Lagos State Governor 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 passage into law.
Mr Sanwo-Olu signed the documents on Wednesday the closing day of the Ehingbeti Summit.
He also launched a 30-year development plan for the state which will be implemented between 2022 and 2052.
Speaking on the signing of the two bills, the governor noted that they are critical and germane to the future development of the state while enhancing ease of doing business in Lagos.
The Lagos Wealth Fund Bill, he said, signals the commencement of the state’s sub-sovereign green bond that will create sustainable wealth for the government and the people of Lagos.
Stating that the fund will allow the state to create a wealth reserve that will be instrumental to delivering of infrastructure, Sanwo-Olu added that the fund will 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 which have similar wealth funds and had gone on to do great things with them.
Disclosing that the State Assembly has already been notified that the bill is coming for their accent, he said, he has been assured of speedy passage into law as it plays a critical role in the future of Lagos and its 30-year development plan.
“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, believing this will improve the Ease of Doing Business in the state.
Similarly, Sanwo-Olu disclosed that the state has 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, 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.