On Wednesday, Lagos Governor Babajide Sanwo-Olu unveiled a 30-year development plan for the city. It will be implemented between 2022 and 2052.
The plan was revealed at Victoria Island at the closing ceremony of the 9th edition of the Ehingbeti Lagos Economic Summit.
The governo also signed the Lagos State Wealth Fund (LSWF) bill and the Lagos State Civil Bill, which will be voted on by the Lagos State House of Assembly.
Over the 30-Year Development Plan period, the governor said the government would continue to pursue inclusive and equitable policies.
Sanwo-Olu said the plan was an all-encompassing master plan, which clearly articulated initiatives that would drive Lagos’ ambition to become Africa’s Model Mega City.
He said that the plan was to drive Lagos State as a global, economic and financial hub that was safe, secure, functional and productive.
On the signing of the two bills, Sanwo-Olu said that they were critical and germane to the future development of the state, while enhancing ease of doing business in Lagos.
According to him, the Lagos Wealth Fund Bill signals the beginning of the state sub-sovereign green bond that will create sustainable wealth for the government and the people of Lagos.
He said that the fund would allow the state to create a wealth reserve that would be instrumental to delivering of infrastructure.
”The fund will prevent Lagos revenue from external shock and make the state the technology and investment hub,” Sanwo-Olu said.
He said that with this, Lagos wealth fund became the first sub-national sovereign wealth fund in Africa and joined Singapore and Canada that had similar wealth fund 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.
He said that the Lagos State Civil Bill was expected to speedy up the judicial process, to ensure that judgment were discharged on time, hence, fast-tracking civil proceeding.
Sanwo-Olu also said that this would improve the ease of doing business in the state.
(NAN)
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