Lagos unveils big gains in proposed wealth fund bill

By Lukman Olabiyi

The Lagos State Ministry of Finance has advanced plans to institutionalise a structured and sustainable investment strategy with the harmonisation of stakeholders’ inputs on the proposed Lagos State Wealth Fund Bill.

The move, widely regarded as a significant step toward long-term wealth creation and fiscal stability, was the focus of a one-day retreat convened to fine-tune the proposed legislation ahead of its presentation to the Lagos State House of Assembly.

Speaking at the retreat, the Commissioner for Finance, Mr. Abayomi Oluyomi, said the proposed fund would establish a coherent and bankable investment architecture to drive infrastructure development, economic stabilisation, long-term savings and strategic growth.

According to him, the initiative is designed to secure Lagos State’s financial future by creating dedicated investment windows that will protect public resources, generate sustainable returns and cushion the state against fiscal shocks.

Oluyomi explained that the model draws inspiration from the framework of the Nigerian Sovereign Investment Authority, which manages Nigeria’s Sovereign Wealth Fund established in 2011 and has recorded steady profitability.

“What Lagos State is doing follows a proven model of disciplined and transparent public investment management. We are adapting a global best practice to suit the realities of a sub-national economy as dynamic as Lagos,” he said.

The proposed Lagos State Wealth Fund Bill 2025 outlines four major investment windows aimed at boosting infrastructure financing, enhancing economic diversification, strengthening fiscal buffers during economic downturns and building long-term savings for future generations.

Stakeholders at the retreat, including lawmakers, private sector representatives and public officials, engaged in clause-by-clause deliberations to refine the framework and ensure it is investor-friendly and legally robust.

Chairman of the House Committee on Finance, Mr. Femi Saheed, who represented Mudashiru Obasa, described the bill as a landmark initiative that would legally institutionalise wealth management practices in Lagos State.

Also speaking, the Attorney General of Lagos State, Mr. Lawal Pedro, highlighted the broader economic gains of the initiative, noting that the fund would promote revenue maximisation, prudent asset management and economic diversification.

He described the proposal as a legacy project capable of positioning Lagos as Africa’s first sub-national government to establish a structured wealth fund framework, further strengthening its reputation as a leading economic hub on the continent.