Strong institutions key to economic growth- Obasa tells global investors
The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has stated that no economy can achieve sustainable prosperity without strong institutions and strategic collaboration between government and private investors.
Obasa made the remark while delivering a keynote address on the theme, “Legislative Leadership and the Role of Global Private Capital in Modern Economic Growth,” at the HOC Capital Club on Saturday.
Addressing investors, policymakers and diplomats, he said global private capital can only thrive in an environment where laws are clear, governance is accountable and policies remain consistent.
He explained that the constitutional responsibilities of the Assembly, especially its oversight functions and control over public funds, are intended to ensure transparency and boost investor confidence.
“All the money that comes into the treasury must be legislated upon by the House for transparency. The power of the purse is the most effective weapon for the people’s representatives to control government spending,” Obasa said.
The Speaker further stressed that credible institutions, adherence to the rule of law and regulatory certainty are key factors in attracting quality investments into any economy.
While underscoring the importance of attracting private capital, Obasa maintained that economic growth must also translate into tangible social benefits such as job creation, poverty reduction and improved public services for citizens.
He highlighted several landmark laws enacted under his leadership, including the Public Procurement Law (2021), the Public-Private Partnership Law (2011/2015), and the Electric Power Sector Reform Law (2024), which he said have strengthened Lagos State’s investment climate. Obasa also pointed to initiatives such as the Sovereign Wealth Fund, tax harmonisation efforts and the proposed Railways Corporation Bill (2025) as indicators of Lagos State’s long-term economic vision and legislative foresight.
