Lagos State’s Debt Management Office (DMO) has taken step toward transforming the financing of the state’s infrastructure development with its Annual Staff Retreat, centered on the theme: “Exploring Alternative Debt Instruments for Infrastructure Development: Social, Diaspora & Environmental Impact Bonds.”
In her opening remarks, the Permanent Secretary of the DMO, Mrs. Alake Sanusi, acknowledged the presence of distinguished guests and thanked them for their continuous support.
She revealed the agency’s accomplishments in utilising various debt instruments to finance infrastructure projects across multiple sectors, including education, healthcare, and transportation.
Sanusi stressed the importance of adopting unconventional financing methods, particularly in light of Lagos’ increasing urbanisation and the volatile global economic climate.
According to her, social, diaspora, and environmental impact bonds offer an exciting opportunity to unlock resources for sustainable development while ensuring that the projects deliver measurable social and environmental benefits alongside economic returns.
“Our goal is not just to develop infrastructure but to ensure it creates lasting value for the residents of Lagos and beyond,” she stated.
She further shared that these efforts were already paying off, as Lagos State recently achieved a significant milestone by upgrading its credit rating from Aa+ to AAA, according to Fitch Ratings.
In addition, she revealed that Lagos is poised to issue its first Green Bond, making it the first sub-national government in Nigeria to do so.
The keynote address was delivered by Oluyomi Abayomi, the Commissioner for Finance, who described the retreat as an essential platform for reflecting on Lagos’ financial future and refining strategies for tapping into alternative financing sources.
He called for action-oriented discussions, emphasising that the retreat’s objective was to lay out practical steps for securing the future of Lagos through innovative financing models.
“Every kobo borrowed must be utilised with utmost accountability, ensuring that we are investing in the future of Lagosians,” Abayomi remarked.
Abayomi also applauded the DMO’s effective management of Lagos State’s debt profile, noting that embracing new financial tools is crucial to support the state’s infrastructure amidst the increasing demands placed on it by a rapidly growing population.
Also, the Director of Administration and Human Resources at the DMO Ms. Titi Awokoya offered her thanks to dignitaries, committee members, and participants for their contributions.
She reaffirmed the importance of the DMO’s commitment to excellence and affirmed the staff’s dedication to delivering even greater achievements in the future.
Other dignitaries at the retreat included Mr. Akintayo Sanwo-Olu, Special Adviser to the Governor on Corporate Finance and Strategic Investment; Dr. Abiodun Muritala, State Accountant General/Permanent Secretary of the State Treasury Office; and Mrs. Kikelomo Bolarinwa, Permanent Secretary, Local Government, Chieftaincy Affairs & Rural Development.
They commended the DMO for its professionalism and encouraged the participants to fully engage in the discussions, to further strengthen Lagos’ position as a leader in innovative public finance in Africa.