Akinwunmi Ambode, Lagos State Governor
In most of the major cities of the world, socio-economic activities take place 24 hours round the clock. This is especially true of developed countries where a 24-hour socio-economic system is in operation. A 24-hour economy is one in which socio-economic activities do not halt at night. New research from across the world has indicated that many cities, over the past two decades, have deliberately put in place a strategy to run a 24-hour economy. The hospitality and entertainment industries, in particular, thrive better in a 24/7 economy.
Entertainment spots such as restaurants, pubs, nightclubs, cinemas, casinos, concert halls, theatres and licensed clubs make more businesses in this respect. This is particularly because high flying business executives and others who have worked hard in the day often love to unwind at night. It should, however, be stressed that other socio-economic activities that are non-hospitality and non-entertainment related also flourish in a 24-hour economy. These include, among others, the printing industry, cleaning services, education, government services, retailing, baking and other forms of food and logistics related activities.
Currently, Lagos boasts of the largest economy in the country. But, the economy is yet to be properly situated in the league of those of City States that operate effective and efficient 24/7 economy. This is why the state government is developing a strategy to ensure that the state’s economy is more diverse, better connected, inviting and safe. A major part of the strategy’s development came out of extensive consultations with the local business community; other stakeholders which included residents, focus groups, representatives from the retail, liquor and entertainment sectors as well as key private sector leaders.
The vision of the Akinwunmi Ambode administration is to make Lagos State Africa’s Model Megacity and Global Economic and Financial Hub. …Read More
Source:: PM Newspaper