Lagos State Governor Babajide Sanwo-Olu announced a significant investment deal worth $1.35 billion with the African Export-Import Bank (Afreximbank) and Access Bank, aimed at boosting infrastructure development in the state. The announcement was made during the second AfriCaribbean Trade and Investment (ACTI) Forum in GeorgeTown Guyana.
Governor Sanwo-Olu emphasised that this substantial investment would have a positive impact on the Gross Domestic Product (GDP) of Lagos State. The funds are intended to support five major infrastructure projects, reflecting confidence from international and local partners in Lagos’ growing economy.
The projects to be financed by this investment include the construction of the Fourth Mainland Bridge, the Omu Creek Project, and the second phase of the Lagos Rail Mass Transit (LRMT) Blue Line from Mile 2 to Okokomaiko. The Fourth Mainland Bridge will play a crucial role in alleviating traffic congestion in the bustling city.
In addition to these infrastructure projects, the Lagos State Government also plans to build the long-anticipated Lekki-Epe International Airport and the Lagos Food Systems and Logistics Hub in Epe. These initiatives aim to improve logistics, enhance food sufficiency in the state, and contribute to economic growth.
Governor Sanwo-Olu expressed his commitment to ensuring the timely completion of these projects, assuring the public that they would be inaugurated before the end of his administration’s second term.
The Group Managing Director of Access Holdings, Mr. Herbert Wigwe, emphasised the local currency nature of the funds and their substantial tenor, designed to provide appropriate financing options for Lagos State’s infrastructure development. The goal of the investments is to decongest Lagos, enhance its infrastructure, boost internally generated revenue, and stimulate GDP growth.
These projects are part of the state’s vision for a better future and signify its dedication to creating a brighter and more prosperous Lagos for its residents.
