The Lagos State Government has disclosed that it would need the sum of $15 billion for infrastructural development in the state for the next 5 years, citing the reason as the rising population in Nigeria’s economic capital.
This was disclosed by state Governor, Mr Babajide Sanwo-Olu, on Thursday at the third Lagos Investors’ Roundtable and Unveiling of Deal Book, organised by the Office of the Sustainable Development Goals (SDGs) and Investment in Victoria Island.
He revealed that the amount would be 5 times the current state budget of $3 billion, according to the News Agency of Nigeria.
What the Governor is saying
Sanwo-Olu said, ”We believe that given the rising population and limited geography space that we have, Lagos will indeed require about $15 billion over the next five years on infrastructure alone.
”Fifteen million dollars is about five times the budget that we currently have. Lagos budget is about $3 billion today.”
He added that the State Government strongly believes that the continued growth and success of Lagos is premised on the strength and diversity of its partnerships, adding that such strategic partnerships account for Lagos being by far the leading recipient of local and foreign direct investments in Nigeria.
”It is estimated that in the last few years, about 80 per cent of the investments in Nigeria, has come into Lagos.
”These investments remain vital to our economic growth and wellbeing, supporting tens of thousands of jobs and livelihoods across the city.
”This is the reason why a forum like this is so important – as a platform for harmonising our respective visions and targets and agreeing on key actions that will not only strengthen existing investment partnerships but also initiate new ones,” Sanwo-Olu said.
He added that the State Government also understood the importance of building relationships in fostering economic resilience, particularly during times of uncertainty, due to the effects of a global pandemic, climate change, and global inflation.
He also unveiled the ”Lagos Deal Book,” which is a compendium of investment opportunities across the state, as well as information about the incentives for making the investments and the processes for investment.
He encouraged investors to take advantage of the rich information contained in the Deal Book to guide and inform decision making.
”Information, they say, is power, and there is something of value and interest to each and every one of you inside the compendium.
”I also urge you all to continue to support, partner and collaborate with Lagos State and with one another to create sustainable economic prosperity that will touch the lives of all Lagosians.
”I would like to ask you all, to please spread the word; Lagos State is open and ready for investment, innovation and collaboration,” he said.
In case you missed it
Nairametrics reported earlier that the Lagos State Government is about to launch its Series IV Bonds of up to N125 billion under the State’s N500 billion Bond Issuance Programme.
This was disclosed by the Joint Issuing House, Comercio Partners Capital Limited, adding that Lagos State is a Category A State among the States in Nigeria. It is also the most developed State in Nigeria and is exalted as the country’s economic and commercial hub, accounting for more than 25% of Nigeria’s GDP.