LASG Needs $30bn For Big Projects

• LASG Needs $30bn For Big Projects

Governor Akinwunmi Ambode of Lagos State says no less than $30bn will be needed to adequately deliver 30 big infrastructural projects over the next five years.

The governor, who spoke on Monday shortly before inaugurating a 12-member Lagos State Economic Advisory Committee at the Lagos House, Ikeja, said the projected figure represented about $6bn per annum, whereas the provision for capital projects in the 2017 budget was pegged at N500bn (about $1.6bn).

Ambode stated that the projection had shown that the government alone could not address infrastructure deficit in the state, adding that the inauguration of the committee was a step in the right direction.

“Lagos is the fifth largest economy in Africa; we must create some kind of platform that will allow some other people, who are outside, to tell us how to run a country in a state.

“Our 2017 budget has earmarked about N500bn (about $1.6bn) as capital spending, whereas our recent infrastructural needs analysis shows that over $30bn will be required to achieve the 30 most impactful projects for the state over the next five years – an average of $6bn per annum.

“It is evident that the government cannot address this from current resources. A key task of this committee is therefore to provide specific advice on the overall finance strategy to bridge the massive infrastructure gap,” he said.

The governor inaugurated renowned economist and founder of Agusto & Co, Mr. Olabode Agusto, as the chairman, while commissioners for Finance, Mr. Akinyemi Ashade; Energy and Mineral Resources, Mr. Olawale Oluwo; and Commerce, Industry and Cooperatives, Mr. Rotimi Ogunleye are members of the committee.

Other members include a former Managing Director, Skye Bank, Mr. Kehinde Durosinmi-Etti; a former Country Senior Partner, PwC, Mr. Kenneth Igbokwe; founder, Bestman Games Limited, Mrs. Nimi Akinkugbe; Managing Partner, Dalmeida, Ogunlana & Co, Mrs. Adenike Ogunlana; Managing Director, Vetiva Capital, Dr Laolu Mudashiru; a former Minister of Science & Technology, Mrs. Omobola Johnson; Deputy Managing Director, Wema Bank Plc, Mr. Moruf Oseni; and Mrs. Yetunde Akinloye, who doubles as the secretary of the committee.