Governor of Lagos state, Babajide Sanwo-Olu has 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 for approval.
This comes as the state officially launches its 30-year development plan, which will be implemented between 2022 and 2052.
Speaking about the signing of the two bills, the governor stated that they are vital and relevant to the state’s future development, while also improving the ease of doing business in Lagos.
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The Lagos Wealth Fund Bill, he said, signals the commencement of the state sub-sovereign green bond that will create sustainable wealth to government and the people of Lagos.
He stated that the fund will enable the state to develop a wealth reserve that will be useful in delivering infrastructure, and that it will protect Lagos income from external shocks and position the state as a technology and investment hub.
By this breakthrough, he said, Lagos wealth fund becomes Africa’s first sub-national sovereign wealth fund, joining Singapore and Canada, who have similar wealth funds and have done wonderful things with them.
Governor Sanwo-olu stated that the State Assembly has already been told that the bill is on its way for their consideration, and that he has been assured of its swift passage into law because it is essential to the future of Lagos and its 30-year growth plan.
Similarly, he said the Lagos State Civil Bill is expected to speedy up the judicial process to ensure that judgment are discharged on time, thereby, fast-tracking civil proceeding, believing this will improve the Ease of Doing Business in the state.
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.
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.
Sanwo-Olu also witnessed the signing of a Memorandum of Understanding (MoU) between the Lagos State Government and Del York Group for Lagos Film City as well as the MoU between the State Government and Siemens Energy for Electronics Technician training with Siemens Energy.
