Lagos State Governor, Babajide Sanwo-Olu, said on Wednesday that Lagos will start a 30-year plan to improve the city between 2022 and 2052.
The concept was presented by Sanwo-Olu at the Victoria Island closing ceremony of the 9th edition of the Ehingbeti Lagos Economic Summit.
The Lagos State Wealth Fund (LSWF) bill as well as the Lagos State Civil Bill were also signed by the governor and will now be forwarded to the Lagos State House of Assembly for approval.
In reference to the Lagos State 30-Year Development Plan, he declared that the administration would keep up its pursuit of inclusive and fair policies throughout the development plan’s duration.
A comprehensive master plan, according to Sanwo-Olu, the plan outlined actions that would support Lagos’ goal of becoming Africa’s Model Mega City.
It is the goal, according to him, to make Lagos State a secure, functioning, and profitable global economic and financial powerhouse.
Sanwo-Olu praised the two measures upon their signing, stating that they were vital and pertinent to the state’s continued development while facilitating business operations in Lagos.
He asserts that the Lagos Wealth Fund Bill marks the start of the state’s sub-sovereign green bond, which will generate long-term wealth for the Lagosian government and its citizens.
He claimed that by using the fund, the state would be able to build up a wealth reserve that would be essential for constructing infrastructure.
According to Sanwo-Olu, the fund will make the state a centre for technology and investment and shield Lagos’s revenue from shocks from outside sources.
He claimed that as a result, Lagos’ wealth fund joined Singapore’s and Canada’s similar wealth funds, which had achieved amazing things. Lagos’ wealth fund was now the first sub-national sovereign wealth fund in Africa.
According to the governor, the State Assembly had previously been informed that the measure was headed their way and that its swift passage into law would be crucial to Lagos’ future and its 30-year growth plan.
According to him, the Lagos State Civil Bill is expected to expedite the legal system in order to ensure that judgments are executed promptly and, as a result, civil proceedings are expedited.
The convenience of conducting business in the state would also increase, according to Sanwo-Olu.
