Lagos State Government has announced the launch of a 30 year development plan for Nigeria’s commercial capital, which is to be implemented between 2022 and 2052.
This was disclosed by the state governor, Babajide Sanwo-Olu on Wednesday at the Ehingbeti Lagos Economic Summit on Victoria Island.
The governor noted that the plan would be instrumental to making Lagos Africa’s model mega city; he also announced the launch of the Lagos State Wealth Fund (LSWF) bill.
What the governor said:
Sanwo-Olu noted that the Lagos State Wealth Fund (LSWF) bill and the Lagos State Civil Bill, will be sent to the Lagos State House of Assembly to be passed into law.
On the state’s 30-year development plan, he added that Lagos would continue to pursue policies that were inclusive and equitable to all over the development plan period, citing that the plan was necessary to achieve goals of becoming Africa’s model mega city, and also placing Lagos as a global, economic and financial hub that was safe, secure, functional and productive.
He also noted that the Wealth Fund bills were critical to the future development of Lagos, stating that the bills signal the beginning of the state’s sub-sovereign green bond that will create sustainable wealth for the government and people of Lagos.
He said, “The fund would allow the state to create a wealth reserve that would be instrumental to delivering infrastructure.
“The fund will prevent Lagos revenue from external shock and make the state the technology and investment hub.”
He noted that the Lagos wealth fund became the first sub-national sovereign wealth fund in Africa and joined Singapore and Canada which had similar wealth funds and urged the state assembly for speedy passage into law as it would be important for the state’s 30-year development plan.
In case you missed it
- Nairametrics recently reported that Lagos State Government announced its readiness to commence the construction of a new airport on the Lekki axis of the state after Governor Babajide Sanwo-Olu-led government obtained approval from the federal government for the construction of the new airport in Lagos.
- He said that the project, which is expected to take off in the year 2023 will be constructed on 3,500 hectares of land, noting that the master plan and aeronautical designs are in place.
