Obasa economic growth remarks highlight the need for strong institutions, transparency and investor confidence in Lagos

Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has said no economy can achieve enduring prosperity without strong institutions, transparent governance and clear legal frameworks capable of attracting investor confidence.

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Obasa spoke on Saturday at the HOC Capital Club during a gathering of global investors, diplomats and policymakers, where he delivered a keynote address titled, “Legislative Leadership and the Role of Global Private Capital in Modern Economic Growth.”

The speaker said private capital only flourishes in environments where governance is accountable and public policies remain stable.

“No economy can attain enduring prosperity without strong institutions and strategic collaboration between government and private capital,” Obasa said.

The Lagos lawmaker argued that legislative institutions remain central to economic stability, particularly through oversight of public spending and regulatory systems that encourage 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 added.

Obasa stressed that while attracting investment remains crucial, economic expansion must produce measurable social impact through job creation, poverty reduction and improved public services.

The speaker also highlighted several laws enacted under his leadership which, according to him, strengthened Lagos’ investment climate.

The measures include the Public Procurement Law, the Public-Private Partnership Law and the Electric Power Sector Reform Law.

Speaking on the state’s ambitious fiscal direction, Obasa referenced Lagos’ N4.44tn 2026 “Budget of Shared Prosperity,” noting that more than 52 per cent of the budget was earmarked for capital expenditure to accelerate infrastructure development and position the state for larger investment inflows.

He said additional initiatives such as the Sovereign Wealth Fund, tax harmonisation measures and the proposed Railways Corporation Bill reflected long-term economic planning and legislative foresight.

“The future of growth will depend on the quality of leadership in public institutions and the confidence inspired in the global investment community,” Obasa said.

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The event at HOC Capital Club brought together influential investors, policymakers and global business leaders, reinforcing Lagos’ growing profile as a strategic hub for private capital and economic diplomacy in Africa.