Sanwo-Olu tasks China development bank on investments in Nigeria


The Lagos State Governor, Mr Babajide Sanwo-Olu, has urged China Development Bank to increase its investment in Nigeria to $1billion.  

The governor made this request at a meeting with the bank’s President, Mr Quyang Weimin, while discussing the state’s infrastructural needs and areas of collaboration with the bank in Beijing.

Sanwo-Olu said that there are huge developmental projects in the state which the bank could support in developing.

“We are determined to build a 21st-century economy, and infrastructural development is one of the key deliverables for a modern economic system and society to run efficiently and effectively. With functional infrastructure, businesses will thrive and the city will be more habitable. So, as a government, we are talking to you now about our needs and the areas of intervention where we require your support,” he told the Bank’s management team.

The governor assured Weimin that with Lagos State and Nigeria as a whole, investments in her will definitely give high returns.

“Lagos is Africa’s 7th largest economy and the most populous on the continent. The state has enjoyed political stability for 20 years and has consistently grown across key economic indices. If you consider these facts, you will agree with me that your risk analysis will favour investing in our State,” he said.

Sanwo-Olu further remarked that: “As a development bank committed to supporting developing nations, I am certain that your involvement in our 4th mainland bridge construction, railway projects, road construction around our free trade zone and our water projects will fittingly support the attainment of your organisational goal.”

Weimin, however, said the governor’s presentation has further increased his confidence in Lagos State and Nigeria.

“I have a deep interest in what you are saying and your ideas. And we look forward to supporting you. We are different from commercial banks because we are focused on the development and the greater good of humanity. We give loans at the lowest cost and very long loan maturity period” Weimin said.

He assured of the bank’s relationship with Lagos State will be as reliable as the cooperation between Nigeria and China.

“Lagos is politically and economically stable, so the risk of investing in the state may not be high. We are, therefore, enthused to put our weight as the world’s largest development bank by an asset, standing at $2 trillion, the loan balance of $150 billion, over 100,000 employees with a loan balance of $200 per staff behind your greater Lagos goal.”

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