The Lagos State Governor, Babajide Sanwo-Olu, said on Thursday the state would need at least $15 billion in the next five years to fix the infrastructure.
Sanwo-Olu, according to a statement issued by his Chief Press Secretary, Gboyega Akosile, stated this at the third Lagos investors’ roundtable organized by the state government.
He assured the investors that his government would create an enabling environment for them to succeed in Lagos.
He said: “As a low-lying aquatic city with over 22 million citizens, confined to the smallest landmass in Nigeria, Lagos is especially vulnerable to all the challenges of a sprawling, densely populated, climate challenged and fast-growing megacity.
“We believe that given the rising population and limited geography space that we have, Lagos will indeed require about $15 billion over the next five years on infrastructure alone.
“$15 billion is about five times the budget that we currently have. Lagos’ budget is about $3 billion today.
“We strongly believe that the continued growth and success of Lagos is premised on the strength and diversity of our partnerships.
“It is such strategic partnerships that account for Lagos being by far the leading recipient of local and foreign direct investments in Nigeria. It is estimated that, in the last few years, about 80 percent of the investments into Nigeria, has come into Lagos.
“These investments remain vital to our economic growth and wellbeing, supporting tens of thousands of jobs and livelihoods across the city.
“This is the reason why a forum like this is so important – as a platform for harmonising our respective visions and targets and agreeing on key actions that will not only strengthen existing investment partnerships but also initiate new ones.”