IOD Forum: Governor Sanwo-Olu Highlights US$2bn PPP Opportunities in Lagos

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Tuesday, January 19, 2021 / 8:02 AM / Ottoabasi Abasiekong for WebTV / Header Image Credit: Browse NG


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Mr. Babajide Sanwo-Olu, the governor of Lagos State, said that he believes that the Lagos economic agenda with the acronym T.H.E.M.E provides immense opportunities for private sector capital from global investors interested in strong returns at reasonable risk.

 

The Governor was the keynote speaker at a virtual investment forum hosted by the Institute of Directors (IoD) for the United Kingdom business community in Nigeria.

 

The Lagos state government's T.H.E.M.E programme is anchored on five pillars;

  • Traffic Management and Transportation,
  • Health and Environment,
  • Education and Technology,
  • Making Lagos a 21st Century Economy
  • and Entertainment & Tourism

 

Speaking on the value that the state government places on public-private partnerships to achieve its goals,  Sanwo-Olu said, "Lagos State cannot do it alone and is in search of private sector capital within a win-win investment framework to aid the rapid development of the state".

 

He identified the following as areas of mutually beneficial partnerships;

  • Build Operate and transfer
  • Build Own and Operate
  • Joint Ventures
  • Joint development
  • Design-build and operate
  • Operation and Management Agreements
  • Grants
  • Buy Build and Operate
  • All other forms of PPP

 

According to the state governor, there are a variety of investment opportunities in Lagos state worth over US$2bn in the areas of Education, Shoreline Protection of Lagos Lagoon Coastline, Rebuild Lagos initiative  (Sequel to the #EndSARS protests), Health, Environment, and Transportation infrastructure.

 

In education, Governor Sanwo-Olu said over $50m of opportunities exist in supporting the construction and rehabilitation of school buildings, leveraging technology to improve secondary school learning, and Eko Excel project for primary schools.

 

Considering the coastal location of Lagos, he informed investors that the state has a  shoreline protection strategy that would require over $80m for partnership and investments.

 

This would cover a few projects including the following;

  • The construction of groynes at 400m intervals for 5km at Ibeju-Lekki shoreline.
  • Shoreline protection works to resolve erosion ladened section on Ibeju-Lekki strip and
  • Rehabilitation of damaged sections of Shoreline protection from Leventis Elegbata to Federal Palace Hotel.

 

With the 2020 #ENDSARS protest which destroyed private and public properties, the state plans to rebuild through the "Rebuild Lagos" programme involving US$182m to provide the following;

  • Replacement of buses, equipment, and transport infrastructure
  • The rebuilding of properties destroyed
  • Youth engagement, rehabilitation, and reorientation
  • Support to MSMEs using LSETF


The impact of the COVID-19 pandemic outbreak in 2020 with Lagos as the epicenter, according to the Governor, reinforced the need to upgrade healthcare infrastructure in the state.

 

This sector now presents a massive opportunity for investments to the tune of US$375m which would be deployed for some of the following projects;

  • Renovation/Construction of 220 Primary Health Centers and 27 General Hospitals
  • Support the State Health Insurance Scheme
  • Quality Health Programs
  • Completion of Yaba Infectious Disease Research Center


The Governor assured investors that Lagos state was committed to creating an enabling environment for businesses, reinforced by the recent automation of business registration, permits, and approvals.


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