Mr. Sanwo-Olu also said the city is vulnerable to the challenges of a rapidly growing megalopolis.
A statement by the governor’s chief press secretary Gboyega Akosile said the governor made this known on Thursday at the third Lagos investor roundtable hosted by the State Office for Sustainable Development Goals, SDGs and investment.
Mr. Sanwo-Olu also stressed the importance of forging strategic relationships with investors to foster the economic recovery underway from the combined effects of the COVID-19 pandemic, climate change and global inflation.
He said: “As a low-lying aquatic city of over 22 million citizens, confined to Nigeria‘s smallest landmass, Lagos is uniquely vulnerable to all the challenges of a sprawling, densely populated mega-city facing climate and rapid growth.
“We believe that given the growing population and the limited geographic space we have, Lagos will indeed need around $ 15 billion over the next five years for infrastructure alone.
“$ 15 billion is about five times the budget we currently have. Lagos’ budget is around $ 3 billion today.
The governor called for synergy between investors and the private sector for the development of the state, adding that the continued growth and success of Lagos rests on the strength and diversity of partnerships. He also assured investors and private partners that the state government would create policies and environments conducive to their flourishing.
“It is these strategic partnerships that make Lagos by far the main beneficiary of local and foreign direct investment in Nigeria,” he noted.
“It is estimated that in recent years around 80 percent of investments in Nigeria have come to Lagos.
“These investments remain vital to our economic growth and well-being, supporting tens of thousands of jobs and livelihoods across the city.
“This is why a forum like this is so important – as a platform to align our respective visions and goals and agree on key actions that will not only strengthen existing investment partnerships but also will also initiate new ones. “
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