‘Lagos requires $15bn for infrastructure over the next 5yrs’
Given the rising population and limited geographical space, Lagos State will require about $15 billion over the next five years for infrastructure, Governor Babajide Sanwo-Olu has said.
Sanwo-Olu who spoke at the third Lagos Investors’ Roundtable and launching of Deal Book organised by the Office of the Sustainable Development Goals (SDGs) and Investment called on investors to optimise the opportunities in the State towards developing a 21st Century economy.
“We believe that given the rising population and limited geography space that we have, Lagos will indeed require about $15bn over the next five years on infrastructure alone. $15bn is about five times the budget that we currently have. Lagos budget is about $3bn today,” he said.
The governor called for partnership with investors and the private sector, stressing that the implementation of the development strategies of his administration demands partnership and contributions of private investors.
He said, “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 80percent of the investments into Nigeria, has come into Lagos,”
While assuring investors that Lagos State is open and ready for investments, innovation and collaboration, he promised to create enabling policies and environment for them to thrive in the State and for their investments to be safe and secured, as well as ensuring that innovation thrives.