Mr Sanwo-Olu described the gesture as part of ongoing efforts to strengthen institutional capacity and improve governance.
He charged civil servants on the need to understand the system.
He said the trust fund would bridge government and private sector participation in sports development.
Mr Sanwo-Olu urged Nigerians to reduce negative comments about the country.
Governor Babajide Sanwo-Olu on Tuesday swore in Olabode Agoro as the 22nd Lagos head of service.
He said that until his appointment, Mr Agoro was the permanent secretary, lands bureau.
