• Plans Green Rail Line next year
• Advocates export-driven strategy to improve Nigeria’s economy
Lagos State Governor, Babajide Sanwo-Olu, yesterday, presented a budget estimate of N3.05 trillion for the 2025 fiscal year to the state House of Assembly.
Sanwo-Olu, during the presentation of the budget, tagged “Budget of Sustainability,” at the Chamber of the Lagos State House of Assembly, Assembly Complex, Alausa, Ikeja, emphasised that the budget focuses on infrastructural development and sustainability.
“The year 2025 budget comprises a total revenue of N2.597 trillion and a deficit financing of N408.9 billion.
“This budget is structured around five key pillars designed to ensure economic stability, environmental stewardship, and social equity, infrastructure sustainability, economic diversification, social inclusion and human capital development, environmental sustainability and governance and institutional reforms.
“I am also pleased to note that we have recently signed an MoU with the Ministry of Finance Incorporated (MOFI) to kickstart exploratory work on the development of the 68-km Green Line, which will connect Marina to the Lekki Free Trade Zone. In road construction and repairs, we have completed 36 road projects, including bridges, link bridges and pedestrian infrastructure, all of which are scheduled for commissioning from December,” he said.
He, however, reassured Lagos residents that the budget aligns with the state’s commitment to maintaining fiscal responsibility as well as addressing critical needs in education, healthcare, security, and the environment.
The Speaker of the Assembly, Dr Mudashiru Obasa, said the event marked another significant milestone for the state in the pursuit and realisation of remarkable economic transformation, infrastructural renewal and development towards a greater Lagos.
He noted that the presentation is coming at a time when the country faces the reality of daunting economic challenges.
He, therefore, urged Lagos residents to keep the hope alive and promised that the House would look at the budget and do the necessary scrutiny as usual.
In another development, the governor has called for a renewed focus on export diversification as a cornerstone of Nigeria’s economic recovery strategy.
Sanwo Olu, who stated this in his lecture during the 36th convocation ceremony of Yaba College of Technology (YABATECH), Lagos, titled “Developing Export Alternatives for Nigeria’s Economic Recovery,” outlined the pivotal role of institutions, industries, and individuals in addressing the nation’s foreign exchange challenges and ensuring sustainable growth.
The lecture, however, underscored the urgency of reducing the country’s dependency on oil and gas exports, as well as emphasising the wealth of opportunities in other sectors and urging stakeholders to channel efforts into tapping Nigeria’s immense potential.
The governor identified the lingering crisis of foreign exchange as a critical challenge, asserting that the solution lies in diversifying the nation’s export base.
He, therefore, highlighted emerging sectors that offer promising alternatives, particularly Nigeria’s creative and technology industries.
“Beyond physical goods like processed agricultural products, we must highlight one of our fastest-growing and most promising export segments – our arts and creative industries. Afrobeats and Nollywood are among the biggest cultural exports out of Africa,” he remarked.
Sanwo-Olu commended Nigerian artists for showcasing the country’s rich culture, saying: “The scale of attention coming to our film industry from Netflix and other global platforms is a testament to the global influence of Nigerian creativity.”
He challenged academic institutions, particularly YABATECH, to take the lead in driving innovation and industrialisation.
