Lagos State Government has invited private investors to exploit the natural mineral deposits and other sectors of the economy, promising high returns on investments.

The state also listed infrastructure, power, inter-modal transportation, waste management, real estate, agriculture, healthcare delivery and tourism as high yield sectors,

where investors are sure to reap over 100 percent returns on their investments. Ben Akabueze, Commissioner for Economic Planning and Budget, for Lagos State, speaking at

the Pan African University, Lagos at the weekend, explained that with a bit of foresight, investors were sure to reap bountifully from Lagos, as the state combines a readily

available market with high yielding investment opportunities in virtually all the sectors of the economy.

The government’s vision for Lagos, Akabueze said, was to make it “Africa’s model megacity and global financial hub that is safe, secure and productive”, adding that this has

informed continuing investment in infrastructure and security by the present administration. “Mega cities have mega problems and we are looking at projects targeted at

addressing these problems, we are inviting you to look beyond these challenges and see the investment opportunities instead. “Indeed, the city has a ten year plan (2007 –

2016) to transform Lagos, which it estimates would cost $50 billion.

However, the state’s 2011 budget is only N451 billion or $2.9 billion,” the commissioner said, adding that the huge deficit means that government expects a significant share of

this to come from the private sector. “We have no option but to involve the private sector, as our tax receipts simply don’t add up”, he added. “In fact the 2012 Lagos state

budget at N491.9 billion or $3.17 Billion ($1-NGN 155), is actually the highest ever for the state, with total revenues of N425 billion, a N50 billion bond issue is planned for the

year, to help finance the budget deficit. “Our preferred means of financing is bonds, we have a strict policy that we only borrow to finance capital projects, we have a fiscal

safety limit of 3% of GDP, which is in tandem with global best practices, and we are still within very safe limits in terms of our borrowing.” The infrastructure deficit in Lagos

state, together with the deficit of inadequate financing means that the state is an investment haven for those willing to partner with the government to provide the needed

infrastructure through a Public Private Partnership (PPP) model,” Akabueze said. He informed that government was simultaneously developing ten model cities that make up the

greater Lagos, which include, Badagry, Alimosho, Mainland, Victoria Island, lekki, Epe, Ikorodu, Ikeja, Kosofe and Agege. The state is also planning and has begun the

construction of an inter-modal transport network to enable over seven million people who commute each day in Lagos get to and from their workplaces. “As a matter of fact, in

our long term plans for Lagos, we are planning for a city of 40 million in the not too distant future.Every day, there is a net positive migration of people into Lagos” Taofiq

Tijani, Commissioner for Energy and Mineral Resources, speaking while receiving members of the Nigerian Mining and Geo-Sciences Society, on behalf of Governor Babatunde

Fashola, said government’s determination to ensure mineral deposits within the state are exploited and properly harnessed, informed the recent decision to upgrade the

former office of mineral resources to a full-fledged ministry. Tijani said government was making every effort to put Lagos in the comity of oil producing states in the country,

and working to generate interest in private investors to partner the state in harnessing the available mineral resources for the benefit of the economy and the people.