Babajide Sanwo-Olu, Governor of Lagos State, has said the state requires about $15 billion for infrastructural purposes and development for the next five years.
Sanwo-Olu 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, the massive investment is necessitated due to the rising population and limited geographical space of the state.
He said: “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.”
During the ceremony, the Governor also called on investors to partner with the state in the implementation of its development strategies.
He added: “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.”