The Lagos State Government has described the proposed Lagos State Wealth Fund (LSWF) as a blueprint for sustainable investment, fiscal stability and long-term wealth creation for the State, as well as a strategic investment vehicle to safeguard Lagos State’s future and secure the prosperity of generations yet unborn.

Speaking to journalists during a Lagos State Wealth Fund (LSWF) Bill Harmonisation Session, themed “Designing a Coherent and Bankable Wealth Fund Architecture for Lagos”, held at the Four Point by Sheraton Hotel, Oniru, Lagos, the Commissioner for Finance, Mr. Abayomi Oluyomi, described the initiative as part of efforts to secure Lagos’ long-term financial stability and development.

Oluyomi said the harmonisation session organised by the Ministry of Finance in conjunction with the Lagos House Assembly was designed to align all comments and recommendations into a unified framework that would strengthen the bill before final legislative action.

Oluyomi, who commended the economic reform drive of Governor Babajide Sanwo-Olu, explained that the model draws inspiration from the sovereign investment framework of the Nigerian Sovereign Investment Authority, which manages Nigeria’s Sovereign Wealth Fund established in 2011 and has recorded steady profitability over the years.

He noted that the Lagos State Wealth Fund Bill outlines four major investment windows that will help to boost infrastructure financing, enhance economic diversification, strengthen fiscal buffers during downturns and build long-term savings for future generations.