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The governor of Lagos State, Babajide Sanwo-Olu yesterday signed the Lagos State Wealth Fund (LSWF) Bill and the Lagos State Civil Bill which will be sent to the State House of Assembly to be passed into law. This is even as the state officially launched its 30-year development plan which will be implemented between 2022 and 2052. Speaking on the signing of the two bills, the governor noted that, they are critical and germane to the future development of the state, while enhancing ease of doing business in Lagos.
The Lagos Wealth Fund Bill, he said, signals the commencement of the state sub-sovereign green bond that will create sustainable wealth to government and the people of Lagos.
Stating that the fund will allow the state create a wealth reserve that will be instrumental to delivering of infrastructure, he added that the fund will prevent Lagos revenue from external shock and make the state the technology and investment hub. By this development, he said. Lagos wealth fund becomes the first sub-national sovereign wealth fund in Africa and joins Singapore and Canada that have similar funds and had gone on to do great things with it. Disclosing that the State Assembly has already been notified that the bill is coming for their accent, Sanwo-Olu said he has been assured of speedy passage into law as it plays a critical role in the future of Lagos and its 30-year development plan.
