Mr. Babajide Sanwo-Olu, the Governor of Lagos State, announced on Thursday that the state will need $15 billion in infrastructure over the next five years due to its growing population and limited geographical space.
Sanwo-Olu, speaking at the Office of the Sustainable Development Goals (SDGs) and Investment’s third Lagos investors’ roundtable and launch of a deal book, urged investors to take advantage of the opportunities in Lagos State in order to achieve his administration’s goal of developing a 21st Century economy.
The governor, Sanwo-Olu, also stated that the combined effects of climate change, security, and economic concerns in northern Nig are causing problems in the region.
Sanwo-Olu also stated that the cumulative effects of climate change, security, and economic issues in northern Nigeria were placing strain on the state’s population.
Sanwo-Olu also called for partnership with investors and the private sector at the investment roundtable, which was attended by foreign diplomats, members of the business community, captains of industries, and members of the State Executive Council, among others. He said that the implementation of his administration’s development strategies requires partnership and contributions from private investors.
He said: “We strongly believe that the continued growth and success of Lagos is premised on the strength and diversity of our partnerships. It is such strategic partnerships that account for Lagos being by far the leading recipient of local and foreign direct investments in Nigeria. It is estimated that, in the last few years, about 80 percent of the investments into Nigeria, has come into Lagos.
“These investments remain vital to our economic growth and wellbeing, supporting tens of thousands of jobs and livelihoods across the city. This is the reason why a forum like this is so important – as a platform for harmonising our respective visions and targets and agreeing on key actions that will not only strengthen existing investment partnerships but also initiate new ones.”
Sanwo-Olu stressed further that, “As a government, we understand the value of these relationships in fostering economic resilience, particularly during times of uncertainty, like this one we are in, marked by the combined effects of a global pandemic, climate change, global inflation, the burden of poverty and social and economic inequality, among others.
“As a low-lying aquatic city with over 22 million citizens, confined to the smallest landmass in Nigeria, Lagos is especially vulnerable to all the challenges of a sprawling, densely populated, climate challenged, fast-growing Megacity.
“We believe that given the rising population and limited geography space that we have, Lagos will indeed require about $15 billion over the next five years on infrastructure alone. $15 billion is about five times the budget that we currently have. Lagos budget is about $3 billion today.”
“Indeed we have a huge responsibility to develop critical hard and soft infrastructure that can act as a catalyst for what you do as investors. All of these we have been doing and will continue to do,” the governor said.
He said: “I encourage you all to take advantage of the rich information contained in this Deal Book, to guide and inform your decision making. Information, they say, is power, and there is something of value and interest to each and every one of you, inside the compendium.
“I also urge you all to continue to support, partner and collaborate with Lagos State and with one another, to create sustainable economic prosperity that will touch the lives of all Lagosians. I would like to ask you all, to please spread the word; Lagos State is open and ready for investment, innovation, and collaboration.”
Mrs. Solape Hammond, Governor Sanwo-Special Olu’s Adviser on Sustainable Development Goals (SDG) and Investment, said the roundtable was part of a shared goal to make Lagos the world’s most desired investment location.
She convinced investors that the Babajide Sanwo-Olu administration is committed to implementing business-friendly measures to boost investor confidence and ensure trust, and that her office is collaborating with relevant government Ministries, Departments, and Agencies (MDAs) to mitigate all perceived threats and scale-up strategic benefits.
“It is an incontrovertible fact that Lagos derived its age-long excellence partly from the worthy contribution of private investment to its socio-economic development, hence, the commitment towards creating a conducive atmosphere for private businesses to strive.
“As carefully exemplified by Mr. Governor Babajide Sanwo-Olu in his developmental agenda, T.H.E.M.E.S, the utmost goal is to make Lagos the most desirable investment destination in the world. The ability to attract investment remains the hallmark of healthy economies all over the world,” she said.
