Economy
No Economy Can Prosper Without Strong Institutions” — Obasa Tells Global Investors
Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has declared that no economy can attain enduring prosperity without strong institutions and strategic collaboration between government and private capital.
Delivering a keynote on the theme “Legislative Leadership and the Role of Global Private Capital in Modern Economic Growth,” at the HOC Capital Club in Lekki on Saturday, May 16, Obasa told investors, policymakers, and diplomats that global private capital thrives only where laws are clear, governance is accountable, and policies are consistent.
He emphasized 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 designed to safeguard transparency and strengthen investor trust.
“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,” he said.
Speaker Obasa stressed further that credible institutions, 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 allocates over 52% to capital expenditure — as deliberate pointers to Lagos’ readiness for global capital inflows.
He further highlighted initiatives such as the Sovereign Wealth Fund, harmonization of taxes, and the proposed Railways Corporation Bill (2025) as evidence of Lagos’ legislative foresight and long-term economic vision.
Speaker Obasa concluded by stressing that the future of growth will depend on the quality of leadership in public institutions and the confidence inspired 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 declared, leaving investors with a clear message: Lagos is ready to lead, and the world is invited to invest in its promise.
The HOC Capital Club in Lekki is an exclusive private capital and global advocacy network, designed for ultra-high-net-worth individuals (UHNWIs) with verified second citizenships and a minimum net worth of $2 million. It serves as a hub where wealth, influence, and policy intersect, connecting investors, policymakers, and global citizens across continents.
The Oando chief says transparency and stronger institutions are essential for African businesses seeking long-term international capital
Economy
Governor Dauda Lawal Join VP Shettima’s Delegation to Benin Republic, Seeks Industrial Model to Boost Zamfara’s Agric Zones
Zamfara State Governor Dauda Lawal has described the Glo-Djigbé Industrial Zone (GDIZ) as a practical blueprint for transforming Zamfara state’s agricultural sector, as he joined Vice President of Nigeria, Senator Kashim Shettima and five other governors on a working visit to the Benin Republic industrial hub on Friday.
The delegation toured the 1,640-hectare public-private industrial platform, inspecting integrated textile and agro-processing facilities where locally produced cotton is converted into yarn, fabric and finished garments while cashew and soybean are processed for domestic and export markets. GDIZ, developed by the Beninese government and ARISE Integrated Industrial Platforms, has created more than 25,000 jobs since production began in 2021.
For Governor Lawal, who presides over an agrarian state with vast arable land and a strong comparative advantage in crop production, the visit presented an opportunity to draw direct lessons for Zamfara’s agricultural transformation agenda.
“Zamfara holds a strong comparative advantage in agriculture. We grow all crops in the state, we are not limited to soybeans. We have the land and it is fertile,” Governor Lawal had told global investors at the Africa Investment Forum in Morocco last November, where he signed a strategic Memorandum of Understanding with the Ministry of Finance Incorporated (MOFI) to drive large-scale agricultural transformation under the INTEGRANIUM Initiative.
The GDIZ visit is aimed at strengthening the implementation of Nigeria’s Special Agro-Industrial Processing Zones Programme, drawing practical lessons from Benin’s approach to agricultural value addition, industrial infrastructure, investment mobilisation and export-oriented production. Particular attention was given to the textile park’s integrated production system covering cotton spinning, weaving, fabric processing and garment manufacturing. Governor Lawal believes that Zamfara State can benefit from the $370 billion worth of global cotton valuation by ensuring Zamfara grows more cotton and can also lead the charge by reviving moribund textile manufacturing hubs and value chain which could generate millions of jobs, expand non-oil exports and stimulate economic activities.
Governor Lawal’s participation in the delegation aligns with Zamfara’s recently launched 10-year Development Plan (2025–2034), which envisions the state becoming “a benchmark for transformative economic growth, not merely for Nigeria, but the continent of Africa”. The plan prioritises maximising Zamfara’s agricultural and natural resource strengths through partnerships, mechanised farming, agro-processing and value chains to create jobs, improve food security and reduce poverty-driven insecurity.
Governor Lawal was also in company of other state Governors like; Hope Uzodimma (Imo), Caleb Mutfwang (Plateau), AbdulRahman AbdulRazaq (Kwara), Dikko Radda (Katsina), and Umar Namadi (Jigawa). The visit is expected to inform the development of garment-training facilities and dedicated processing infrastructure near agricultural production communities across Nigeria.
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