely resolution.

“Our objective is to position Iru Kingdom as a model of palace–public–private collaboration, where royal stewardship, responsive governance and disciplined enterprise operate as partners,” the monarch said.

He urged local businesses and artisans to actively engage the platform, forge partnerships and scale their enterprises, noting that the growth of indigenous businesses remains critical to strengthening the kingdom’s economic base.

Also speaking, the Executive Chairman of the Nigerian Revenue Service, Zacch Adedeji, said Nigeria’s ongoing tax reforms are designed to support enterprise growth, reduce compliance burdens and strengthen investor confidence.

Represented by the Deputy Director of NRS, Olawale Olushola Oni, Adedeji said the reforms reflect a shift from revenue enforcement to business-enabling governance.

“What we are witnessing today is not merely ceremonial; it is a governance innovation that places dialogue, partnership and accountability at the centre of economic development,” he said.

He explained that the reforms are addressing long-standing challenges such as multiplicity of taxes, regulatory overlaps, compliance complexity and outdated laws that often resulted in disputes and litigation.

“This reform is not about increasing the tax burden. It is about widening the tax base, simplifying compliance, improving transparency and creating productive investment drivers,” Adedeji said.

According to him, the Nigerian Revenue Service is transitioning into a digital, service-oriented institution, enabling businesses to register, obtain tax identification numbers, file returns and make payments seamlessly from anywhere in the world.

He added that the reforms provide greater certainty for investors by clarifying tax laws, income attribution and residency rules, while significantly reducing the number of taxes across federal, state and local governments to single digits.

Adedeji stated that SMEs are central to the reform agenda, with businesses earning below N100 million in annual turnover exempted from company income tax, alongside incentives such as tax relief for agricultural enterprises, capital gains tax relief for small businesses and targeted incentives for startups and the digital economy.

He stressed that modern revenue administration is no longer about collection alone, but about enabling productive business systems, noting that stable revenue remains essential for infrastructure development, security and the delivery of social services.