No Economy Can Prosper Without Strong Institutions —Obasa Tells Global Investors

The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has declared that no economy can attain enduring prosperity without strong institutions and strategic collaboration between government and private capital. 

Delivering a keynote on the theme “Legislative Leadership and the Role of Global Private Capital in Modern Economic Growth,” at the HOC Capital Club in Lekki on Saturday, May 16, Obasa told investors, policymakers, and diplomats that global private capital thrives only where laws are clear, governance is accountable, and policies are consistent.

He emphasized that legislative leadership is central to building such an environment, noting that the Assembly’s constitutional mandate — particularly its control over public funds and oversight powers — is designed to safeguard transparency and strengthen investor trust.

“All the money that comes into the treasury must be legislated upon by the House for transparency. The power of the purse is the most effective weapon for the people’s representatives to control government spending,” he said.

Speaker Obasa stressed further that credible institutions, rule of law, and regulatory predictability are essential to attracting quality investments. However, he noted that while attracting capital is vital, growth must deliver tangible social benefits including job creation, poverty reduction, and improved public services.

He went on to spotlight landmark laws under his stewardship that have reshaped the state’s investment climate, including the Public Procurement Law (2021), Public-Private Partnership Law (2011/2015), and the Electric Power Sector Reform Law (2024).

He also pointed to property protection frameworks and the ₦4.44 trillion “Budget of Shared Prosperity” for 2026 — which allocates over 52% to capital expenditure — as deliberate pointers to Lagos’ readiness for global capital inflows.

He further highlighted initiatives such as the Sovereign Wealth Fund, harmonization of taxes, and the proposed Railways Corporation Bill (2025) as evidence of Lagos’ legislative foresight and long-term economic vision.

Speaker Obasa concluded by stressing that the future of growth will depend on the quality of leadership in public institutions and the confidence inspired in the global investment community.

“Together, we can unlock the full potential of Lagos, strengthen Africa’s economic future, and establish a new benchmark for economic and diplomatic engagement on the global stage,” he declared, leaving investors with a clear message: Lagos is ready to lead, and the world is invited to invest in its promise.

The HOC Capital Club in Lekki is an exclusive private capital and global advocacy network, designed for ultra-high-net-worth individuals (UHNWIs) with verified second citizenships and a minimum net worth of $2 million.

It serves as a hub where wealth, influence, and policy intersect, connecting investors, policymakers, and global citizens across continents.