Lagos State Governor, Babajide Sanwo-Olu, on Wednesday 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 to be passed into law.
This is even as the state officially launched its 30-year development plan 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 sub-sovereign green bond that will create sustainable wealth to government and the people of Lagos.
Stating that the fund will allow the state create a wealth reserve that will be instrumental to delivering of infrastructure, he 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 that have similar wealth fund and had gone on to do great things with it.
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 speedy up the judicial process to ensure that judgment are discharged on time, thereby, fast-tracking civil proceeding, believing this will improve the Ease of Doing Business in the state.
Similarly, he disclosed that the state has gotten approval for the Badagry seaport while several hectares of land has 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.
Sanwo-Olu also witnessed the signing of a Memorandum of Understanding (MoU) between the Lagos State Government and Del York Group for Lagos Film City as well as the MoU between the State Government and Siemens Energy for Electronics Technician training with Siemens Energy.
Speaking on the 2023 governorship elections in Lagos State, Sanwo-Olu said he believed the people of Lagos State will do the right thing in next year’s election by re-electing him.
He said: “Today is the day that INEC officially flagged off campaigns for governorship and House of Assembly elections. And there is no better time for me to do my official flag-off than at an economic summit like this where we are talking about our city, our people and Greater Lagos. What we are talking about is real; people can feel and they can see it.
“Some people can come here to claim anything. Some candidates would go about and make a lot of noise. They don’t even know what governance is all about. We have done a lot and people can feel it. People know this is a government that works for them.
“It is not about us; it is really to create that enabling environment for them (the citizens) to do well. Lagos State has witnessed prosperity in the last three and half years even in the COVID environment and that is the trajectory in which we want to continue. So, tell the noisemakers that after the noise, there would be calm and Lagosians will truly understand what we are talking about.”
Speaking on why he deserved to be re-elected, Sanwo-Olu said: “For me, there can never be any better campaign; there can never be an any better conversation and there can never be any better means of showing and showcasing what this government has done for the past three and half years than what you all have seen here in the last two days.
“I want to tell all Lagosians that it is as clear as day and night. Of course, there are a lot of people on the bill. There are a lot of noisemakers on the bill. There are a lot of other people that don’t even know their right from the left on the bill.
“I know there are a lot of other people that are out and shouting. Let them shout but after the shouting, there would be calmness because indeed you Lagosians know the right thing to do. And you will do the right thing by voting for us and re-elect us to continue with the great work that we’re doing.”
