FirstBank and Lagos State Forge New Partnership for Infrastructure Growth

In a move set to bolster infrastructure development across Lagos State, FirstBank of Nigeria Limited has expressed its commitment to partnering with the state government.

This collaboration aims to drive key projects that will enhance power infrastructure, create employment opportunities, and boost economic growth.

The commitment was made by the Managing Director and Chief Executive Officer of FirstBank, Olusegun Alebiosu, during a courtesy visit to the Lagos State Governor, Babajide Sanwo-Olu, on Tuesday.

Alebiosu, who was recently confirmed as the substantive MD/CEO of FirstBank in late June, led a management team to the Governor’s office to discuss the potential partnership.

“Power infrastructure is crucial, especially because Lagos State is a model for other states in Nigeria,” Alebiosu remarked. “We are keen to see the framework that the Lagos State Government will establish, alongside various private investors, to launch significant power projects aimed at reducing production costs. FirstBank is committed to supporting these initiatives to ensure Lagos State reaps the benefits, including increased employment opportunities and enhanced tax revenue generation.”

Alebiosu highlighted several special projects already underway by the Lagos State Government and emphasized FirstBank’s dedication to continuing its support.

He expressed optimism that these projects would not only benefit Lagos but also contribute to the broader Nigerian economy.

In response, Governor Sanwo-Olu expressed his appreciation for FirstBank’s longstanding partnership with the state.

He reaffirmed his administration’s commitment to maintaining mutually beneficial relationships with financial institutions, particularly FirstBank.

“We have a special space for FirstBank because of our historically productive relationship,” Sanwo-Olu said.

“Over the years, our banking relationship with FirstBank has created significant economic value and movement. We will continue to nurture this relationship by giving the bank its rightful place and ensuring that FirstBank receives a substantial portion of our business.”

The Governor underscored the importance of such partnerships in meeting the needs and aspirations of Lagos residents.

He highlighted that sustained collaboration with FirstBank would be pivotal in achieving the state’s infrastructure and economic goals.

The discussions between the FirstBank team and the Lagos State Government come at a time when the state is focusing on extensive infrastructure projects to support its growing population and economic activities.

The partnership with FirstBank is expected to accelerate the completion of these projects, particularly in the power sector, which is critical for industrial growth and overall development.

As FirstBank and Lagos State forge ahead with this new partnership, both parties are optimistic about the positive impact it will have on the state’s infrastructure landscape and its residents’ quality of life.

This collaboration marks a significant step towards a more robust and sustainable economic future for Lagos State.