Lagos State Deputy Governor Obafemi Hamzat has identified sustainable financing as a major challenge to implementing the state’s development agenda.

Mr Hamzat, the All Progressives Congress (APC) governorship candidate for the 2027 election, pledged to establish a state wealth fund to preserve resources for future generations.

He made the pledge during a fireside chat organised by the Lagos Chamber of Commerce and Industry (LCCI) on Tuesday in Victoria Island, Lagos State.

The discussion was tagged, ‘An Afternoon to Discuss the Facts and Figures of Lagos State: The 8th Largest Economy in Africa’.

Mr Hamzat said Lagos had developed the structures and capacity to implement its development plans but required sustainable funding to execute projects and maintain economic growth over the next 10 to 15 years.

“Our challenge is not implementation. Our challenge is resources,” he said.

He explained that the government had to allocate available funds among competing priorities, including education, infrastructure and the justice sector.

Mr Hamzat recalled that during his tenure as commissioner for works and infrastructure in the second term of former Governor Babatunde Fashola, Lagos had a budget of about N480 billion.

He said his ministry had requested N90 billion for projects but could not receive the entire amount because other ministries and sectors also required funding.

The deputy governor said the proposed wealth fund, included in his 2027 governorship manifesto, would help preserve resources for future generations.

He said the objective was to ensure that future generations enjoyed better opportunities than their parents and grandparents.

On challenges facing micro, small and medium-sized enterprises (MSMEs), Mr Hamzat identified high electricity, logistics and transportation costs, alongside unauthorised levies, as major constraints.

He said the government was exploring embedded power generation for industrial clusters in areas such as Ikeja and Odugunyan, while collaborating with Egbin Power Station in Ikorodu.

Mr Hamzat said plans were also underway to expand electricity generation capacity by an additional 500 megawatts.

Hamzat said the Lagos Water Corporation spent about 40 per cent of its operating costs on electricity, highlighting the financial burden power places on public utilities and private businesses.

The deputy governor also pledged to streamline taxes and levies imposed on businesses by different levels of government.

On transportation, Mr Hamzat said the government was working to integrate rail, road and water transport to improve passenger movement and cargo evacuation.

He cited plans to develop Marina into an interchange where rail passengers could connect with Bus Rapid Transit services and ferries.

Mr Hamzat assured residents that work on the Red Line rail project toward Okokomaiko would continue, describing the undertaking as expensive and saying it would be delivered in phases.

On land administration, he said the government was digitising its electronic geographic information system to improve transparency in land transactions and reduce dependence on informal agents.

He pledged to issue certificates of occupancy within 90 days, provided applicants submit all required documents.

Mr Hamzat urged residents experiencing delays or extortion to report such cases through the state’s complaint channels.

The deputy governor also said the proposed Lagos International Financial Centre would attract investment by clarifying government processes, improving business conditions and strengthening dispute resolution.

Mr Hamzat called for public cooperation and accountability, saying residents’ reports of wrongdoing and implementation failures would help the government address problems more effectively. 

(NAN)