Sanwo-Olu Signs Lagos Wealth Fund Bill, Unveils 30-Year Development Plans
- The Lagos State governor has signed bills that would enhance wealth creation for residents of the state
- The governor also signed a Civil which would enhance the ease of doing Business in the state and sent them to the state house of Assembly for passage
- He also unveiled a 30-year-old development plan for the state to accelerate development in the state
The Lagos state governor, Babajide Sanwo-Olu, on Wednesday, October 12, 2022, signed the Lagos State Wealth Fund (LSWF) bill and the Lagos State Civil Bill, which will be sent to the Lagos State House of Assembly to be passed into law.
The signing comes as the state officially embarked on its 30-year development plan will be implemented between 2022 and 2052.
Source: Instagram
What the governor said about the bills
Speaking on the signing of the two bills, the governor stated that the bills are critical and pertinent to the future development of the state as well as enhancing the ease of doing Business in the state.
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Report says that the Lagos Wealth Fund Bill, Sanwo-Olu said, shows the commencement of the state's sub-sovereign green bond that will create sustainable wealth for the government and the people of Lagos.
The governor said that the fund would allow the state to create a wealth reserve that would be instrumental in delivering infrastructure. The fund will prevent Lagos revenue from external shock and make the state the technology and investment hub in the country.
The governor said by this development, Lagos wealth fund became the first sub-national sovereign wealth fund in Africa and joined Singapore and Canada, which have similar wealth funds that had gone on to do great things with it.
Disclosing that the state Assembly has already been notified that the bill is coming for their approval, he said he had been assured of its speedy passage into law as it plays 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," he stressed.
Similarly, he said the Lagos State Civil Bill is expected to speed up the judicial process to ensure that judgments are discharged on time, thereby fast-tracking civil proceedings and enhancing the Ease of Doing Business in the state.
What the 30-year development would do in Lagos
The Lagos State helmsman disclosed that the state had gotten approval for the Badagry seaport while several hectares of land have been earmarked for this project.
On the launch of the Lagos State 30-year development plan, Sanwo-Olu said the government would continue to pursue inclusive and equitable policies for all over the development plan period.
The plan, he said, is an all-encompassing master plan which clearly articulates initiatives that will drive Lagos' ambition to become Africa's Model Mega City, a Global Economic and Financial Hub that is Safe, Secure, Functional, and Productive.
Lagos secures approval from FG for second international airport at Lekki
Legit.ng reported that the Lagos State government has received approval from the Nigerian government for an additional international airport.
Lagos State governor Babajide Sanwo-Olu, on Tuesday, October 11, 2022, officially got the approval for the airport at the ongoing Ehingbeti Lagos Economic Summit.
The Summit is titled ‘Lagos State 2025-2052: Charting the Paths to Sustainable Socio-Economic Growth.
Source: Legit.ng
