Sanwo-Olu gives 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 noted that Lagos state is Nigeria’s number one commercial center and heavy job losses will not bode well for the economy of the state, and the country.

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As the commercial centre of the country, we are offering incentives to businesses that employ large number of people to avoid job loss.

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In our plan to re-open the economy, businesses will follow our Register-to-Open guidelines with protocols that workplaces must put in place. pic.twitter.com/zJgEWLMksK

— Babajide Sanwo-Olu (@jidesanwoolu) May 22, 2020

“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 phased reopening of the economy

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.

(READ MORE: COVID-19: Best and worst case scenarios for the Nigerian economy)

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.

The re-opening will not be hastily done. The various sectors will be reset in a gradual manner. The construction and manufacturing sector will be accorded high priority while the entertainment and hospitality sectors will be considered in the second phase.

— Babajide Sanwo-Olu (@jidesanwoolu) May 22, 2020

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“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.