…..To Create Sovereign Wealth Fund
Lagos State government has announced the launch of a 30 year development plan which would be implemented between 2022 and 2052.
NewsBeatng reports that the state governor, Babajide Sanwo-Olu, made the announcement on Wednesday at the Ehingbeti Lagos Economic Summit on Victoria Island.
Sanwo-Olu noted that the plan would be instrumental to making Lagos Africa’s model mega city, announcing the launch of the Lagos State Wealth Fund (LSWF).
The governor noted that the Lagos State Wealth Fund (LSWF) bill and the Lagos State Civil Bill, would be sent to the House of Assembly to be passed into law.
On the state’s 30-year development plan, Sanwo-Olu dded that Lagos would continue to pursue policies that were inclusive and equitable to all over the development plan period.
He said 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.
The governor 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 would 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, urging the state assembly for speedy passage into law.
