‘Lagos needs N10 trillion to bridge infrastructure gap deficit’

Lagos State Government, yesterday, said that the Lagos International Financial Centre (LIFC) would require N10 trillion to drive the needed investment to bridge the infrastructure gap.

The state’s Commissioner for Finance, Abayomi Oluyomi, stated this when the partners on the LIFC projects, including EnterpriseNGR, visited the Ministry of Finance.

Oluyomi noted that with a N10 trillion infrastructure deficit, the state government needs external revenue and funding. He added that though 70 per cent of the state’s revenue comes from Internally Generated Revenue (IGR), the vision the state government has depends hugely on infrastructure that are not adequately in place, yet the government does not have the capital to finance the infrastructure.

He further said that with LIFC, the state government would provide the catalyst for the infrastructure project to drive the state’s vision.

Earlier, the Commissioner for Economic Planning and Budget, Ope George, while providing insight into how the LIFC aligns with the Lagos State Development Plan (LSDP), noted that just like the LIFC, the Lagos State Development Plan aims to create sustainable economic growth through targeted investments and infrastructure.

George also said that LIFC would facilitate an increase in the tech ecosystem contribution to Lagos State Gross Domestic Product (GDP) hugely from the current three per cent aside providing massive support to local businesses and start-ups.

Meanwhile, Director, International Development, Anna Rogers, in her comment, noted that the most important thing is to know why the state government is doing something, and it is good that the why is clearly stated by the state government about the LIFC as presented by the commissioner for economic planning and budget.

She added that legal and regulatory environments, as well as transparency, are critical if the LIFC will attract the appropriate investors. Rogers, who said that though the LIFC is domiciled in Lagos State, it will be beneficial to the whole country, further stated that it is not going to be an easy journey, but there is a need for consistency. She expressed optimism that it is a journey that would leave behind a massive legacy not only for Lagos but for Nigeria as a whole.