Smart City: Lagos needs $15bn for infrastructure, sustainable development ─Governor

*Governor Babajide Sanwo-Olu of Lagos State discloses Lagos will need about $15billion for sustainable infrastructure and urges investors to optimise advantages of the opportunities in state towards developing a 21st Century economy

Isola Moses | ConsumerConnect

Considering the fast rising population and limited geographical space of the Centre of Excellence in connection with the current administration’s ‘T.H.E.M.E.S’ development strategies, Governor Babajide Sanwo-Olu of Lagos State has stated that Lagos will need about $15 billion for sustainable infrastructure in the next five years.

ConsumerConnect gathered Governor Sanwo-Olu disclosed this development Thursday, November 18, 2021,  at the third Lagos Investors’ Roundtable and Unveiling of Deal Book, organised by the Office of the Sustainable Development Goals (SDGs) and Investment at the Civic Centre, on Victoria Island, Lagos.

Lagos State’s T.H.E.M.E.S development strategy

Governor Sanwo-Olu also unveiled the “Lagos Deal Book”, which is a compendium of investment opportunities across the state, as well as information about the incentives for making the investments and the processes for investment.

He explained that the state would need such an amount of money to provide quality infrastructure in view of its rising population and limited geographical space.

Sanwo-Olu said: “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.

“Fifteen million Dollars is about five times the budget that we currently have. Lagos budget is about $3 billion today.”

He, therefore, urged 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.

The Lagos State Governor also solicited for  partnership with investors and private sector, as the implementation of the development strategies of his administration demanded partnership and contributions of private investors.

“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 per cent of the investments into Nigeria, has come into Lagos,” said Sanwo-Olu.

He also stated: These investments remain vital to our economic growth and wellbeing, supporting tens of thousands of jobs and livelihoods across the city.

The governor further said that the government has a huge responsibility to develop critical hard and soft infrastructure that could act as a catalyst for investors.

He noted: “I encourage you all to take advantage of the rich information contained in this Deal Book to guide and inform your decision making.

“Information, they say, is power, and there is something of value and interest to each and every one of you inside the compendium.

“I also urge you all to continue to support, partner and collaborate with Lagos State and with one another to create sustainable economic prosperity that will touch the lives of all Lagosians.

“I would like to ask you all, to please spread the word; Lagos State is open and ready for investment, innovation and collaboration.”

In her address at the forum, Mrs. Solape Hammond, Special Adviser to Governor Sanwo-Olu on Sustainable Development Goals (SDGs) and Investment, reassured the investors of the determination to institute business-friendly measures to boost investors’ confidence and guarantee trust.

Mrs. Hammond stated the SDGs Office in the state is working with relevant Ministries, Departments and Agencies (MDAs) of government to minimise all perceived threats and scale-up strategic benefits.

She said: “It is an incontrovertible fact that Lagos derived its age-long excellence partly from the worthy contribution of private investment to its socio-economic development, hence, the commitment towards creating a conducive atmosphere for private businesses to strive.

“As carefully exemplified by Mr. Governor, Babajide Sanwo-Olu, in his developmental agenda, T.H.E.M.E.S, the utmost goal is to make Lagos the most desirable investment destination in the world.

“The ability to attract investment remains the hallmark of healthy economies all over the world.”

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