The Lagos State Government has unveiled plans to establish a Lagos Wealth Fund and a ₦1 trillion “Produce for Lagos” initiative as part of broader strategies to strengthen economic resilience, guarantee food security and build long-term financial stability for the state.
Commissioner for Finance, Mr. Abayomi Oluyomi, disclosed this during the Ministerial Press Briefing in Alausa, Ikeja, on Friday.
Oluyomi said the proposed Lagos Wealth Fund had recorded significant progress, including public hearings and the development of an advanced draft of the Lagos State Wealth Fund Law aimed at institutionalising long-term savings and strategic investments for future generations.
According to him, the initiative is designed to ensure that future generations inherit assets rather than liabilities, while also creating a financial stabilisation buffer capable of shielding the state from economic shocks.
“This is not about creating another bureaucracy. It is about institutionalising savings discipline so future generations inherit assets, not liabilities;
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