Lagos State Governor, Babajide Sanwo-Olu yesterday 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 passage into law.
Also yesterday, the state launched its 30-year development plan which will be implemented over 30 years – 2022 and 2052.
Speaking while signing the two bills, Sanwo-Olu said the bills are critical to the future development of the state, while enhancing ease of doing business in Lagos.
He said the Lagos Wealth Fund Bill signals the commencement of the state’s Sub-sovereign Green Bond that will create sustainable wealth to government and the people of Lagos, adding that the fund will allow the state create a wealth reserve that will be instrumental to delivering infrastructure and prevent Lagos revenue from external shocks and make the state the technology and investment hub.
By this development, the Lagos Wealth Fund becomes the first sub-national sovereign wealth fund in Africa, thereby joining Singapore and Canada that have similar wealth fund and had gone on to do great things with it.
Sanwo-Olu said the House of Assembly has been notified that the bill was on its way, saying that he has been assured by the legislature that the Bill will receive speedy passage as the law is expected to play a critical role in the future of Lagos and its 30-year development plan.
“The state Assembly is 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, Sanwo-Olu said the Lagos State Civil Bill is expected to speedy up the judicial process to ensure that judgment is discharged on time, thereby, fast-tracking civil proceeding, believing this will improve the Ease of Doing Business in the state.
Also, he said the state had got approval for the Badagry seaport while several hectares of land had been earmarked for this project.
On the launch of the Lagos State 30-year development plan, he said the government will continue to pursue policies that are inclusive and equitable to all over the development plan period, saying the plan is an all-encompassing Masterplan 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.