The Lagos State Government has sealed a $1.35 billion investment deal with the African Export-Import Bank (Afreximbank) and Access Bank to boost infrastructure in the state.
Speaking at the second AfriCaribbean Trade and Investment Forum (ACTIF) in GeorgeTown, Guyana, Gov. Babajide Sanwo-Olu of Lagos State, said the fund would increase the Gross Domestic Product (GDP) of the state.
Sanwo-Olu said the $1.35 billion investment would facilitate five major infrastructure projects in the state.
He said the investment, which would power the state’s long-term infrastructure projects, was a demonstration of confidence from international and local partners in Lagos’ growing economy.
According to him, the investment will help to realise key projects which include the fourth Mainland Bridge, Omu Creek Project, and the second Phase of the LRMT Blue Line from Mile 2 to Okokomaiko.
He said government’s vision for Lagos was becoming a reality with the Lekki-Epe International Airport and the Lagos Food Systems and Logistics Hub in Epe, that would help attain food sufficiency in the state.
The governor said these projects would further boost our economy and serve generations to come.
“We are committed to creating a better future for Lagos and its people. The future of Lagos is brighter than ever.
“The first one is the first phase of the Fourth Mainland Bridge that will start from Aja end of Lagos and crossing the water, up on to Ikorodu and moving all the way to Lagos-Ibadan Expressway.
“The second infrastructure is what we call the Omu Creek, a huge infrastructure, that has been landlock in Lagos because of the crossing over of body of water to have access unto the land.
“This is the new Lagos that we are trying to recreate.
“The third project will be the Lekki-Epe Airport, which will open up the entire free trade zone region.
“We have gotten Federal Government’s approval and we will be working with a few partners.
“We are building the largest food logistics hub in the entire sub-saharan Africa and Afreximbank is excited in this and what it does to the economy,” he said.
Sanwo-Olu assured that these projects would be completed and inaugurated before the expiration of his administration’s second tenure.
“We will ensure that we will have the ability to carry on these projects concurrently so that before the end of our second tenure inaugurate and hand over some of these projects,” the governor said.
Also speaking, the Group Managing Director of Access Holdings, Mr Herbert Wigwe, said the fund was local currency with a very significant tenor to ensure that there was appropriate financing option for the development of Lagos state.
“The whole idea is to decongest Lagos, improve the infrastructure, to support the generation of increased Internally Generated Revenue of Lagos and continue to spur the growth in its GDP,” Wigwe said.