The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa has described the influx of expatriates as key contribution to growth of the state economy.

This year in March, the state government recorded $259 billion Gross Domestic Product (GDP) based on Purchasing Power Parity (PPP), cementing its position as one of Africa's economic powerhouses.

Acknowledging expatriates' contributions to the state's economy, the speaker while delivering his keynote speech at The Expatriates Business Awards (TEBA) highlighted the roles of legislative oversight to enable laws aimed at improving ease of doing business.

"These laws aim to create an enabling environment for businesses, attract investment and foster sustainable economic growth," he said.

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He stressed that investment in state-wide security, social infrastructure and the revival of the rail transportation system under the Lagos Mass Rail Transit have attracted investors to the state.

"Aside from rail transportation, there are numerous other investments in water transportation, an efficient intermodal public transportation network, an eco-friendly environment that has present safety and improved transport architecture to be promoted, and a new travel experience in the state.

"Noteworthy also are tangible investments in security in terms of training and retraining, and the provision of modern security gadgets and vehicles," he said.

He however urged expatriates to deepen their collaboration with the state government to boost the state's economic growth.

"The contributions of our expatriate communities are indeed vital in fostering economic growth, creating jobs, and enhancing our global economy."

Earlier, the Director of Awards, TEMA, Odunola Abayomi described the awards as a recognition of the contribution of expatriates to the country's economy despite their challenges.

"If entrepreneurship is the art of squeezing water from stone, TEBA would practise what it preaches.

"Against the headwinds stood devoted partners who refused to let the dream falter: We want to say special thanks to these corporate firms," she said.

No fewer than 27 individual and organisation expatriates were offered awards.