Due to its growing population and limited geographical space, Lagos State Governor Babajide Sanwo-Olu has revealed that the state will require $15 billion in infrastructure over the next five years.
On Thursday, the Governor stated this while speaking at the Office of the Sustainable Development Goals and Investment’s third Lagos Investors’ Roundtable and the introduction of the Deal Book.
The Governor claims that such a rule is necessary due to the state’s growing population and limited geographical territory.
Gboyega Akosile, the governor’s main press secretary, Sanwo-Olu, said as much in a statement.
“We predict that, given the city’s growing population and limited geographic space, Lagos will require around $15 billion in infrastructure alone over the next five years.” We currently have a budget of $15 billion, which is roughly five times what we have now. Sanwo-Olu was mentioned in the statement as saying, “Today, Lagos’ budget is around $3 billion.”
The Governor also called on investors to join the state in implementing its development objectives in the statement.
“We strongly feel that the quality and diversity of our alliances is founded on the continuous expansion and prosperity of Lagos,” he said.
“It is because of such strategic collaborations that Lagos is by far Nigeria’s largest beneficiary of local and foreign direct investments.
“It is believed that Lagos has received around 80% of all investments into Nigeria in the last few years.”
“These investments are critical to our city’s economic growth and well-being, as they sustain tens of thousands of jobs and livelihoods.”
“This is why a meeting like this is so vital — as a venue for aligning our individual views and goals, as well as agreeing on crucial steps that will not only improve existing investment partnerships but also begin new ones.”
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