Governor Babajide Sanwo-Olu of Lagos State on Thursday disclosed that his administration has earmarked about $15 billion over the next five years for infrastructure.
Speaking at the third Lagos Investors’ Roundtable and launching of Deal Book organised by the Office of the Sustainable Development Goals (SDGs) and Investment, Governor Sanwo-Olu called on investors to optimise the advantages of the opportunities in Lagos State toward the goal of developing a 21st Century economy as projected by his administration.
“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,” he said.
“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 armonizing our respective visions and targets and agreeing on key actions that will not only strengthen existing investment partnerships but also initiate new ones.”
He further averred 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.”
Also present at the investment roundtable were foreign diplomats, members of business communities, captains of industries and members of the State Executive Council, among others.