Lagos reviews wealth fund bill to boost sustainable investment
The Lagos State Ministry of Finance has gathered stakeholders to refine the proposed Lagos State Wealth Fund Bill. The initiative aims to create a robust investment framework modeled after the Federal Government’s sovereign wealth fund. Abayomi Oluyomi, the Commissioner for Finance, highlighted the importance of private sector involvement in shaping the bill. The session is seen as a significant step toward securing Lagos’ long-term financial stability and growth.
What we know
- The retreat brought together public sector officials, private sector stakeholders, and lawmakers to harmonise feedback on the Lagos State Wealth Fund Bill.
- Abayomi Oluyomi stated that the bill is designed to promote infrastructure development, economic stabilisation, long-term savings, and strategic growth.
- The bill adapts the Federal Sovereign Wealth Fund model to Lagos’ economic context as a sub-national government.
- Lawal Pedro (SAN), the Attorney General, described the initiative as Africa’s first sub-national wealth fund, aiming for revenue maximisation and economic diversification.
- Participants believe the harmonised bill will position Lagos as a leader in sub-national wealth fund management in Nigeria.
