Sanwo-Olu offers incentives to businesses to prevent job loss

Lagos state governor, Babajide Sanwo-Olu, has promised that any business that employs a large number of people will receive incentives from the state government in order to prevent massive job loss in the state.

He disclosed this in a tweet on Sunday, stressing that Lagos state is Nigeria’s number one commercial center and a massive job loss will not bode well for the economy of the state, and the country.

“We are having conversations with different sectors on the requirements they need to ensure they do not retrench their staff. What many of the companies want will affect the State’s IGR but we are willing to make the sacrifice to prevent the loss of livelihood of our citizens,” the governor stated.

The governor explained in his tweet that all businesses were still required to follow the Register-to-open initiative, and put all facilities in place before they would be allowed to reopen.

According to him, the state will consider companies in the construction and manufacturing sector as top priority in the first stage of the reopening, while businesses in the entertainment and hospitality sector will be considered for reopening in the second phase, as the state tries to balance economic reactivation with COVID-19 management.

“We are having conversations with different sectors on the requirements they need to ensure they do not retrench their staff. What many of the companies want will affect the State’s IGR but we are willing to make the sacrifice to prevent the loss of livelihood of our citizens.

Also speaking on re-opening of the economy, Sanwo-Olu said the various sectors will be reset in a gradual manner, noting that the construction and manufacturing sector would be accorded high priority while the entertainment and hospitality sectors will be considered in the second phase.

“We are caught between managing hunger & sustaining an economy that is not only dependent on commercial activities in Lagos alone but also in other states.  We are at the stage where we have to balance public health safety & the economy that affects the wellbeing of the people” Sanwo-Olu stated.

He urged Lagosians to support the government in breaking the cycle of transmission, by adhering to the guidelines from the authorities.