Governor Babajide Sanwo-Olu has reiterated his administration’s dedication to increased investment in infrastructure development to foster economic growth and progress. He made this declaration during a courtesy visit from the management of the Securities and Exchange Commission, led by its Director-General, Mr. Lamido Yuguda, at Alausa, Lagos.
Represented by his deputy, Dr. Obafemi Hamzat, Governor Sanwo-Olu emphasised the pivotal role of infrastructure development in harnessing the economic potential and growth of a state or country. He underscored the investor-friendly environment of Lagos State and the necessity of infrastructure development to maximise economic potential.
“Infrastructure is one of the ways to maximise the economic potential of any country. Unfortunately, Nigeria has a deficit of infrastructure. However, the Federal Government and the Lagos State Government are not relenting in investing in infrastructure to bring relief to their citizens. The need to raise capital for worthy investment is imperative, and Lagos has made it a priority to build its infrastructure for the betterment of its citizens,” he stated.
Highlighting the significance of the rail project as a major infrastructure initiative in the state, the governor described it as capital-intensive but immensely valuable, elevating the state’s standing.
Governor Sanwo-Olu stressed that infrastructure is essential for the development of African nations, emphasising the importance of educating Africans about the necessity of raising funds for investments that enhance citizens’ lives. He encouraged government bodies not to fear taking on constructive debt to seize opportunities that will stimulate economic growth, stating, “Government would not have been able to provide some infrastructural facilities in the state if it had not been able to access loans needed to put such facilities in place.”
In his remarks, Mr. Yuguda emphasised the need to explore how the capital market can be leveraged for the funding of capital projects. He called for collaboration with the Lagos State Government to promote investor education and address infrastructure deficits in the state.
Mr. Yuguda also informed the state government of plans to host the third West Africa Capital Market Conference in Lagos, with the theme “Infrastructure Deficit and Sustainable Financing in an Integrated West Africa Capital Market.” The conference aims to gather experts from the sub-region to discuss strategies for addressing infrastructure challenges and promoting economic growth.
Furthermore, Mr. Yuguda expressed the readiness of the Securities and Exchange Commission to work with the state government in combating illicit practices that defraud individuals of their hard-earned money.
