By Kayode Olopade
The Lagos State Government has reaffirmed its commitment to establishing a sovereign wealth fund as a strategic investment vehicle designed to safeguard the state’s long-term financial stability and secure prosperity for future generations.
This assurance was given by the Commissioner for Finance, Abayomi Oluyomi, at a one-day retreat organised by the Lagos State Ministry of Finance for the harmonisation of the Lagos State Wealth Fund (LSWF) Bill. The session, themed “Designing a Coherent and Bankable Wealth Fund Architecture for Lagos,” brought together lawmakers, legal experts, financial stakeholders and policy advisers.
Oluyomi described the initiative as a forward-looking strategy to strengthen Lagos’ fiscal resilience amid growing economic demands and infrastructure needs.
According to him, the retreat followed an earlier public hearing on the proposed bill and was designed to allow for robust debate and stakeholder representation.
He noted that contributions from the session would be harmonised and incorporated into the draft law before final legislative consideration.
“We are committed to building a framework that is transparent, sustainable and globally competitive,” the commissioner said, adding that the fund would serve as a legacy instrument to protect the state’s future.
Speaker of the Lagos State House of Assembly, Mudashiru Obasa, who was represented by Chairman of the House Committee on Finance, Femi Saheed, described the retreat as a landmark step in shaping a legal and democratic framework for the fund.
He said the proposed wealth fund law would help Lagos carve a niche as a leading sub-national entity capable of driving economic growth, attracting investment and funding critical infrastructure, technology and innovation initiatives.
The Speaker emphasised the Assembly’s commitment to ensuring that the law aligns with global best practices while addressing the peculiar fiscal realities of Lagos as Nigeria’s commercial hub.
Providing an executive summary of the proposed fund, the Commissioner for Justice and Attorney-General of Lagos State, Lawal Pedro, highlighted the strategic importance of structured asset management and revenue maximisation.
Pedro said the wealth fund initiative would position Lagos as Africa’s first sub-national government to operate a sovereign-style wealth fund, describing it as a transformative and legacy-driven policy.
He explained that beyond savings, the fund would focus on economic diversification, prudent management of commercial assets and long-term capital growth to meet the state’s expanding obligations.
Stakeholders at the retreat echoed the need for a strategic approach to managing Lagos’ resources, particularly in the face of population growth and rising infrastructure demands.
Present at the event were Deputy Chief of Staff to the Governor, Sam Egube, Deputy General Counsel, Nigeria Sovereign Investment Authority, NSIA, Suleiman Omotosho among others.
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