CEM REPORT | Lagos State Government has unveiled a 30-year development plan for the state which will be implemented between 2022 and 2052.
Gov. Babajide Sanwo-Olu unveiling the plan at the closing ceremony of the 9th Edition of the Ehingbeti Lagos Economic Summit at Victoria Island said the plan was an all-encompassing master plan, that clearly articulates initiatives that would drive Lagos’ ambition to become Africa’s Model Mega City.
He added that the State Government would continue to pursue policies that were inclusive and equitable to all, over the development plan period.
Sanwo-Olu said that the plan was to drive Lagos State as a global, economic and financial hub that was safe, secure, functional and productive.
The Governor also 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.
NAN reports that Sanwo-Olu said the bills were critical and germane to the future development of the state while enhancing the ease of doing business in Lagos.
According to him, the Lagos Wealth Fund Bill signals the beginning of the state’s sub-sovereign green bond that will create sustainable wealth for the government and the people of Lagos.
He added that “the fund would allow the state to create a wealth reserve that would be instrumental to delivering infrastructure.”
”The fund will prevent Lagos revenue from external shock and make the state the technology and investment hub.”
He noted that the Lagos Wealth Fund became the first sub-national sovereign wealth fund in Africa and joined Singapore and Canada which had similar wealth funds and had gone on to do great things.
The Governor said that the State Assembly had already been notified that the bill was coming for their accent, as the speedy passage into law would play a critical role in the future of Lagos and its 30-year development plan.
On the Lagos State Civil Bill, the governor explained that the bill was expected to speed up the judicial process, to ensure that judgments were discharged on time, hence, fast-tracking civil proceedings.
Sanwo-Olu also said that this would improve the ease of doing business in the state