The sum of $15 billion is needed for infrastructural development for the next 5 years, the Lagos State Government has revealed.
This was disclosed by state Governor, Babajide Sanwo-Olu, at the third Lagos Investors’ Roundtable and Unveiling of Deal Book, organised by the Office of the Sustainable Development Goals (SDGs) and Investment at Victoria Island.
He revealed that the amount would be 5 times the current state budget of $3 billion. This is just as he cited the rising population in Nigeria’s economic capital as the reason for the rise in fugure.
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 added that the State Government strongly believes that the continued growth and success of Lagos is premised on the strength and diversity of its partnerships, adding that such strategic partnerships account for Lagos being by far the leading recipient of local and foreign direct investments in Nigeria.
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Sanwo-Olu said:
“It is estimated that in the last few years, about 80 per cent of the investments in Nigeria, has come into Lagos.
“These investments remain vital to our economic growth and wellbeing, supporting tens of thousands of jobs and livelihoods across the city.
“This is the reason why a forum like this is so important – as a platform for harmonising our respective visions and targets and agreeing on key actions that will not only strengthen existing investment partnerships but also initiate new ones.”
He added that the State Government also understood the importance of building relationships in fostering economic resilience, particularly during times of uncertainty, due to the effects of a global pandemic, climate change, and global inflation.
He 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 encouraged investors to take advantage of the rich information contained in the Deal Book to guide and inform decision-making.
