Lagos set to launch Wealth Fund to boost infrastructure, jobs, tech
By Sodiq Adelakun
Lagos State is set to establish a Wealth Fund designed to drive infrastructure development, stimulate technological innovation, and create jobs for its rapidly growing population.
The initiative is outlined in a bill titled: “A Bill for a Law to Establish the Lagos State Wealth Fund to Receive, Manage and Invest in a Diversified Portfolio of Medium- and Long-Term Assets for the Benefit of Lagos State and Future Generations of Its Indigenes and Residents, and for Connected Purposes.”
A public hearing on the bill was held on Wednesday by the Lagos State House of Assembly Committee on Finance at the Lateef Jakande Auditorium, Assembly Complex, Alausa, Ikeja. Stakeholders described the proposal as a bold step to accelerate development in Lagos, widely regarded as Nigeria’s fifth-largest economy.
Hon. Femi Saheed, Chairman of the House Committee on Finance, said the Wealth Fund would institutionalise best practices in public fund management and safeguard resources for future generations.
“The House of Assembly recognises the need to protect the resources of today for tomorrow’s citizens. We count on your expert submissions and constructive criticisms to refine this bill into a robust instrument,” Saheed said.
He added that the fund would function as both a stabilisation and investment vehicle, helping Lagos manage economic fluctuations and finance key projects in technology, innovation, and infrastructure.
“This initiative aligns with the Governor’s T.H.E.M.E.S. agenda. It will drive investment in technology, innovation, and public infrastructure, ensuring Lagos remains a model of sustainable development,” he said.
Hon. Abayomi Oluyomi, Commissioner for Finance, emphasised the importance of a stabilisation mechanism to protect Lagos during emergencies, citing fiscal disruptions caused by past epidemics and the COVID-19 pandemic.
“This fund will ensure we save for the rainy day. With Lagos’ rapidly growing population, the demand for jobs and infrastructure keeps increasing. The fund is about savings and long-term investment to secure the future,” Oluyomi said.
Oluyomi also highlighted Lagos’ position as a global tech hub, describing the fund as a vehicle to support continued growth in the technology sector. He revealed that 0.5% of the current state budget—around ₦30–₦40 billion—would serve as initial seed capital, with 3.2% of monthly internally generated revenue (IGR) contributing to the fund.
Represented by Solomon Bonu, the Speaker of the Assembly, Rt. Hon. Mudashiru Obasa, described the proposal as a visionary plan that safeguards the state and ensures prosperity for future generations.
“It establishes structures and funds to enable the state to save and invest for the future. Leadership is not about what we consume today, but what we preserve for tomorrow,” he said.
Dr. Yemi Sanni, representing the President of the Institute of Chartered Accountants of Nigeria (ICAN), commended the initiative but called for compliance with national and international standards.
“We recommend adoption of international public sector accounting standards, segment reporting, and joint audits for the first three years. Auditors must be registered with the Financial Reporting Council, and one board member should be a qualified accountant,” Sanni said.
He also suggested clarifying withdrawal limits, the agency’s relationship with SEC and CBN, and creating an official website for transparency.
Responding to the feedback, Deputy Majority Leader Hon. Adedamola Richard Kasunmu expressed gratitude to all contributors and reaffirmed the House’s commitment to preparing Lagos for future economic contingencies.
“We are prepared for the rainy days. This law will ensure Lagos is economically resilient and future-ready,” Kasunmu said.