Sanwo-Olu Signs Lagos Wealth Fund Bill, Unveil 30yrs Devt Plans

L-R: Samuel Egube, commissioner, economic planning and budget, Lagos State/chairman Lagos Economic Summit Group; Babajide Sanwo-Olu, governor, Lagos State, and Moyosore Onigbanjo SAN, attorney-general  and commissioner for Justice, Lagos State,  presenting the Lagos State Wealth Fund Bill at the 2022 Ehingbeti Lagos Economic Summit, in Lagos on Tuesday

The governor of Lagos state, Babajide Sanwo-Olu Tuesday signed the Lagos State Wealth Fund (LSWF) bill and the Lagos State Civil Bill which will be sent to the Lagos State House of Assembly to be passed into law.

This is even as the state officially launched its 30-year development plan which will be implemented between 2022 and 2052.

Speaking on the signing of the two bills, the governor noted that, they are critical and germane to the future development of the state, while enhancing ease of doing business in Lagos.

The Lagos Wealth Fund Bill, he said, signals the commencement of the state sub-sovereign green bond that will create sustainable wealth to government and the people of Lagos.

Stating that the fund will allow the state create a wealth reserve that will be instrumental to delivering of infrastructure, he added that the fund will prevent Lagos revenue from external shock and make the state the technology and investment hub.

By this development, he said, Lagos wealth fund becomes the first sub-national sovereign wealth fund in Africa and joins Singapore and Canada that have similar wealth fund and had gone on to do great things with it.

Disclosing that the state Assembly has already been notified that the bill is coming for their accent, he said, he has been assured of speedy passage into law as it plays a critical role in the future of Lagos and its 30-year development plan.

“The state Assembly are aware of this bill we are signing today. This is critical to secure the future financing of Lagos and serves as reserves to plan for the future,” he stressed.

Similarly, he said the Lagos State Civil Bill is expected to speedy up the judicial process to ensure that judgment are discharged on time, thereby, fast-tracking civil proceeding, believing this will improve the Ease of Doing Business in the state.

Similarly, he disclosed that the state has gotten approval for the Badagry seaport while several hectares of land has been earmarked for this project.

On the launch of the Lagos State 30-year development plan, he said the government would continue to pursue policies that are inclusive and equitable to all over the development plan period.

The plan, he said, is an all-encompassing master plan which clearly articulates initiatives that will drive Lagos’ ambition to become Africa’s Model Mega City, a Global, Economic and Financial Hub that is Safe, Secure, Functional and Productive.