The Lagos State Government has reaffirmed its commitment to establishing a Sovereign Wealth Fund to safeguard the state’s financial future and ensure sustainable prosperity for future generations.
The proposed Lagos State Wealth Fund (LSWF) is designed as a strategic investment vehicle to drive infrastructure development, economic stabilisation, long-term savings and strategic growth, while protecting public resources and reducing fiscal shocks.
The Commissioner for Finance, Abayomi Oluyomi, disclosed this on Tuesday during the Lagos State Wealth Fund Bill Harmonisation Session held at the Four Points by Sheraton Hotel, Oniru, Lagos. The session was themed “Designing a Coherent and Bankable Wealth Fund Architecture for Lagos.”
The one-day retreat brought together members of the Lagos State Executive Council, the Lagos State House of Assembly, and key public and private sector stakeholders to fine-tune provisions of the LSWF Bill ahead of legislative consideration.
Oluyomi said the harmonisation session followed the public hearing on the bill held on November 12, 2025, which generated extensive feedback. He explained that the exercise was aimed at integrating all submissions into a unified, investor-friendly framework that would strengthen the bill before final legislative action.
He commended Governor Babajide Sanwo-Olu for driving economic reforms, describing the wealth fund initiative as a critical step toward securing Lagos’ long-term financial stability. According to him, the model draws inspiration from the Nigerian Sovereign Investment Authority, which has managed Nigeria’s Sovereign Wealth Fund since 2011 with consistent profitability.
The commissioner noted that the bill proposes four investment windows aimed at boosting infrastructure financing, diversifying the economy, strengthening fiscal buffers during downturns, and building long-term savings for future generations. He also stressed the importance of private sector participation, describing it as central to Lagos’ economic strength.
Representing the Speaker of the House, Mudashiru Obasa, the Chairman, House Committee on Finance, Hon. Femi Saheed, said the harmonisation session would help produce a robust Lagos State Wealth Fund law capable of attracting investment, supporting infrastructure, and enhancing innovation.
He explained that the proposed fund would function as a stabilisation mechanism in times of emergency, such as during the COVID-19 pandemic, and could also be used to manage budget deficits and reduce financial risk.
Giving the executive summary of the bill, the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro, described the initiative as a potential legacy project that could position 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, noting that Lagos requires a strategic approach to managing its commercial assets to meet growing obligations.
Also speaking, the Special Adviser to the Governor on Corporate and Finance Strategy, Akintayo Sanwo-Olu, described the fund as a bold step in sub-national financial innovation that would strengthen fiscal resilience, enhance investor confidence, and attract domestic and international capital.
Stakeholders at the retreat expressed confidence that the refined structure would position Lagos as a leading model for sub-national wealth fund management in Nigeria. They said that once passed into law, the Lagos State Wealth Fund would serve as a sustainable financial pillar, attracting investment, safeguarding public wealth, and supporting long-term development in Africa’s largest sub-national economy.
The harmonisation session featured clause-by-clause reviews of the bill, with detailed deliberations aimed at producing a coherent, bankable and investor-friendly wealth fund framework for Lagos State