By Ebunoluwa Sessou

The Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has said that sustainable economic growth can only thrive where strong institutions, transparent governance, and clear legislation exist.

Obasa made this known while delivering a keynote address at the HOC Capital Club in Lekki on Saturday during a session themed, “Legislative Leadership and the Role of Global Private Capital in Modern Economic Growth.”
Addressing an audience of global investors, diplomats, and policymakers, the Speaker stressed that private capital naturally gravitates toward economies where laws are stable, governance structures are accountable, and policies are predictable.

According to him, legislative institutions play a crucial role in creating an enabling environment for investment and economic prosperity.

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

He explained that the constitutional powers of the legislature, especially in relation to public finance and oversight, are designed to ensure transparency and strengthen 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,” he said.

The Speaker further noted that attracting investment alone was not enough, adding that economic growth must translate into tangible benefits for citizens through job creation, poverty reduction, and improved public services.

Highlighting legislative measures introduced under his leadership, Obasa pointed to laws such as the Public Procurement Law (2021), the Public-Private Partnership Law (2011/2015), and the Electric Power Sector Reform Law (2024) as major reforms aimed at strengthening Lagos State’s investment climate.

He also referenced the state’s ₦4.44 trillion 2026 “Budget of Shared Prosperity,” noting that more than 52 per cent of the budget is dedicated to capital expenditure as part of efforts to position Lagos for increased global investment inflows.

Obasa added that initiatives including the Sovereign Wealth Fund, harmonisation of taxes, and the proposed Railways Corporation Bill (2025) demonstrate Lagos State’s long-term economic vision and legislative foresight.

Speaking on the future of economic growth in Africa, the Speaker maintained that quality leadership in public institutions would determine the level of confidence investors place in emerging economies.

“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.