Lagos State Governor, Babajide Sanwo-Olu has said that the transformative impact of technology on the state’s development is profound and has been propelling a remarkable 500 per cent increase in productivity across pivotal sectors, ranging from agriculture to manufacturing.

Sanwo-Olu stated this, yesterday, during the opening ceremony of the Art of Technology Lagos 5.0 conference, with the theme, “The creative economy and a digital Lagos.”

He further said that the smart city initiatives of his administration had not only enhanced the efficiency of public services but had also significantly elevated the overall quality of life for residents.

“Nevertheless, our journey is not without formidable challenges. Notably, piracy presents a substantial threat to the creative economy. Recent data highlights a significant portion of creative content falling victim to piracy, resulting in substantial economic losses yearly. It is imperative that we tackle this issue collaboratively, implementing measures to safeguard intellectual property and cultivate an environment where creativity is not only protected but also flourishes,” he said.

Sanwo-Olu said that Lagos State initiatives for the creative industry included the deployment of over 6,000 km metro-fibre duct project, a groundbreaking initiative that is already 50 per cent completed.

“The creative economy contributes just over 6.1 per cent to global Gross Domestic Product (GDP), averaging between two per cent and seven per cent of national GDPs around the world.

“According to UN estimates, the creative economy industries generate yearly revenues of over $2 trillion and account for nearly 50 million jobs worldwide.”