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General News of Thursday, 18 November 2021


Lagos requires $15bn for infrastructure - Sanwo-Olu

Lagos State governor, Mr Babajide Sanwo-Olu Lagos State governor, Mr Babajide Sanwo-Olu

Lagos State governor, Babajide Sanwo-Olu, has on Thursday, November 18, 2021, revealed that the state will need about $15 billion over the next five years for infrastructural purposes.

According to him, such a requirement is due to the increasing Nigerian population and the state's limited geographical space.

He stated this at the third Lagos Investors’ Roundtable and launching of Deal Book organised by the Office of the Sustainable Development Goals and Investment.

“We believe that given the rising population and limited geography space that we have, Lagos will indeed require about $15 billion over the next five years on infrastructure alone. $15 billion is about five times the budget that we currently have. Lagos’ budget is about $3 billion today.

“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 per cent 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.

“This is the reason why a forum like this is so important – as a platform for harmonising our respective visions and targets and agreeing on key actions that will not only strengthen existing investment partnerships but also initiate new ones,” he said.

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