Lagos Moves to Establish Africa’s Sub-National Wealth Fund

The Lagos State Government has intensified efforts to establish a structured and sustainable investment framework through the proposed Lagos State Wealth Fund Bill, a move aimed at strengthening fiscal stability and long-term wealth creation. At a harmonisation retreat convened by the Ministry of Finance, stakeholders fine-tuned the bill to ensure it reflects global best practices while addressing Lagos’ unique economic realities.

Commissioner for Finance, Mr. Abayomi Oluyomi, said the proposed fund would create a coherent and bankable architecture designed to drive infrastructure development, economic stabilisation, long-term savings, and strategic growth. He explained that the initiative seeks to establish dedicated investment windows that will safeguard public resources, generate consistent returns, and cushion the state against fiscal shocks.

Oluyomi noted that the framework draws inspiration from the model of the Nigerian Sovereign Investment Authority, which manages Nigeria’s Sovereign Wealth Fund established in 2011. He emphasised that Lagos is adapting a tested and transparent public investment model to suit its dynamic sub-national economy.

The retreat followed a public hearing held in November 2025 and brought together members of the Executive Council, lawmakers, and private sector stakeholders to harmonise feedback before final legislative consideration. The bill outlines four major investment windows aimed at infrastructure financing, economic diversification, fiscal buffers, and long-term savings for future generations.

Stakeholders expressed optimism that once enacted, the Lagos State Wealth Fund would serve as a financial pillar for sustainable growth, enhance investor confidence, and reinforce Lagos’ position as Africa’s leading sub-national economy.