By Ayomide Otitoju
The Lagos State Government has described the proposed Lagos State Wealth Fund (LSWF) as a strategic blueprint for long-term wealth creation, fiscal stability, and sustainable investment, aimed at securing the prosperity of future generations.
Speaking at a harmonisation session for the LSWF Bill at the Four Points by Sheraton, Oniru, Commissioner for Finance Abayomi Oluyomi said the initiative is designed to align stakeholder inputs into a coherent framework ahead of final legislative approval.
Oluyomi highlighted that the Fund draws inspiration from the Nigerian Sovereign Investment Authority’s framework, which has successfully managed Nigeria’s Sovereign Wealth Fund since 2011. He said the LSWF will feature four key investment windows: Technology and Innovation, Infrastructure, Stabilisation, and long-term Savings.
“The Lagos State Wealth Fund will promote a savings culture and catalyse global capital for investment. The Technology and Innovation Fund will harness Lagos’ status as Africa’s largest tech hub, generating jobs and attracting international attention,” Oluyomi said.
He added that the Infrastructure Fund will target major projects such as the Fourth Mainland Bridge, Lagos International Airport, and the establishment of a Lagos airline, while the Stabilisation Fund will provide fiscal buffers during emergencies, including pandemic-induced shortfalls.
Oluyomi emphasised that the Fund will generate revenue through dividends, strengthen economic diversification, and position Lagos as a global financial and commercial hub.
Supporting the initiative, Speaker of the Lagos State House of Assembly Mudashiru Obasa, represented by the House Finance Committee Chairman Femi Saheed, said the fund would attract investments, finance infrastructure and technology initiatives, and serve as a stabilisation mechanism for budgetary shortfalls.
Special Adviser on Corporate and Finance Strategy Akintayo Sanwo-Olu described the LSWF as “a bold and visionary step in sub-national financial innovation” that will institutionalise long-term savings, boost investor confidence, create jobs, and enhance Lagos’ fiscal resilience.
“The Fund is not about short-term gains; it is about sustainable prosperity, improved public services, and positioning Lagos as a financially disciplined, forward-looking global metropolis,” he added.
