Gbadebo Rhodes-Vivour, the gubernatorial candidate for Lagos State from the Labour Party in the 2023 general election, has expressed concerns about the state’s ambition to become a global financial hub. He believes that this goal is being hindered by alleged cronyism within the All Progressives Congress (APC).
In a statement on Monday, the Labour Party candidate criticized Governor Babajide Sanwolu‘s efforts to attract investors in London, describing them as “underwhelming, dishonest, and incoherent.”
Rhodes-Vivour also pointed out the dismantling of a $10 million tech investment that aimed to revolutionize bike-hailing services in Lagos as evidence of conflicting policies within the state government.
He said, “The success of the tech ecosystem is primarily driven by the talent, determination, and relentless spirit of young Nigerians striving to make a global impact. Hence, it’s no surprise that almost 80% of Nigerian startups are formally incorporated in the United States.”
Rhodes-Vivour highlighted the contradiction between the governor’s goal of turning Lagos into a major financial hub and the policies implemented within the city.
He accused the APC administration of hindering the city’s growth through their policies over the past 23 years.
Rhodes-Vivour also addressed the issue of corruption, claiming that corruption and cronyism have affected the state’s investment in critical infrastructure such as roads, bridges, housing, and waterways.
He stated that “Over the past 23 years, his administration and party have pursued policies that hinder the city’s potential. To compete with global financial centers like London, Hong Kong, Zurich, or New York, Lagos needs high-quality infrastructure, competitive tax rates, an independent judiciary, and a diverse pool of top talent – all which Sanwolu and his party have vulgarised.
“The state’s investment in critical infrastructure, such as roads, bridges, housing, and waterways, has been dismal and marred by corruption. We are struggling to power streetlights and complete impactful projects because the cost of contracts are inflated, given to cronies and most of the funds stolen.”
The candidate from the Labour Party emphasized the significance of having a judiciary that is independent. He highlighted the state government’s reluctance to grant financial independence to the judiciary.
The candidate argued that potential investors would be cautious about investing in an economy where the judiciary lacks independence.
He added, “The disdain for the independence of the judiciary by the Lagos state government was such that the state was the most vocal in opposing financial autonomy for the judiciary.
“Isn’t it embarrassing that a state that prides itself as the economic centre of Nigeria is averse to the independence of the judiciary? Serious investors will not invest their funds in any economy that doesn’t have an independent judiciary.”
“While Lagos has the potential to rival other major global financial hubs in the next two decades, it will remain a show of itself if led by administrators who lack the vision, competence, and character required to see it through,” Rhodes-Vivour stated.
