Sanwo-Olu Signs Wealth Fund Bill, Unveils 30-year Development Plan https://nporeports.com/sanwo-olu-signs-wealth-fund-bill-unveils-30-year-development-plan/
The Lagos State Governor, Babajide Sanwo-Olu has signed the Lagos State Wealth Fund (LSWF) and Lagos State Civil Bill yesterday which will be sent to the Lagos State House of Assembly to be passed into law.
The 30-year development plan which would be implemented between 2022 and 2052 was unveiled by the Governor at the closing ceremony of 9th Edition of Ehingbeti Lagos Economic Summit at Victoria Island.
According to Sanwo-Olu, the government would continue to pursue inclusive and equitable policies during the period of the development plan. He also added that the plan was an all inclusive and extensive plan which articulates strategies and projects that would boost Lagos’ ambition of becoming Africa’s Mega City.
The governor stated that the plan is to position Lagos State as a global, economic and financial center that is safe, secure, functional and productive.
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On the signing of the two bills, Sanwo-Olu said that they were critical to the future development of the state, while enhancing ease of doing business in Lagos.
Lagos Wealth Fund Bill signals the commencement of sustainable wealth to government and the people of Lagos.
He said that the fund would allow the state 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 that.
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 however assured, that this would improve the ease of doing business in the state.