Govt reveals gains in Wealth Fund Bill
Lagos State Government has reaffirmed its commitment to establishing a sovereign wealth fund as a strategic investment vehicle to safeguard the state’s financial future and secure prosperity for future generations.
Lagos State Government has reaffirmed its commitment to establishing a sovereign wealth fund as a strategic investment vehicle to safeguard the state’s financial future and secure prosperity for future generations.
The proposed Lagos State Wealth Fund (LSWF) is designed to provide a coherent and bankable framework for infrastructure development, economic stabilisation, long-term savings and strategic growth.
It is also expected to protect public resources, generate sustainable returns and cushion fiscal shocks.
Speaking at the Lagos State Wealth Fund Bill Harmonisation Session with the theme: “Designing a Coherent and Bankable Wealth Fund Architecture for Lagos”, Commissioner for Finance, Abayomi Oluyomi, said the harmonisation retreat followed the public hearing on the bill on November 12, 2025, which generated extensive feedback.
He said the exercise was aimed at integrating comments and recommendations into a unified framework that would strengthen the legislation before final action by lawmakers.
He commended the economic reform agenda of Governor Babajide Sanwo-Olu, describing the wealth fund initiative as a critical step toward ensuring Lagos’ long-term fiscal stability and sustainable development.
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The commissioner says the proposed framework draws inspiration from the Nigerian Sovereign Investment Authority, which has managed Nigeria’s Sovereign Wealth Fund since 2011 with consistent profitability.
He added that the bill outlined four major investment windows aimed at boosting infrastructure financing, diversifying the economy, strengthening fiscal buffers during downturns and building long-term savings for future generations.
Oluyomi stressed the importance of private sector participation, describing it as central to Lagos’ economic strength.
House of Assembly Speaker Mudashiru Obasa, represented by the Chairman, House Committee on Finance, Femi Saheed, said the harmonisation process would help produce a law that would enhance future security, attract investment and support infrastructure, technology and innovation.
