[News] Lagos needs $15bn in five years for infrastructure – Sanwo-Olu

The Governor of Lagos State, Babajide Sanwo-Olu, has disclosed that the state will require about $15 billion over the next five years for infrastructure due to its rising population and limited geographical space.

The Governor made this known while speaking at the third Lagos Investors’ Roundtable and launching of Deal Book organised by the Office of the Sustainable Development Goals and Investment on Thursday.

According to the Governor, such a requirement is due to the rising population and limited geographical space of the State.

This was contained in a statement by Gboyega Akosile, chief press secretary to the governor, Sanwo-Olu.

“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,” the statement quoted Sanwo-Olu as saying.

In the statement, the Governor also called on investors to partner with the state in the implementation of its development strategies.

He said, “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 percent 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.”