Speeches

Investors' Forum Of The Lagos State Fixed Rate Bond (Series 2) 2010/2017 Under The N275,000,000,000.00 Debt Issuance Programme

Mar 23, 2010 - Distinguished ladies and gentlemen, on behalf of my colleagues in the Government of Lagos State, I welcome you with exceeding delight to this historic gathering.

Although it would seem to be a gathering to raise money for the financing of the infrastructural and developmental projects that hold the fabric of our society together, 'it is historic because this is the first time to my knowledge that any sub-national Government in our country will float 2 (two) bonds in succession during its tenure.

But that is simply the historic part of this gathering. The enormity of the event itself is the strong message of domestic investor confidence in the Lagos and Nigerian project.

It is a most assuring vote of investor confidence in the opportunities that lie in this economy and the prospects for the future.

It represents a departure first from the era of capital flight from this economy and secondly, it demonstrates a new era of self confidence and belief in ourselves, away from the proverbial search for foreign investment.

I feel truly privileged to be a part of this turn around of fortunes that validates my belief that this State, our country and our continent should take the first bold steps towards re-shaping and re-ordering our destinies.

I must tell you that since the launch of the very successful and oversubscribed first tranche, our economy has continued to record encouraging signs of growth and it can only get better.

Our judicious application of the proceeds of the first tranche of N50 Billion has not gone unnoticed internationally and locally.

Our State's international (which is the same as our sovereign rating) and local credit ratings remain at BB- (Fitch) and A+ Agusto, A+ GCR respectively and increasingly, business and trade delegations are visiting Lagos to explore and pursue business partnerships and investment opportunities within our economy.

On the local scene, our investors have taken benefit of an expanded investment bouqet that is helping local businesses such as construction companies remain in business and keep jobs for hundreds of thousands which enables them get food unto tables, keep children in school and witness a daily improving standard of living.

That first tranche has demonstrated that we can run a real economy where investors, citizens and State all benefit.

The micro economic impacts are being measured in the roads we have financed which is improving travel time; it is evident in the children and women hospitals, three of which now give us 300 more bed spaces to ensure that women and children do not die at child birth; it is evident in the recently commissioned water projects that have added over 50 million gallons of water to the supply stock in the State; it is evident in the new classroom blocks, the delivery of desks and chairs for teachers and students as a commitment to develop a human capital resource for our State's future.

It is evident in the faces of majority of Lagosians who now speak of their State not only with renewed pride but with a very inspiring sense of confidence and hope that every good thing is now possible here.

The second tranche will help us keep that confidence and sustain the hope by continuing the many pending projects such as roads, schools, hospitals, water supply, jetties, light rail, Lagos-Badagry expressway, Lekki-Ikoyi Bridge and more

As long as we keep hope alive, the possibilities are endless.

More people will have jobs, more people will pay taxes, the investment return is secured and guaranteed. The State's ability to support its growing population by providing infrastructure necessary to support legitimate quest for opportunities remains assured and this places her in a position to compete for global opportunities.

Distinguished ladies and gentlemen, I welcome you to the future, today.

I will like to conclude by thanking all the regulatory agencies, our advisers and in particular, my predecessor, Asiwaju Bola Ahmed Tinubu for his continuing support and useful counsel to me personally and my team as a whole as we negotiated the financial twists and turns to get to this destination.

Thank you for your attention.

Eko o ni baje o!

Babatunde Raji Fashola, SAN
Governor of Lagos State