Hamzat seeks stronger private sector role in Lagos development

LAGOS — Lagos State Deputy Governor and All Progressives Congress (APC) governorship candidate for the 2027 election, Dr Kadri Obafemi Hamzat, has called for stronger public-private sector collaboration, improved revenue generation and sustained infrastructure investment to drive the state’s long-term development.

Hamzat made the call on Wednesday at an investment management engagement tagged, “The Exclusive Investment Parley with Dr Kadri Obafemi Hamzat”, organised by Aztran Company on Lagos Island.

He said governance was more complex than running a private business because government institutions had to cater to everyone while managing competing social and economic demands.

“Governance is far more complex than running a private business because the government does not have the luxury of choosing who it serves; it must serve everyone. That is why strengthening public-private sector collaboration is critical to delivering sustainable development for Lagos,” he said.

Comparing Lagos State’s N4.4 trillion budget with New York City’s $109 billion budget, Hamzat said the next phase of development in Lagos required sustaining existing investments and expanding the resources available for infrastructure delivery.

He said the state government had recorded achievements in socioeconomic and political development, citing the successful implementation of 11 Oracle Enterprise Resource Planning (ERP) modules.

According to him, the reforms improved financial accountability, eliminated ghost workers and revenue leakages, and significantly boosted the state’s internally generated revenue.

Hamzat also cited the state’s ability to finance major infrastructure projects, including rail development, as evidence of its capacity to execute complex projects despite limited resources.

On waste management, the deputy governor reaffirmed the government’s commitment to reforming the sector through improved funding arrangements, efficient waste collection and increased support for Private Sector Participants (PSPs).

He explained that the government was reviewing the existing collection model to enable PSP operators to receive payments directly from the government rather than depending solely on collections from residents.

He added that subsidies would be sustained to cushion the impact of rising operational costs on waste management operators.

Earlier, the Co-Managing Partner of Aztran, Victor Aluyi, called for deeper collaboration between the private sector and the Lagos State Government, urging investors to mobilise capital to bridge the state’s infrastructure financing gap.

Aluyi said government funding alone could not meet Lagos’ growing infrastructure needs, particularly in mass transportation, power, affordable housing, waste management and logistics.

He put Lagos’ estimated Gross Domestic Product at $260 billion, describing it as Africa’s second-largest city economy after Cairo.

He called for greater participation by private investors, institutional funds and infrastructure financing vehicles in delivering projects capable of supporting the state’s economic growth.

Citing the growth of Nigeria’s non-pension asset management industry from approximately N10.1 trillion in 2024 to N16.5 trillion in 2025, Aluyi urged deliberate efforts to channel more private capital into viable infrastructure projects.

He said policy consistency, regulatory clarity, transparency and effective risk-sharing mechanisms were essential to attracting investors and establishing commercially sustainable partnerships.

In his remarks, Olayemi Agbe-Davies identified revenue generation and tax reform as critical to strengthening Lagos’ investment climate.

He said expanding the state’s revenue base through a broader, simpler and more predictable tax system would benefit both the government and investors.

Agbe-Davies expressed optimism that the engagement would give investors clearer insights into emerging infrastructure opportunities and the development priorities of Hamzat ahead of the 2027 governorship election.

He urged participants to sustain their commitment to long-term investment and strategic collaboration to advance Lagos’ economic growth.