LASG reveals big gains in Lagos State Wealth Fund Bill
The 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
The 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 themed, “Designing a Coherent and Bankable Wealth Fund Architecture for Lagos”, Commissioner for Finance, Abayomi Oluyomi, said that the harmonisation retreat followed the public hearing on the bill held on November 12, 2025, which generated extensive feedback.
According to him, the exercise was aimed at integrating all 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.
The commissioner noted that 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 outlines 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 also stressed the importance of private sector participation, describing it as central to Lagos’ economic strength.
Speaking at the event, Speaker of the House, Mudashiru Obasa, represented by Chairman, House Committee on Finance, Femi Saheed, said the harmonisation process would help produce a law that enhances future security, attracts investment and supports infrastructure, technology and innovation.
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He described the proposed fund as a stabilisation mechanism that could be deployed during emergencies or economic shocks, noting that it would also help reduce fiscal risks and generate sustainable returns for the state.
Giving the executive summary of the fund, Commissioner for Justice and Attorney-General, Lawal Pedro, said the initiative would be a legacy achievement, positioning Lagos as Africa’s first sub-national government to establish a structured wealth fund framework.
Pedro said the fund would promote revenue maximisation, prudent asset management and economic diversification, adding that a strategic approach to managing commercial assets was essential to meeting the state’s growing obligations.
Also speaking, the Special Adviser to the Governor on Corporate and Finance Strategy, Akintayo Sanwo-Olu, described the Lagos State Wealth Fund as a bold step in sub-national financial innovation that would strengthen fiscal resilience, boost investor confidence and support inclusive growth.
Stakeholders at the retreat expressed confidence that the refined structure, once passed into law, would serve as a sustainable financial pillar, attract investments and safeguard public wealth for long-term development in Lagos State.
The harmonisation session featured clause-by-clause reviews of the bill, with extensive deliberations aimed at producing an investor-friendly and sustainable wealth fund framework.
