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Lagos promises 40% food self-sufficiency

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Lagos, Jan 19, 2024: The Lagos State Government says it is committed to implement the five-year Agricultural and Food Systems Roadmap to achieve 40 per cent food self-sufficiency by 2025.

Ms Abisola Olusanya, the State Commissioner for Agriculture, stated this at the Lagos Food Systems Stakeholders’ Breakfast Meeting, on Thursday in Lagos.

The five-year Agricultural Food Systems Roadmap was launched in 2021 by Gov. Babajide Sanwo-Olu.

Olusanya said the state government would provide funds for agric service providers, improved rice paddy production and land bank collaboration with sister states.

“We will go live on eight projects which include, Central Logistics Hub, Lagos Aquaculture Centre of Excellence (LACE), capacity building for horticulture stakeholders, full operations and capacity building for stakeholders in the Lagos Food Production Centres.

“Others are execution of state-wide intervention and Green Wall Initiative,” she said.

Olusanya listed others as the establishment of Agricultural Value Chains Entreprise Activation Programme, Agri-thon, Lagos Cares, Lagos Entrepreneurship Programme and the Lagos Agric Scholars Programme.

“The state government will also create the Lagos Agrinnovation Clusters, the Food Value Chains’ Destination, the Lagos Central Food Security System and Logistics Hub and the Middle Level Agro Product Hub.”

Olusanya said part of the roadmap was to increase production of rice paddy in order to meet with the growing rice consumption of the state.

The commissioner said the state government would increase the production of rice paddy by partnering with other sister states such as Niger and Kebbi states on land bank collaboration.

Olusanya listed the projects to be undertaken by the state government to include Lagos Rice Mill, the Central Logistics Hub, – the Red Meat Initiative, Lagos Feedlot System and Butchers’ Academy among others.

The commissioner said the ministry would set up the Lagos feedlot system, establishment of Butchers’ Academy, creation of Last mile meat Shop.

Olusanya said the purpose of the meeting was to intimate the stakeholders on the ministry’s activities for the year 2024 and also get their contributions.

Also speaking, the Special Adviser to the governor on Agriculture, Dr Oluwarotimi Fashola, said the state government would require N50 billion to produce 100,000 tonnes of rice paddy in 2024.

Fashola said the Imota Rice Mill was able to produce 15,000 tonnes of rice paddy in 2023.

“We started off with about 5,000 tonnes of paddy and with the genuity of the team we were able to partner with the Commodity and Exchange Board that brought another close to 10,000 paddy for us to end the year.

“We were able to do roughly about 15,000 tonnes of paddy which is over 120,000 bags of rice in 2023, but this year we are hoping to do 100,000 tonnes of paddy.

“Believe me, that is not cheap because last year we started about N200,000 per ton but today as I speak, the cost of paddy is about N510,000 per ton.

“In other words, if we are going to do 100,000 tonnes per paddy we will need N50 billion,” he said.

Fashola said the state government was currently in talks with Niger and Kebbi states to give them farmers on a large scale that it could buy paddy from at reasonable costs.

Also, Mr Emmanuel Olotu, Chairman, Lagos State House of Assembly Committee on Agriculture, urged stakeholders in the agric space to improve agricultural production in 2024.

Olotu commended the Ministry of Agriculture for its contributions in heading the programme to allow them to collectively share the goal and projects for the year 2024.

He said: “Our share goal should be the development of resilient and efficient that can benefit our farmers and customers, and improve on the agricultural plan agenda.

“Lagos State through the Ministry of Agriculture is to create agro stakeholders in order to leverage on the developmental agenda of the state.”

Olotu said as agro stakeholders their role was pivotal by maximising the ground work led by the ministry.

He urged stakeholders to collectively shape the food system by offering a full support to unlock the full potential of food system and contribute to the development of agriculture in state.

The state’s Head of Civil Service, Mr Olabode Agoro, said the state government was bringing back operation feed the nation by allowing the civil servants to participate in the agricultural sector.

Agoro said his mother, a retired civil servant, was also into agriculture produce, urging the civil servants in the state to engage in the agriculture.

In his remarks, Mr Mosopefolu George, the State Commissioner for Economy, Planning and Budget, said the state government has already increased its budget on agriculture.

George attributed the increase to the importance of food chain and agriculture system to the state.

He noted that the ministry had been doing well in the area of rice mills, food and logistics hub just to mention a few.

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Sanwo-Olu signs 2024 budget with N21.74bn increase

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Lagos, Jan. 16, 2024: Governor Babajide Sanwo-Olu of Lagos State on Monday signed the 2024 Appropriation Bill into law, with an addition of N21.74 billion on the initial N2.246 trillion ‘Budget of Renewal’ presented.

Speaking during the signing ceremony at the Lagos House Ikeja, Sanwo-Olu said the budget size now stood at N2.267 trillion as against the initial N2.246 trillion.

”For the purpose of clarity, the approved budget size is N2,267,976,120,869; comprising N1,315,545,553,871 for capital expenditure and N952,430,566,998 for recurrent expenditure, a ratio of 58:42.

”The approved budget size is N21.74 billion higher than what was presented to the House of Assembly, due to additional provisions to enforce completion of ongoing projects,” he said.

The governor said the impact of the budget would be determined by the effectiveness of its implementation.

He said the government was determined to ensure that the goals and objectives of the budget were maximally realised, for the benefit of all residents and in line with the THEMES+ development agenda.

According to him, government will work assiduously to ensure the completion of ongoing projects and ensure the effective take off of new ones.

He urged all residents to play their roles in the successful implementation of the budget, committedly discharging their civic obligations as and when due.

”As a government, we will continue to be guided by the highest standards of transparency and accountability in the management of resources put in our care,” the governor said.

He thank the Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, and all members of the assembly for their cooperation and commitment, which ensured the expeditious consideration and passage of the budget.

Speaking earlier on behalf of the Speaker, the Deputy Speaker, Mrs Mojisola Meranda, said the budget had been thoroughly looked at by the assembly members and all necessities put in place.

Also speaking, the Commissioner For Economic Planning and Budget, Mr Ope George, said to put up an all encompassing budget, the ministry held fora at the five divisions (Ikorodu, Ikeja, Epe, Badagry, and Lagos Island) of the state.

George said that such fora helped to understand the needs from the different divisions, which assisted to guide the budget development.

budget address

Lawmakers pass N2.267trn 2024 budget of Lagos

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Ikeja, Jan. 5, 2024: The Lagos State House of Assembly on Friday passed a total of N2.268 trillion as the 2024 budget size of the state.

The House approved the passage of the budget following a unanimous voice by all the lawmakers present at the plensry presided over by the Speaker, Mr Mudashiru Obasa.

Gov. Babajide Sanwo-Olu had on December 13, 2023 presented the 2024 budget proposal of N2.246 trillion to the assembly.

The Governor said the state anticipated internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion.

Obasa said the budget represents 58 per cent Capital Expenditure and 42 per cent Recurrent Expenditure.

“A bill for a law to authorise the issuance and appropriation of N952.43 billion from the Consolidated Revenue Fund for Recurrent Expenditure.

“Also N1.315 trillion from Development Fund for Capital Expenditure thereby totalling a budget size of N2.268 trillion for the year ending Dec. 31, 2024

“This estimate is hereby passed into law,” the speaker had raised on the floor as the budget report was read a third time.

Obasa, thereafter, commended the lawmakers for their dedication and cooperation at ensuring a quick passage of the Appropriation Bill.

He directed the Clerk of the House, Mr Olalekan Onafeko to forward a clean copy of the approved budget to Gov. Babajide Sanwo-Olu for assent.

Prior to its passage of the bufget, the Chairman of the Joint-Committee on Budget and Finance, Mr.  Sa’ad-Lukman Olumoh, had presented a report containing some recommendations to the House.

Among the recommendations is that the Public Works Corporation, the Water Corporation and the state-owned tertiary institutions be placed on first-line charge to enable them perform optimally.

Obasa, during the presentation of the budget by the Governor, urged the government to ensure a functional budget.

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Sanwo-Olu to partner with LCCI on Lagos transformation agenda

Lagos, Dec.  10, 2023: The Governor of Lagos State, Mr Babajide Sanwo-Olu, has pledged to collaborate with the new President of the Lagos Chamber of Commerce and Industry (LCCI), Mr Gabriel Idahosa, to enhance economic activities in the state.

Sanwo-Olu gave the assurance at the 135th anniversary and the investiture gala of Idahosa as the 43rd President of the LCCI on Saturday in Lagos.

The governor was represented by the Secretary to the State Government, Barr. Abimbola Salu-Hundeyin.

He noted that the chamber had remained strong and committed to the lofty vision of its founding fathers successively making the it a foremost advocate body of the business community.

Sanwo-Olu stated that the robust and engaging relationship that the state government had been sharing with the chamber would be built upon for continuity.

“My administration’s policy of promoting ease of doing business and creating conducive environment for businesses to thrive is aimed at making sure Lagos remains the preferred destination for business.

“Hence, the collaboration with the LCCI plays a significant role in achieving that and we are committed to strengthening this relationship as I look forward to working with the new leadership.

“We recognise that ease of doing business is key and pivotal to economic development of the state and so would continue to provide a friendly environment to support existing businesses and attract more Foreign Direct Investment into the state.

“This is as we stay true to the THEMES agenda to aggressively transform the state into a mega city that meets the yearnings of all stakeholders particularly the business community,” Sanwo-Olu said.

In his acceptance speech, the new President of LCCI, Idahosa, said the chamber, in line with its tradition of advocacy and engagement, would work with Lagos State and other stakeholders to achieve their collective aspirations.

Idahosa said to drive power supply, the LCCI would seek to be part of a Lagos universal power access network of stakeholders in the diligent execution of the Lagos State electrification policy.

He expressed gratitude to the Lagos State Government for their partnership via the contribution of land for the Lagos International Convention and Expo Centre.

“Whilst not reducing our commitment to the public policy advocacy, the LCCI pledges to continue to promote trade, business to business networking, opportunities and related matters impacting the business environment.

“It is, therefore, with profound humility and a sense of responsibility that I stand before you to receive the mantle of leadership of the LCCI and state my readiness to render this service diligently,” he said.

The LCCI immediate past President, Dr Michael Olawale-Cole, lauded the chamber for maintaining its leadership position in the Organised Private Sector, leveraging strategic partnerships with government and the international institutions.

Olawale-Cole said the chamber would continue to build on the legacies of its predecessor to maintain stability and progress while promoting and protecting the interest of the business community.

He stated that during his tenure, the LCCI recorded remarkable achievements and embraced innovation, adapting to global trends which positioned the institute as a forward thinking and influential institution.

“As I pass on the baton to the incoming President, I reflect on the remarkable strides we have taken together, as we give God glory for the achievements of the chamber in the past 135 years.

“As a Chamber, we remain committed to the transformation and diversification of the Nigerian economy as we believe that the private sector is better placed to create wealth from which the government would generate revenue from.

“As I bid farewell to my role as the president, I express my appreciation to the entire LCCI community for the collaborative spirit that defined my tenure and plead that even more be done for the incoming president to take the chamber to greater heights,” he said.

Sanwo Olu

Lagos open for new investments – Sanwo-Olu

Lagos, Nov. 21, 2023: Governor Babajide Sanwo-Olu of Lagos State on Monday reiterated his administration’s commitment to increasing investments from local and international companies.

Sanwo-Olu said this during a courtesy visit by the management of the Daewoo Engineering and Construction Nigeria Ltd., led by its Group Chairman, Mr Jung Won Ju, at the Lagos House, Ikeja.

He said that Lagos was ready for business and open to new investments.

The governor assured investors that his administration would create an enabling environment for investments and businesses to grow in the state.

He said that the Lagos State Government was ready and willing to partner with Daewoo Engineering and Construction Nigeria Ltd in automobile, real estate and technology.

According to him, the relationship between South Korea and Nigeria dates back several decades.

”We are aware of your strength and capacity. Lagos is ready for business and it is open for new investments.

“I know Daewoo Nigeria has been here for a while but this is an opportunity for you to take that relationship to another level.

”So, on this your visit, don’t let it just be a visit to show; let it be a visit of commitment and real partnership. Let it be a visit where there will be real transactions on the table that both of us can take away.

”We are here to create the enabling environment for investments and businesses to grow. So, whatever you need from our side for your investments within our means, you can be rest assured that we are willing to do it, for as long as we see a mutually beneficial relationship.

”Our city is open. We are ready and willing to create that partnership with you in automobile, real estate and technology because we have a very strong and capable youth population that is dynamic. They are very professional and they are ready to work,” he said.

Speaking earlier, Mr Jung Won Ju, said that his company would be investing in real estate and infrastructure in Nigeria.

Ju said that Lagos had been identified as one of the major investment areas, being the economic capital of Nigeria.

Mr Adekunle Ilesanmi, the General Manager, Contract and Business Development, Daewoo Engineering and Construction Nigeria Ltd, also spoke during the visit.

He commended Lagos State for accommodating a lot of investments and providing an enabling environment for returns on investments.

Ilesanmi said that the firm had over 40 years of commitment in Nigeria, and was going to be investing in housing, real estate and infrastructure.

”We are trying to increase our investments in the country and Lagos has been identified as one of the major investment areas because Lagos is the economic capital of Nigeria.

”The chairman is willing and has assured Mr Governor that we will make that commitment in a short time, especially in the real estate and housing.

”It is very commendable to see Lagos State accommodating a lot of investments and giving an enabling environment to all the investors coming in and ensuring that there is a return on investments.

”That makes Lagos attractive because when you invest here, you are sure of a return on your investment. The government is going to support you to be able to have a return on your investment,” he said.

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Lagos takes investment drive to London

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Lagos, Nov. 16, 2023:A policy and advocacy group, EnterpriseNGR, says Lagos State participation at the Lord Mayor’s Show will set the stage for future collaborations and investments that will drive sustainable economic development in Lagos and Nigeria.

Mr Aigboje Aig-Imoukhuede, Chairman of EnterpriseNGR, said this on Wednesday at the “InvestLagos” Reception, held after the Lord Mayor’s Show in Lagos.

Aig-Imoukhuede noted that the successful participation at the show marks a historic chapter in Lagos’ journey towards becoming a global financial hub.

He disclosed that Lagos and EnterpriseNGR made history on Nov. 11, as the first African participants in the prestigious Lord Mayor’s Show, with a spectacular procession that celebrated the rich cultural heritage and economic prowess of Lagos State and Nigeria.

According to him, the success of this historic participation set the stage for a series of engagements culminating in the “InvestLagos” reception.

“In partnership with EnterpriseNGR, the state recently inaugurated the Lagos International Financial Centre (LIFC) Council to bolster Lagos’ standing as a global financial centre.

“The LIFC Council,  thereafter,  took its “InvestLagos” strategy, and “Open for Business” message to the Lord Mayor’s Show, inviting the world to witness the vast opportunities Lagos State has to offer foreign investors.

“The pioneering journey, undertaken with a mission to position Lagos as Africa’s premier financial centre, has undoubtedly left an indelible mark on the global stage.

“The float design showcased the progress and dynamism of Lagos State, a thriving financial centre with over 25 million residents.

“Featuring familiar icons integral to Lagosians’ daily lives, the design incorporated symbols of innovation and growth, including the recently launched Lagos Blue Line train.

“Naira design patterns, elements of the Nigerian coat of arms, iconic Danfo and Keke Marwa vehicles, and the Eyo Masquerade collectively depict the city’s cultural richness and significant economic prowess,” he said.

Aig-Imoukhuede noted that the float was more than a celebration of Lagos’ resilience but a proclamation of its remarkable journey and achievements on the global stage.

He stressed that the float also told the story of the fruitful and important partnership between EnterpriseNGR and Lagos State, emphasising the valuable outcomes that come from collaborations between public and private sector.

Also, Gov. Babajide Sanwo-Olu of Lagos, said the participation was strategic and a manifestation of the state’s commitment to a bold vision—positioning Lagos as Africa’s beacon of financial innovation.

“The newly inaugurated LIFC Council played a pivotal role in showcasing the investment potential of Lagos on a global platform.

“As our procession made its way through the streets of London, we let it be known that Lagos State was not just participating in a historic parade; we were striding into the global spotlight, inviting the world to witness our dynamism.

Also, echoing the message that our great state is open for business, with a myriad of investment opportunities available to all,” Sanwo-Olu said.

Similarly, Ms Obi Ibekwe, CEO of EnterpriseNGR, said, “When we embarked on this historic project to showcase Lagos on the global stage, we recognise the profound significance of attracting the investments required to drive sustainable development and growth for the state.

“I am honoured to be at the forefront of the great strides being taken to foster the symbiotic relationship between investors, the State, and the wider communities required to deliver that growth.”

Lagos governor

Sanwo-Olu closes trade fair, commits to infrastructure development

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Lagos, Nov. 13, 2023: The Governor of Lagos State, Mr Babajide Sanwo-Olu,  says his administration will continue to place a high priority to provision of key infrastructure to make the state safer, more secure, and functional for businesses and lives.

Sanwo-Olu represented by Mr Bode Agoro, Head of Service, said this during the closing ceremony of the Lagos International Trade Fair (LITF) on Sunday with the theme: “Navigating Economic Challenges: Forging a Path to Prosperity.”

He also pledged to fast track the delivery of Certificate of Occupancy (C of O) to the Lagos Chamber of Commerce and Industry (LCCI) as a means of supporting the chamber’s building project.

Sanwo-Olu said that given the prevailing economic uncertainties, all efforts must be geared towards supporting businesses to grow to create jobs, enhance standard of living and ensure economic prosperity.

The governor noted that the position of the state as the fifth largest economy in Africa was currently propped to as a global megacity and a prime investment destination.

He saidas a testament to his administration’s commitment, the state had supported over 12,710 Micro, Small and Medium Enterprises (MSMEs) to access over N8.4 billion loan through the Lagos State Employment Trust Fund.

“We have also provided the much needed support to explore practicable measures towards improving their production process, giving cognisance to local contents in order to maximise profit.

“In the area of infrastructure our administration has made and is still making huge investment in road construction, building of integrated intermodal multi modal transportation system, laying of 3,000 kilometers metropolitan Fiber Optic Cable Network across the state to drop reliable and fast internet connectivity in homes and work places to aid operations and promote socio-economic development, he said.

“There are other initiatives that will alleviate poverty, reduce youth unemployment, induce human capital development, and improve the social welfare of the people.

“All of these are targeted towards creating a conducive environment for businesses to thrive,” he said.

Sanwo-Olu assured members of the Lagos business community that his administration was committed to improving the business environment towards making it more attractive to investment.

Mrs Folashade Ambrose Medebem, Commissioner, Ministry of Commerce, Cooperatives, Trade and Investment, noted that the event’s theme in the current age of unprecedented challenges, compounded by global economic shocks, was both timely and pertinent.

Medebem said at the crux of businesses was the unrelenting commitment to combine factors of production to create marketable value that can be converted to wealth.

She said to navigate the economic challenges and forge a path to prosperity, the ministry was committed to interfacing with the business community to foster a conductive environment and enhance ease of doing business in the state.

“The current administration remains committed to sustaining engagement with the Organised Private Sector and other stakeholders.

“We are determined to build on the already created relationship, strengthen partnership that has been mutually beneficial, and foster an environment for shared values and deeper collaboration.

“This is because we understand that in our interconnected world, the success of one is invariably linked to the success of all,” she said.

Dr Michael Olawale-Cole, President, LCCI, commended Lagos State outstanding governance over the years.

Olawale-Cole said the event’s theme underlined the importance of relationships and networking among businesses for wealth creation, trade partnership and productivity growth.

He urged government at all levels to continue addressing the enabling environment issues in the country, with particular focus on infrastructure, insecurity and implementation of policies to address the monetary policy performance.

This, he said, was critical to fully harness the huge enterprising resources of domestic and foreign investors for economic diversification.

Buses

Sanwo-Olu slashes BRT fare by 50%, unfolds other palliatives

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Lagos, Aug. 1, 2023: Gov. Babajide Sanwo-Olu of Lagos State has announced a 50 per cent reduction in the transportation fare of the Bus Rapid Transport (BRT) controlled by the Lagos Area Metropolitan Transport Authority (LAMATA) from Aug. 2.

He made this known while addressing state house correspondents, at the end of the security meeting with agencies including the army, police and the navy, held at the State House, Ikeja.

The governor said that this was part of the palliatives for Lagos residents, to cushion the effect of the removal of fuel subsidy by the federal government, as well as the harsh economic situation in the country.

”In response to the effects of the fuel subsidy removal, I’m introducing a series of measures for economic and humanitarian relief.

”From Wednesday, we’re implementing a 50% per cent fare reduction on all Lagos buses, easing the burden on commuters across the city.

”In collaboration with the bus unions, 25% off all yellow buses (danfo) fares will be communicated officially by the unions.

”Additionally, I am pleased to announce a 50 per cent fare reduction on all LagFerry routes. This will provide more accessible and affordable transportation options for our residents.

”Recognising the importance of affordable healthcare, I am directing our General Hospitals to offer free ante-natal services and delivery; normal and C-section services.

“This is ensuring the health of our families are taken care of without worrying about financial constraints,” the governor said.

He disclosed plans for foodstuffs to be released to the vulnerable in the society, through the local governments, churches and mosques, to cushion the effect of the hardship.

”This will continue until we see the result of this interventions,” the governor said.

He said that more buses would be deployed to convey civil servants, while the remaining would be added to the fleet for public transportation, to aid the movement of residents.

Sanwo-Olu encouraged residents to be law abiding, as they go about their affairs in the state.

He said that in the next 30 days, vehicle and security gadgets would be provided to law enforcement officers, so as to improve security in the state.

Also speaking, the Commissioner of Police in Lagos State, Idowu Owohunwa, said that there had been increase in cultism and vehicle vandalism in the state.

Owohunwa said that since ‘Operation Flush’ was formed by the force, 260 suspects had been arrested and were being investigated.

He said that the governor had charged the police to upscale its operation, warning that anyone planning to disrupt the peace of the state would be dealt with.

eurobond

Lagos state raises N143.8bn long-tenure bonds

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The Lagos State Government has raised N134.8 billion from two different long tenure bonds in the capital market, with the governor signing the instruments on Tuesday.

The two bonds are under the N1 trillion debt and hybrid issuance Programme.

The State issued a 10-year tenure bond value at N115 billion at 15.25 per cent in its fourth issuance under the Debt and Hybrid Issuance Programme duly approved by the State House of Assembly.

The second instrument is a seven-year tenure bond valued at N19.815 billion at 14.675 per cent Fixed Return Forward-Ijarah Lease Sukuk billed to mature by 2030, which marked the first shariah compliant instrument to be issued by Lagos.

Attorney-General and Commissioner for Justice, Mr. Moyosore Onigbanjo, SAN, formally read out the resolutions of the State Executive Council adopting the issuance the two bonds before the signing of the instruments by the parties.

Sanwo-Olu described the development as “another significant milestone” recorded by his administration in delivering required infrastructure that would catalyse economic growth across the State. The two bond issuances, he said, would provide the impetus for his government to further drive its development agenda in critical sectors of the State.

He said: “As we renew our mandate in the coming days, these two issuances will provide the impetus for my administration to further drive our THEMES agenda.

Proceeds from the Bond and Sukuk will enable various Ministries, Departments and Agencies, including the Ministry of Energy and Mineral Resources, Ministry of Agriculture, the Office of Drainage and Water Resources, Ministry of Works and Infrastructure, Ministry of Education, Ministry of Health, and Ministry of Waterfront and Infrastructure, to execute respective projects that have been pre-inspected by the Securities and Exchange Commission and issuing houses.

“Some of the projects include massive overhaul of 33 public schools in Itolu area of Ajegunle and ongoing road infrastructure projects on the Lekki-Epe corridor. Significant part of the funds will be used for drainage works, sea and lagoon embarkment to protect environment from climate issues. In health, we are using part of the proceeds to kick off our Infectious Disease Research Centre at Infectious Diesease Hospital in Yaba, because of the experience we had with coronavirus. We are building agricultural capability to feed our people. Part of the proceeds is going to all the activation we have been doing around constructing major food markets.”

Sanwo-Olu said the proceeds from the issuances would not only drive infrastructure development, but also stimulate economic growth, foster job creation, and enhance the quality of life for the residents.

The Governor thanked investors’ community for believing in “tremendous opportunities” in Lagos, reiterating his commitment to discipline and transparency in the deployment of the funds.

Commissioner for Finance, Dr. Rabiu Olowo, said the Sanwo-Olu administration made stand-out financing decisions that would continue to enhance the State’s ability to deliver needed infrastructure.

Olowo said the issuances demonstrated Lagos’ status as a “Category A Issuer” and a proof of the trust that investors had in the State’s ability to judiciously deploy proceeds to deliver on the government’s projects.

He said: “The transaction reflects the resilience and depth of the domestic debt capital market, which Lagos has been able to rely on in our quest to build a Greater Lagos for generations to come. Aside democratic process, the validity of a government’s credibility is when discerning, shrewed business people, investors willingly put their money to support the development agenda of a State.”

A lead issuing house, Chapel Hill Denham, said Lagos raised the N134 billion bond within 14 days of issuance, saying the oversubscription was an indication of investors’ confidence in the State.

Its Managing Director, Mrs. Kemi Awodeyin, said the issuing house remained disciplined and committed to Lagos in its drive to improve economic growth.

Hajara Adeola of Lotus Financial Services, the lead issuing house which facilitated the Sukuk instrument, praised Lagos Government for building faith in non-interest finance.

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Sanwo-Olu pledges relief for Lekki residents, businesses

Mr Babajide Sanwo-Olu, Governor of Lagos, has promised relief in areas of education, transport infrastructure, healthcare and the environment for residents and businesses across the Eti-Osa corridor.

Sanwo-Olu made the pledge during an engagement with residents and stakeholders of Lekki, Etiosa, Ibeju Lekki and Epe, on Sunday in Lagos.

The event was to discuss activities and plans of his administration for the community and the state in general.

The governor said that properties, businesses and tenants that might be affected once the building of the fourth mainland bridge starts would be fully compensated.

He explained that the bridge must be built to bring modern development to the state.

Sanwo-Olu also read “riot act” against noise pollution, lawlessness and other environmental degradation factors, endangering lives and properties in the axis.

He stated that when rebuilding the Ilasan area for a better health and environment status befitting the area, nobody would be left out.

“The slum, health hazards and way of life is not fit for Ilasan area and in feeling the plight of the residents of the area, we are committed to addressing what must be done to result in a win-win situation for residents and the environment.

“Residents are advised to bring acts of lawlessness and bad behaviour along the corridor to the knowledge of government.

“For the youth, once the leaders approve of an area for us, we would build a stadium, more primary schools and other important facilities in this axis.

“We are also committed to rebuilding the hospital at the Ibeju Lekki axis and also build a General Hospital at Ajah this year,” he said.

Sanwo-Olu reiterated his commitment to providing relief on the road transportation challenges experienced on the Lekki-Epe expressway.

He said that his administration would continue to build regional roads and ferry routes, to solve some of the issues.

The governor, however, stressed that the promised coastal road was not forgotten and would be built after the regional roads were finished.

“Also, the Jakande road would be rebuilt to address traffic situation and we shall also consider the beautification of the Lekki-Epe expressway,” he said.

Earlier, Mr Gbemi Adelekan, Secretary, Lekki Estate Residents and Stakeholders Association (LERSA) and other residents highlighted several areas of concerns from 1004 to Epe.

According to him, they include building of coastal road to address the traffic situation on the Lekki-Epe expressway, and regeneration of Ilasan Housing Estate.

Other areas of concern, the residents pointed out, were the traffic situation at the Jakande junction, the flooding situation at Lafiaji, Orchid road, and others.

“We also call for more primary and secondary schools across the Lekki corridor, more functional healthcare centres and a youth facility for more inclusiveness,” he said.

Mrs Aramide Adeyoye, Special Adviser to the Governor on Works and Infrastructure, reiterated the focus of the current administration to delivering critical infrastructure aimed at easing the lives and businesses of residents in the axis.

According to her, eight roads will be upgraded in Ikoyi, and focus was on Ado-Badore road, Orchid to Ogombo road and up to Abraham Adesanya would be rehabilitated.

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