Sanwoolu says Lagos will need to invest about $15bn in infrastructure over the next five years

GOVERNOR Babajide Sanwoolu has revealed that Lagos will require about $15bn over the next five years for infrastructural investment to meet the twin challenges of a growing population and limited geographical space.

Considered the engine of the Nigerian economy, Lagos State accounts for about a quarter of Nigeria's gross domestic product (GDP) and a third of non-oil GDP. Despite having the smallest landmass in the country with a third of the state being water, Lagos is by far the most populous state in Nigeria with about 22m people.

Speaking at the third Lagos investors’ roundtable summit and launch of a deal book organised by the Office of the Sustainable Development Goals and Investment, Governor Sanwoolu called on investors to optimise the advantages of the opportunities in Lagos State toward the goal of developing a 21st century economy. He declared that the combined effects of climate, security and economic challenges in northern Nigeria were putting pressure on the population of the state.

Governor Sanwoolu 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 80% of the investments into 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.

“As a government, we understand the value of these relationships in fostering economic resilience, particularly during times of uncertainty, like this one we are in, marked by the combined effects of a global pandemic, climate change, global inflation, the burden of poverty and social and economic inequality among others. As a low-lying aquatic city with over 22m citizens, confined to the smallest landmass in Nigeria, Lagos is especially vulnerable to all the challenges of a sprawling, densely populated, climate challenged, fast-growing megacity.

“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. That $15bn is about five times the budget that we currently have as the Lagos budget is about $3bn today.”

While assuring investors that Lagos was open and ready for investments, innovation and collaboration, Governor Sanwoolu assured investors and private partners that the state government would create enabling policies and environment for them to thrive in. He added that Lagos would ensure that their investments are safe and secure and his government would also ensure that innovation thrives.