Governor Babajide Sanwo-Olu has reaffirmed his administration’s commitment to enhanced investment in infrastructure development for economic growth and development.
Sanwo-Olu gave the assurance during a courtesy visit by the management of the Securities and Exchange Commission led by its Director-General, Mr Lamido Yuguda, on Wednesday at Alausa, in Lagos.
The Governor who was represented by his deputy, Dr Obafemi Hamzat, said infrastructure development was key to maximise the economic potential and growth of any state or country.
“Lagos State is investor friendly and the need to develop its infrastructure is key.
“Infrastructure is one of the ways to maximise the economic potential of any country.
“Unfortunately, Nigeria has a deficit of infrastructure. However, the Federal Government and the Lagos State Government is not relenting in investing in infrastructure to bring succour to its citizens.
“The need to raise capital for worthy investment is imperative and Lagos has taken it as a priority to build its infrastructure for the betterment of its citizens,” he said.
Citing the rail project as a major infrastructure in the state, the governor said though capital intensive, the project was a worthy one which had put the state on a high pedestal.
He noted that infrastructure was essential to the development of African countries, hence the need to educate Africans on the necessity to raise funds for investment that would better the lives of its citizens.
Sanwo-Olu, however, encouraged state actors not to be scared of taking constructive debt to leapfrog opportunities that would grow the economy.
“Government would not have been able to provide some infrastructural facilities in the state if it had not been able to access loans needed to put such facilities in place,” he said.
Earlier in his remarks, Yuguda stated that the visit was an opportunity to rub minds on how the capital market could be harnessed for funding of capital projects.
Yuguda stressed the need for collaboration with the Lagos State Government to promote investor education and tackle infrastructure deficit in the state.
He added that the visit was to inform the state government of plans to host the third West Africa Market Capital Market Conference in Lagos.
He said the conference with the theme, “Infrastructure Deficit and Sustainable Financing in an Integrated West Africa Capital Market,” would bring experts across the sub-region to deliberate on ways to address infrastructure challenges.
“This is an avenue to deliberate on the need to tackle infrastructure deficit for the economic growth of the sub-region.
“The commission decided to bring the conference to Lagos to highlight the need for infrastructure development in the sub-region and showcase what the state government has been able to do as the commercial nerve centre of the nation,” Yuguda said.