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By Lukman Olabiyi
The Lagos State Ministry of Finance has advanced plans for a structured and sustainable investment strategy with the harmonisation of stakeholders’ inputs on the proposed Lagos State Wealth Fund Bill, a move widely seen as a major step towards long-term wealth creation and fiscal stability for the state.
At a one-day retreat convened to fine-tune the bill, the Commissioner for Finance, Mr Abayomi Oluyomi, said the proposed fund would establish a coherent and bankable architecture to drive infrastructure development, economic stabilisation, long-term savings and strategic growth.
According to Oluyomi, the initiative is designed to secure Lagos’ financial future by creating dedicated investment windows that will protect public resources, generate returns and reduce fiscal shocks.
He explained that the model draws inspiration from the sovereign investment framework of the Nigerian Sovereign Investment Authority, which manages Nigeria’s Sovereign Wealth Fund established in 2011 and has recorded steady profitability over the years.
“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,” Oluyomi said.
The proposed Lagos State Wealth Fund Bill 2025 outlines four major investment windows expected to boost infrastructure financing, enhance economic diversification, strengthen fiscal buffers during downturns and build long-term savings for future generations.
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Stakeholders at the retreat, including lawmakers, private sector representatives and public officials, engaged in clause-by-clause deliberations aimed at refining the framework to make it investor-friendly and legally robust before its consideration by the Lagos State House of Assembly.
Representing Speaker Mudashiru Obasa, Chairman of the House Committee on Finance, Mr Femi Saheed, described the bill as a landmark initiative that would legally institutionalise wealth management practices for the state.
The Attorney General of Lagos State, Mr Lawal Pedro (SAN), 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, strengthening its reputation as a leading economic hub.
Officials also underscored the importance of private sector participation, noting that Lagos’ economic strength is largely driven by private enterprise and that inclusive engagement would enhance credibility and investor confidence.
Participants expressed optimism that once passed into law, the Lagos State Wealth Fund would serve as a sustainable financial pillar, attracting investments, safeguarding public wealth and ensuring long-term development for Africa’s largest sub-national economy.
