As part of his plans to turn Lagos into a megacity worthy of competing with other mega cities across the world, Lagos State Governor, Babatunde Fashola has estimated that about $50 billion would be required to achieve this feat.

Speaking at the 2013 stakeholders’ forum of the Bank Directors Association of Nigeria (BDAN) where he was the guest speaker, he put the estimated amount required for infrastructure development of the state in the next 10 years at $50 billion.

“This means that Lagos state requires an annual investment in infrastructure of $5 billion in the next 10 years to attain its vision of a megacity” he said while reiterating that the required amount was a far cry from the total amount of the state’s annual budget, which he put at about $3.125 billion (N497 billion).

In view of this, the governor pointed out that the state had embraced Public-Private Partnership (PPP) as a strategy for it to bridge its huge infrastructure deficit.

According to Fashola, “PPP allows us to tap into the private sector’s capital and leverage its managerial efficiency,
technology, innovation, entrepreneurial approach and expertise.”

Continuing, Fashola, who was represented by the Commissioner of Finance, Lagos state, Ayo Gbeleyi said: “The rationale for PPP is improved management of scare resources, better risk allocation and more efficient and cost-effective delivery of public services.

In order to institutionalise this policy’s trust and further bolster investor confidence, the Lagos State Public Private Partnership Law 2011 as well as the Public Procurement Law 2011 were enacted.

“There are number of good reasons for public sector using PPP to assist to develop its infrastructure. PPP offers both strategic and operational choices to government.

“Strategically, the use of PPP fosters economic growth by developing new commercial opportunities and increasing competition in the provision of public services, thus encouraging crowding-in of private sector or foreign investment.”

Furthermore, he stated that PPP allowed governments to set policy and strategy and where appropriate, to regulate economic activities, while leaving service delivery to the private sector.

“In addition, PPP is an instrument that government can use to reform and restructure certain strategic sectors of the economy to bring in competition, which will increase investment and efficiency, reduce prices and expand the range of services available.
http://tv360nigeria.com/lagos-needs-50bn-for-infrastructure-development-fashola/

Eko o ni baje o...

agbameta: Eko o ni baje o...

Yes oh. To guarantee 24-hr power supply, actualization of the Lekki airport, Badagry and Lekki deep seaports and other roads; both the public and private sectors have to chip in with their contributions.

agbameta: Eko o ni baje o...

o baje ti

If an Igbo man contest for governor in Lagos. I am sure He gonna win because there are more Igbos than any other tribes in Lagos including Yorubas, hausa.

If the 50bille would clear all the slums in lagos then it's good

Macelliot: If an Igbo man contest for governor in Lagos. I am sure He gonna win because there are more Igbos than any other tribes in Lagos including Yorubas, hausa.

#singing the game - dreams

nice one, Tinubu performing as usual

I hope Fashola will not lose sight of the basics. What are they ? Basic human needs that are well-met by government because of how elemental they are to a city, moreso a mega-city. What are these basic needs ?

• Governance: Good governance starting from grassroots participancy at the local govt level. You'll need town halls, good or excellent LG offices and operations,

• Food: These means farming should be encouraged within the state since Fashola has stated there is still, despite Lagos' high pop. density, considerable arable land in Lagos. Food in Lagos is expensive, lots of times my sister has bemoaned the price of foodstuffs here conpared to Benin. I have even seen this myself. The aim of encouraging farming should be to drive down prices. If possible we should reduce our dependency on other states especially the North for some foodstuff, or engage in small-scale food processing and sell within here.

• Shelter: A very huge work. Poor hysical planning has even hampered governance because the local govt offices are too small to begin to even cope with their admin. duties. Mortgage housing has been undertaken by LASG but I fear they are expensive and accessible only too, middle-class or upper-class folks. I would like to see a low-cost housing estate. Improve on Jakande's legacy (hos low-cost estate which was an eyesore the fisrt and only time I visited it) and build more low-cost estates so the people in shanties you kick out see that the govt has a heart.


• No clothing

Do that and you'll have a solid foundation for a mega-city. Shirk from these basics and you are compounding the matter. The matter of physical planning for instance, which is still poor IMO, is a house on sand, and part of the problems I have in mind.

I just wonder what mega city fashola intends to transform lagos into? I saw a documentary yesterday on BBC Knowledge and I noticed that Mumbai India has a lot of resemblance to Lagos.

Overcrowded, traffic congestion, street hawking and begging, noise and air pollution, poor sanitation, homeless people, poor house planning, bad roads etc.

A mega city doesn't not have these issues. Fashola must bend down and work thoroughly and stop media propagandas.