Babajide Fadoju
Lagos State Deputy Governor and All Progressives Congress (APC) governorship candidate for the 2027 election, Dr Kadri Obafemi Hamzat, has called for stronger collaboration between the public and private sectors, improved revenue generation and sustained infrastructure investment to support the state’s long-term development.
Hamzat made the call on Wednesday at an investment management engagement titled The Exclusive Investment Parley with Dr Kadri Obafemi Hamzat, organised by Aztran Company on Lagos Island.
He described governance as more complex than managing a private business, noting that government institutions must serve everyone while balancing competing social and economic demands.
According to him, stronger partnerships between government and private investors are essential to achieving sustainable development and addressing the growing needs of Lagos.
Hamzat, who compared Lagos State’s N4.4 trillion budget with New York City’s $109 billion budget, said the next phase of development required the state to sustain existing investments while expanding the financial resources available for infrastructure delivery.
He highlighted some of the administration’s achievements in socioeconomic and political development, including the successful implementation of 11 Oracle Enterprise Resource Planning (ERP) modules.
He explained that the reforms had improved financial accountability, reduced revenue leakages and strengthened the state’s capacity to manage public resources.
The deputy governor also pointed to Lagos’ ability to finance major infrastructure projects, including rail development, as evidence of the state’s capacity to deliver complex projects despite resource constraints.
On waste management, Hamzat reaffirmed the government’s commitment to reforming the sector through improved funding arrangements, more efficient waste collection and increased support for Private Sector Participants (PSPs).
He disclosed that the government was reviewing the existing waste collection payment model to enable PSP operators to receive payments directly from the government rather than relying exclusively on collections from residents.
He added that subsidies would be maintained to cushion the effects of rising operational costs on waste management operators.
Earlier, Aztran’s Co-Managing Partner, Victor Aluyi, called for deeper collaboration between the private sector and the Lagos State Government, urging investors to mobilise capital to address the state’s infrastructure financing gap.
Aluyi observed that government funding alone could not meet Lagos’ expanding infrastructure requirements, particularly in mass transportation, electricity, affordable housing, waste management and logistics.
He estimated Lagos’ Gross Domestic Product at $260 billion, describing it as Africa’s second-largest city economy after Cairo.
He called for increased participation by private investors, institutional funds and infrastructure financing vehicles in delivering projects that would support the state’s economic growth.
Citing the growth of Nigeria’s non-pension asset management industry from approximately N10.1 trillion in 2024 to N16.5 trillion in 2025, Aluyi advocated deliberate efforts to channel more private capital into viable infrastructure projects.
He identified policy consistency, regulatory clarity, transparency and effective risk-sharing arrangements as essential conditions for attracting investors and developing commercially sustainable partnerships.
Also speaking at the engagement, Olayemi Agbe-Davies identified revenue generation and tax reform as critical to strengthening Lagos’ investment environment.
He said expanding the state’s revenue base through a broader, simpler and more predictable tax system would create benefits for both government and investors.
Agbe-Davies expressed optimism that the engagement would provide investors with a clearer understanding of emerging infrastructure opportunities and the development priorities of Hamzat ahead of the 2027 governorship election.
He urged participants to sustain their commitment to long-term investment and strategic partnerships to advance Lagos’ economic growth.