Speaker of the Lagos State House of Assembly, Chief Mudashiru Obasa, has said that no economy can achieve sustainable prosperity without strong institutions and strategic collaboration between government and private investors.
Speaking during a keynote address at an event in Lekki, themed “Legislative Leadership and the Role of Global Private Capital in Modern Economic Growth,” Obasa told investors, diplomats, and policymakers that global private capital only flourishes in environments where laws are clear, governance remains accountable, and policies are consistent.
According to the Speaker, legislative leadership plays a critical role in creating an enabling environment for investment and economic growth.
He noted that the constitutional responsibilities of the Assembly, particularly oversight functions and control over public funds, are designed to ensure transparency and build investor confidence.
“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 stated.
He stressed that credible institutions, respect for the rule of law, and regulatory stability remain essential factors in attracting quality investments into the economy.
Obasa, however, maintained that economic growth must go beyond attracting capital, adding that investments should also translate into job creation, poverty reduction, and improved public services for citizens.
The Speaker highlighted several landmark laws passed under his leadership, including the Public Procurement Law (2021), the Public-Private Partnership Law (2011/2015), and the Electric Power Sector Reform Law (2024), describing them as reforms that have strengthened Lagos State’s investment climate.
He also pointed to initiatives such as the Sovereign Wealth Fund, harmonized tax policies, and the proposed Railways Corporation Bill (2025) as evidence of the state’s long-term economic vision and legislative foresight.
Obasa concluded by emphasizing that the future of economic growth would largely depend on the quality of leadership within public institutions and the level of 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 said, while assuring investors that Lagos remains open and ready for global investment.
Written by Olusegun Haastrup