Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has underscored the pivotal role of strong institutions and strategic collaboration between government and private capital in achieving sustainable economic growth.
Speaking at the HOC Capital Club in Lekki on Saturday, May 16, during a keynote titled “Legislative Leadership and the Role of Global Private Capital in Modern Economic Growth,” Obasa addressed investors, policymakers, and diplomats, emphasizing that global private capital flourishes only where governance is accountable, policies are consistent, and laws are clear.
“All the money that comes into the treasury must be legislated upon by the House for transparency. The power of the purse is the most effective weapon for the people’s representatives to control government spending,” Obasa said, highlighting the Assembly’s oversight role in safeguarding public trust and transparency.
The Speaker noted that credible institutions, regulatory predictability, and the rule of law are vital for attracting quality investments. However, he stressed that investment growth must deliver tangible social benefits, including job creation, poverty reduction, and improved public services.
Obasa showcased landmark legislative achievements that have strengthened Lagos’ investment climate, including the Public Procurement Law (2021), Public-Private Partnership Law (2011/2015), and the Electric Power Sector Reform Law (2024). He also highlighted the ₦4.44 trillion “Budget of Shared Prosperity” for 2026, which allocates over 52% to capital expenditure, as evidence of Lagos’ readiness to welcome global capital.
Further initiatives, such as the Sovereign Wealth Fund, tax harmonization, and the proposed Railways Corporation Bill (2025), demonstrate the Assembly’s forward-looking economic strategy.
Concluding his address, Obasa emphasized that the future of economic growth depends on strong public institutions and the confidence they inspire in the global investment community. “Together, we can unlock the full potential of Lagos, strengthen Africa’s economic future, and establish a new benchmark for economic and diplomatic engagement on the global stage,” he said.
The HOC Capital Club in Lekki, which hosted the event, is an exclusive network connecting ultra-high-net-worth individuals with verified second citizenships, investors, and policymakers, creating a hub for wealth, influence, and policy dialogue.
