Lagos State Governor, Babajide Sanwo-Olu, on Wednesday, signed the Lagos State Wealth Fund bill and the Lagos State Civil Bill which will be sent to the Lagos State House of Assembly to be passed into law.
Sanwo-Olu disclosed this at the closing ceremony of the Ehingbeti Summit 2022 in Lagos yesterday
The state also launched its 30-year development plan which would be implemented between 2022 and 2052.
Speaking on the signing of the two bills, the governor noted that, they were critical to the future development of the state, and would enhance the ease of doing business in Lagos.
The Lagos Wealth Fund Bill, he said, signalled the commencement of the state’s sub-sovereign green bond that would create sustainable wealth for the government and the people of Lagos.
He said the fund would allow the state to create a wealth reserve that would be instrumental to delivering infrastructure and would 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 it.
Disclosing that the state Assembly had already been notified that the bill is coming for their accent, he said, he had been assured of speedy passage into law as it played 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.”