Market Update: Lagos Economy Thrives On Reforms, Palace–Private Partnership, Says Hamzat – Independent Newspaper Nigeria – Full Analysis

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.

At the event, 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.

In his keynote address, the Deputy Governor of Lagos State, Obafemi Hamzat, said Lagos remains Nigeria’s foremost economic driver, attributing its resilience and investment appeal to deliberate reforms, strong institutions and effective collaboration with traditional authorities.

Hamzat disclosed that 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.

He 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.