• Friday, March 29, 2024
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Lagos, IFC sign MOU on infrastructure devt, revenue generation

Akinyemi Ashade

Lagos State government and the International Finance Corporation (IFC) have signed a Memorandum of Understanding (MOU) sealing their partnership on development of infrastructure in key sectors of the economy as well as strengthen the state’s long-term financial sustainability through improved revenue generation strategies.

Akinyemi Ashade, Lagos State commissioner for finance, said on Wednesday that the deal would fast-track the development of municipal infrastructure, increase revenues and generally make life more comfortable to the residents of Lagos.

With an estimated population of about 21 million, Lagos is Nigeria’s economic epicenter and main hub for commercial and industrial activities, accounting for more than 30 percent of the country’s Gross Domestic Product (GDP).

According to Ashade, under the deal, IFC, which is a member of the World Bank Group, will 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.

Giving further insight, he said: “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.

“IFC will also be able to advise on strategies and policies for electric buses and ride-hailing services and assist Lagos State on its revenue mobilisation strategies.

“We welcome IFC’s support and are confident that signing this memorandum will translate into viable infrastructure projects, expertise building and better access to financing for the benefit of all Lagosians.”

Speaking for IFC, Eme Essien, country manager for Nigeria, said that the partnership mirrored the corporation’s programme tagged ‘IFC’s Cities Initiative’ aimed at mobilising commercial financing for priority urban projects, connect cities with capital markets, and to help improve municipalities’ credit-worthiness through financial management training.

According to Essien, IFC in the last 15 years has invested a total of $13.5 billion across more than 70 countries through the initiative. He added that the programme was essentially designed to support efforts at building inclusive, safe, resilient, and sustainable cities that open new markets, and create opportunities for all.

“Today’s announcement is only a first step in the building of a long-term strategic partnership with the largest municipality in Sub-Saharan Africa. Our objective is to support Lagos State’s efforts through IFC’s Cities Initiative to improve living conditions, expand and renew its infrastructure, and help reinforce Lagos’s position as an attractive investment destination — and by extension Nigeria’s position,” said Essien.

 

JOSHUA BASSEY