The Lagos State Government has reaffirmed plans to establish a Sovereign Wealth Fund to safeguard the state’s financial future and secure prosperity for unborn generations.
Eko Hot News reports that the proposed Lagos State Wealth Fund (LSWF) will serve as a strategic investment vehicle designed to drive infrastructure development, economic stabilisation, long-term savings and sustainable growth.
Commissioner for Finance, Abayomi Oluyomi, disclosed this during the Lagos State Wealth Fund Bill Harmonisation Session held at Four Points by Sheraton Lagos.
The session brought together members of the State Executive Council, lawmakers, and stakeholders from the public and private sectors to fine-tune provisions of the bill ahead of legislative consideration.
Oluyomi said the harmonisation followed a public hearing held on November 12, 2025, and was aimed at integrating stakeholders’ feedback into a unified and bankable framework.
He commended Governor Babajide Olusola Sanwo-Olu for championing reforms that strengthen Lagos’ long-term financial stability.
The commissioner explained that the model draws inspiration from the Nigerian Sovereign Investment Authority, which manages Nigeria’s Sovereign Wealth Fund established in 2011.
According to him, the bill outlines four investment windows to boost infrastructure financing, diversify the economy, strengthen fiscal buffers and build savings for future generations.
Speaker of the Lagos State House of Assembly, Mudashiru Obasa, represented by Hon. Femi Saheed, said the fund would reduce fiscal risks, support budget deficits during emergencies and strengthen investor confidence.
Attorney General, Lawal Pedro, described the initiative as a legacy project capable of positioning Lagos as Africa’s first subnational wealth fund model.
Stakeholders expressed optimism that, once enacted, the law would attract investment, safeguard public wealth, and reinforce Lagos’ status as a leading economic hub.
