Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has said that no economy can attain enduring prosperity without strong institutions and strategic collaboration between government and private capital.
Delivering a keynote address on the theme “Legislative Leadership and the Role of Global Private Capital in Modern Economic Growth” at the HOC Capital Club in Lekki at the weekend, he said that global private capital thrives only where laws are clear, governance is accountable, and policies are consistent.
He emphasised that legislative leadership is central to building such an environment, noting that the Assembly’s constitutional mandate, particularly its control over public funds and oversight powers, is central to this.
He added that it is designed to safeguard transparency and strengthen investor trust.
“The House must legislate upon all the money that comes into the treasury for transparency. The power of the purse is the most effective weapon for the people’s representatives to control government spending,” he said.
Obasa stated further that credible institutions, the rule of law, and regulatory predictability are essential to attracting quality investments.
However, he noted that while attracting capital is vital, growth must deliver tangible social benefits, including job creation, poverty reduction, and improved public services.
He went on to spotlight landmark laws under his stewardship that have reshaped the state’s investment climate, including the Public Procurement Law (2021), Public-Private Partnership Law (2011/2015), and the Electric Power Sector Reform Law (2024).
He also pointed to property protection frameworks and the ₦4.44 trillion “Budget of Shared Prosperity” for 2026, which allocated over 52% to capital expenditure, as deliberate indicators of Lagos’ readiness for global capital inflows.
Obasa further highlighted initiatives such as the Sovereign Wealth Fund, tax harmonisation, and the proposed Railways Corporation Bill (2025) as evidence of Lagos’ legislative foresight and long-term economic vision.
