Lagos initiates Sovereign Wealth Fund, aims at securing financial future

By Adeola Ogunrinde

The Lagos State Government has announced plans to secure the state’s financial future and support long-term development through the establishment of a Sovereign Wealth Fund.

This was disclosed by the Commissioner for Finance, Abayomi Oluyomi, during a harmonisation session of the Wealth Fund Bill held in Lagos.

He said the initiative will serve as a structured investment platform for the state, and is expected to protect public resources and create wealth for future generations. According to Oluyomi, the fund will support infrastructure development, economic stability, and long-term savings. It is also expected to help the state manage financial challenges and reduce economic risks.

Oluyomi explained that this session followed a public hearing that was aimed at fostering feedback and strengthening the proposed law in November 2025.

He commended Governor Babajide Sanwo-Olu for his economic reforms, noting that the wealth fund is part of ongoing efforts to ensure long-term financial stability and growth in Lagos.

The commissioner said the proposed structure draws inspiration from the Nigerian Sovereign Investment Authority, which manages Nigeria’s sovereign wealth fund and has recorded steady performance over the years.

Reacting to this initiative, Lawmakers at the session said the proposed fund would help attract investment, boost infrastructure, and support innovation. They added that it would serve as a blueprint for sustainable investment and fiscal stability in the state.

The meeting brought together several high-profile individuals, including members of the State Executive Council, and lawmakers from the Lagos State House of Assembly. They met to review and fine-tune the bill before it is presented for legislative approval.