The fund will prevent Lagos revenue from external shock and make the state the technology and investment hub
Governor Babajide Sanwo-Olu on Wednesday unveiled a 30-year development plan for Lagos, which will be implemented between 2022 and 2052.
Sanwo-Olu unveiled the plan at the closing ceremony of 9th Edition of Ehingbeti Lagos Economic Summit at Victoria Island.
The governor also 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.
Speaking on the Lagos State 30-Year Development Plan, he said that the government would continue to pursue policies that were inclusive and equitable to all, over development plan period.
Sanwo-Olu said the plan was an all-encompassing master plan, which clearly articulated initiatives that would drive Lagos’ ambition to become Africa’s Model Mega City.
He said that the plan was to drive Lagos State as a global, economic and financial hub that was safe, secure, functional and productive.
On the signing of the two bills, Sanwo-Olu said that they were critical and germane to the future development of the state, while enhancing ease of doing business in Lagos.
According to him, the Lagos Wealth Fund Bill signals the beginning of the state sub-sovereign green bond that will create sustainable wealth to government and the people of Lagos.
He said that the fund would allow the state create a wealth reserve that would be instrumental to delivering of infrastructure.
”The fund will prevent Lagos revenue from external shock and make the state the technology and investment hub,” Sanwo-Olu said.
He said that with this, Lagos wealth fund became the first sub-national sovereign wealth fund in Africa and joined Singapore and Canada that had similar wealth fund and had gone on to do great things that.
The governor said that the State Assembly had already been notified that the bill was coming for their accent, as the speedy passage into law would play a critical role in the future of Lagos and its 30-year development plan.
He said that the Lagos State Civil Bill was expected to speedy up the judicial process, to ensure that judgment were discharged on time, hence, fast-tracking civil proceeding.
Sanwo-Olu also said that this would improve the ease of doing business in the state.