The Lagos State
Government and the International Finance Corporation (IFC) have sealed a major
partnership to enhance provision of infrastructure in key sectors and
strengthen the State’s long-term financial sustainability through improved
revenue generation strategies.
The State’s
Commissioner for Finance, Mr. Akinyemi Ashade, in a statement on Wednesday,
said a Memorandum of Understanding (MoU) on the partnership dated January 7,
2019 had already been signed, and expressed optimism that the development would
go a long way in helping to scale up municipal infrastructure, increase
revenues and generally make life more comfortable to residents of the
State.
In furtherance of
the agreement, Ashade said IFC, which is a member of the World Bank Group,
would seek to provide advisory services to enhance infrastructure development
in key areas including power, education, health, environment and transport,
with special focus on provision of electric buses, among others.
Giving details,
the Commissioner said: “IFC’s advisory services will be designed to improve
procurement for key transport projects and support project development in areas
including power, transport, municipal waste, health, education and energy
efficiency.
“IFC will also be
able to advise on strategies and policies for electric buses and ride-hailing
services and assist Lagos State on its revenue mobilization strategies.
“We welcome IFC’s
support and are confident that signing this memorandum will translate into
viable infrastructure projects, expertise building and better access to
financing for the benefit of all Lagosians.”
Also speaking,
IFC’s Country Manager for Nigeria, Eme Essien expressed excitement with the
partnership, saying it was in line with the organization’s program tagged
‘IFC’s Cities Initiative’ aimed at mobilizing commercial financing for priority
urban projects, connect cities with capital markets, and to help improve
municipalities’ credit-worthiness through financial management training.
Revealing that a
total of $13.5 Billion had been invested over the last 15 years across more
than 70 countries through the initiative, Essien said the program essentially
supports efforts to build inclusive, safe, resilient, and sustainable cities
that open new markets, and create opportunities for all.
“Today’s
announcement is only a first step in the building of a long term strategic
partnership with the largest municipality in Sub-Saharan Africa. Our objective
is to support Lagos State’s efforts through IFC’s Cities Initiative to improve
living conditions, expand and renew its infrastructure, and help reinforce
Lagos’s position as an attractive investment destination — and by extension
Nigeria’s position,” Essien said.
With a population
of 24 million, Lagos State is Nigeria’s economic epicenter and main hub for
commercial and industrial activities, accounting for more than 30 percent of
the country’s Gross Domestic Product (GDP).
Faced with a
fast-growing population, the State has been working to improve its economic and
social infrastructure to enhance economic development, while it aims to become
Africa’s third largest economy, measured by GDP, by 2023.
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