Lagos begins first sub-national Sovereign Wealth Fund

Lagos begins first sub-national Sovereign Wealth Fund

Lagos State Government has launched a 30-year development plan, with implementation  to begin in 2022 and end in 2052.

The Governor of Lagos, Mr Babajide Sanwo-Olu announced this on Wednesday at the just-concluded Ehingbeti Lagos Economic Summit in Victoria Island, Lagos.

The Governor noted that the plan would be instrumental in making Lagos Africa’s model mega city.

He also used the occasion to unveil the Lagos State Wealth Fund (LSWF) bill, explaining that the bill, as well as the Lagos State Civil Bill, will be sent to the Lagos State House of Assembly for passage into law.

On the state’s 30-year development plan, he said Lagos would continue to pursue policies that are inclusive and equitable to all over the development plan period, citing that the plan was necessary to achieve the goals of becoming Africa’s model mega city.

The Governor pointed out that this would place Lagos as a global, economic and financial hub that was safe, secure, functional, and productive.

He also stated 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.