Lagos State Governor, Babajide Sanwo-Olu, on Wednesday, signed the Lagos State Wealth Fund bill and the Lagos State Civil Bill which will be sent to the Lagos State House of Assembly to be passed into law.
Sanwo-Olu made the announcement yesterday at the Ehingbeti Summit 2022 closing ceremony in Lagos.
In addition, the state unveiled its 30-year development plan, which will be implemented between 2022 and 2052.
Speaking at the signing of the two bills, the governor stated that they were critical to the state’s future development and would improve the ease of doing business in Lagos.
The Lagos Wealth Fund Bill, he said, signalled the commencement of the state sub-sovereign green bond that would create sustainable wealth to government and the people of Lagos.
He said the fund would allow the state to create a wealth reserve that would be instrumental to delivering of infrastructure,and would prevent Lagos revenue from external shock and make the state the technology and investment hub.
By this development, he said, Lagos wealth fund becomes the first sub-national sovereign wealth fund in Africa and joins Singapore and Canada that have similar wealth fund and had gone on to do great things with it.
Disclosing that the state Assembly had already been notified that the bill is coming for their accent, he said, he had been assured of speedy passage into law as it played a critical role in the future of Lagos and its 30-year development plan.
He said, “The state Assembly are aware of this bill we are signing today. This is critical to secure the future financing of Lagos and serves as reserves to plan for the future.”
Lagos State Civil Bill, he noted, was expected to speedy up the judicial process to ensure that judgment were discharged on time, thereby, fast-tracking civil proceedings.
He disclosed that the state has got approval for the Badagry seaport while several hectares of land has been earmarked for this project.
On the launch of the Lagos State 30-year development plan, he said the government would continue to pursue policies that are inclusive and equitable to all over the development plan period.