Lagos State Governor, Mr. Babajide Sanwo-Olu, has unveiled a 30-year development plan for Lagos State, which will be implemented between 2022 and 2052.
The governor, who unveiled the plan at the closing ceremony of 9th Edition of Ehingbeti Lagos Economic Summit, also signed the Lagos State Wealth Fund (LSWF) Bill which will be sent to Lagos State House of Assembly to be passed into law.
Speaking on the Lagos State 30-Year Development Plan, Sanwo-Olu promised that the government would continue to implement policies that were inclusive and equitable to residents in the state during the 30-year span of the plan.
The governor described the plan as an all-encompassing master plan, which clearly articulated initiatives that would drive Lagos’ ambition to become Africa’s model mega city in terms of driving the state as a global economic and financial hub that is safe, secure, functional and productive.
According to him, the Lagos Wealth Fund Bill marked the beginning of the state sub-sovereign green bond that will create sustainable wealth for government and the people of the state as well as create a wealth reserve that will be helpful in boosting the state’s infrastructure.
He explained: ”The fund will prevent Lagos revenue from external shock and make the state the technology and investment hub.”
Sanwo-Olu pointed out that with the fiscal initiative, Lagos wealth fund became the first sub-national sovereign wealth fund in Africa and joined Singapore and Canada that had similar wealth funds being used for key developmental projects and programmes.
The governor disclosed that the Executive had notified the State Assembly on the bill and expressed optimism that the lawmakers would speedily pass the bill in view of its critical role in the implementation of the state’s 30-year development plan.
