Governor Babajide Sanwo-Olu has disclosed the plans to deploy 2,000 high-capacity buses through the Public Private Partnership (PPP) model for mass public transportation next year.
Governor Sanwo-Olu made the revelation at the Lagos Investment Roundtable organised by the State Ministry of Commerce, Cooperatives, Trade & Investment (MCCTI), as a Pre-event to the African Social Impact Summit (ASIS) in Lagos on Wednesday.
According to the Governor, the buses will run on Compressed Natural Gas (CNG), along with 5,000 new cars to be provided as taxis through a partnership with a car manufacturer, in line with the climate-compliant smart city initiative of the State.
His words: “Our administration has devoted considerable resources to critical infrastructure across transportation, health, agriculture, road and others, but our doors are not closed yet to interested investors to partner with the State”.
For instance, we noted that about 90 per cent of transportation in the State is still done through roads. This should not be the best way, so there is a need to explore the waterways and other alternatives. On waterways, we have established a full Command and Control Centre, with full monitoring capability to ensure safety and timely rescue intervention while we have secured a $400 million World Bank facility to expand that mode of transportation.
“We have also devoted huge resources to rail, but it is not just about what we have done; it is the fact that there are huge opportunities for additional investments, and our prospective investors can adopt the State’s model for exploring the other rail routes in the State”.
Mr. Governor remarked that the ongoing Omu Creek road and bridge works will be a game-changing project as it will unlock huge potentials of the Omu axis, in addition to other ongoing projects such as Opebi-Ojota link bridge and road works in Ikeja, Abiola Onijemo bridge and road works in Ifako-Ijaiye, Obafemi Dada Street in Alimosho and others as they connect three to four road network within their located areas.
“Our Food Hub is a model in Africa for food security and the State’s ability to feed its people. Through storage, the State will also be able to stabilise food prices as we plan to partner with other states by serving as off-takers for their farm produce while we connect the large Food Hub to the middle-level market for the supply of fresh food items”, he said.
Sanwo-Olu also highlighted the remarkable impact of his administration in innovation, health, climate change and resilience, tourism and housing and a whole lot of investment opportunities available in the sectors.
In calling for more investments, he said Lagos is a place we all need to preserve and doing otherwise will be severe for us.
“It is about the legacies we are leaving behind and how we want to be remembered as we all work to ensure that Lagos remains a livable city. It is that Investment we commit today that builds the city and the society we live in”.
Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs. Folashade Ambrose-Medebem, remarked that Lagos State has firmly established itself as Nigeria’s economic epicentre and a leading hub of innovation in Africa, with its vibrant and diverse economy, driven by sectors such as technology, entertainment, finance, and manufacturing.
“With over 500 startups and despite facing challenges like currency fluctuations and economic uncertainties, Lagos has demonstrated remarkable resilience. The State government remains committed to infrastructure development and economic stability through significant investment in transportation, such as the Blue and Red Rail Lines, which have improved connectivity and reduced logistics costs, enhancing productivity and economic activities.
“As we reflect on the discussions and insights shared at the Lagos Investment Roundtable, it is clear that Lagos State stands at a pivotal juncture in its economic journey. With its strategic geographic location, vibrant population of approximately 22.5 million, and a growing GDP that has recently reached N41 trillion and more, Lagos is poised to continue its trajectory as a leading economic powerhouse in Nigeria and across the African continent”, she said.
Managing Director, Sterling Bank Plc, Abubakar Sulaiman commended Sanwo-Olu’s administration for recording giant strides across all facets of development. “One of the things that stand Lagos out is that the State communicates and engages stakeholders using multiple platforms. This is highly responsible of the government”, he said.
