At the 2024 Lagos Physical Planning Summit, former Minister of Works and Housing, Mr. Babatunde Fashola, emphasized the need for the state government to streamline the process for obtaining development and building approvals.
He expressed concern that the current process, which can take up to two years, is discouraging potential investors and impeding economic growth.
Fashola highlighted the detrimental impact of delayed approvals on investors, suggesting that a prolonged approval process could lead to a loss of investments. He stressed the importance of expediting the approval process, particularly during periods of price volatility, to prevent potential investors from seeking opportunities elsewhere.
Additionally, Fashola advocated for reasonable administrative costs for processing building approvals, emphasizing that the focus should be on providing efficient services rather than solely generating revenue. He emphasized that while the government should not overlook potential revenue streams from construction activities and associated economic benefits, the primary focus should be on facilitating a conducive environment for investment.
Furthermore, Fashola underscored the significance of leveraging technology to streamline the approval process and reduce bureaucratic hurdles. He emphasized the need to consolidate the involved agencies and implement technological solutions to simplify the process, reduce costs, and enhance the overall attractiveness of the business environment.
In response to Fashola's remarks, Lagos State Governor, Mr. Babajide Sanwo-Olu, acknowledged the necessity for reform and stressed the importance of adopting a more efficient and investor-friendly approach. He encouraged town planners to embrace innovative practices to enhance the approval process and affirmed the government's commitment to fostering a business-friendly environment while avoiding policies that deter investment.
The summit also featured the unveiling of the Lagos State Physical Planning Permit Smart tag by the governor. With the theme "Rethinking Lagos: A New Vision for a Regional and Integrated Megacity," the two-day program aimed to address critical planning and development issues in the region.
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