Manny Ita –
Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has stressed that no economy can achieve lasting prosperity without strong institutions and consistent policy frameworks.
Speaking at a business and investment forum in Lekki, Lagos, Obasa said global investors are more likely to commit capital to countries where governance is transparent, laws are clear, and institutions are accountable. He noted that legislative bodies play a central role in creating such an environment by ensuring proper oversight of public funds and enacting investor-friendly laws.
He explained that the “power of the purse” held by lawmakers is essential for safeguarding public resources and maintaining trust between citizens and government. According to him, sustainable development depends not just on attracting investment, but also on ensuring that economic growth translates into jobs, poverty reduction, and improved public services.
Obasa highlighted several reforms and laws passed in Lagos State aimed at improving the business climate, including public procurement rules, public-private partnership frameworks, and reforms in the power sector. He also pointed to the state’s large-scale budgetary commitments and infrastructure plans as evidence of Lagos’ readiness for increased private capital inflows.
He added that initiatives such as tax harmonisation, sovereign wealth strategies, and proposed transport infrastructure legislation reflect long-term planning designed to strengthen investor confidence.
Concluding his remarks, Obasa said the future of economic development depends heavily on the quality of leadership in public institutions and the confidence those institutions inspire in global investors, adding that Lagos is positioning itself as a leading investment hub in Africa.
