The Lagos State Government and the International Finance Corporation (IFC) have sealed a major partnership to enhance provision of infrastructure in key sectors and strengthen the state’s long-term financial sustainability through improved revenue generation strategies.
A statement issued by the state’s commissioner for Finance, Mr. Akinyemi Ashade, said a Memorandum of Understanding (MoU) on the partnership dated January 7, 2019 had been signed.
He expressed optimism that the development will go a long way in helping to scale up municipal infrastructure, increase revenues and generally make life more comfortable for residents of the state.
According to the statement, IFC, which is a member of the World Bank Group, would seek to provide advisory services to enhance infrastructure development in key areas including power, education, health, environment and transport, with special focus on provision of electric buses among others.
“IFC’s advisory services will be designed to improve procurement for key transport projects and support project development in areas including power, transport, municipal waste, health, education and energy efficiency.
“It will also be able to advise on strategies and policies for electric buses and ride-hailing services as well as assist Lagos State on its revenue mobilization strategies,” the statement read.
It added that signing the memorandum will translate into viable infrastructure projects, expertise building and better access to financing for the benefit of all Lagosians.
On his part, IFC’s Country Manager for Nigeria, Eme Essien, said the partnership was in line with the organization’s programme tagged ‘IFC’s Cities Initiative’ aimed at mobilizing commercial financing for priority urban projects, connect cities with capital markets, and to help improve municipalities’ credit-worthiness through financial management training.
Essien further disclosed that a total of $13.5billion had been invested over the last 15 years across more than 70 countries through the initiative; explaining that the programme essentially supports efforts to build inclusive, safe, resilient, and sustainable cities that open new markets, and create opportunities for all.
“Our objective is to support Lagos State’s efforts through IFC’s Cities Initiative to improve living conditions, expand and renew its infrastructure as well as help reinforce Lagos’s position as an attractive investment destination and by extension Nigeria’s position.
“With a population of 24 million, Lagos state is Nigeria’s economic epicentre and main hub for commercial and industrial activities, accounting for more than 30 percent of the country’s Gross Domestic Product (GDP),” he said.
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