Lagos State Wealth Fund

At a glance. The Lagos State Wealth Fund is a proposed sub-national wealth fund for Nigeria's largest state economy. The Lagos State Wealth Fund Bill 2025 would create four investment windows covering infrastructure, stabilisation, long-term savings and strategic growth, on a model drawn from the Nigeria Sovereign Investment Authority. The Assembly adopted its finance committee's report in June 2026. S3 S1

Key points

• The bill passed second reading and went to the Finance Committee. S1
• On 4 June 2026 the Assembly adopted the committee's recommendations, as amended. S1
• Four investment windows: infrastructure, economic stabilisation, long-term savings and strategic growth. S3
• The design draws on the Nigeria Sovereign Investment Authority model. S3
• The fund would hold a mix of medium and long-term assets on behalf of future generations. S1

Interesting facts

• Officials described it as a possible first structured wealth fund framework for an African sub-national government. S3
• A stakeholder retreat in February 2026 reviewed the bill clause by clause. S3
• An earlier executive bill for a Lagos wealth fund was signed for the Assembly in October 2022. S4

Mandate and goals

The bill would create a fund that receives and manages state money, investing across medium and long-term assets for Lagos State and its future residents. S1

• Finance infrastructure development. S3
• Build fiscal buffers against downturns. S3
• Save for future generations. S3

How it invests

Past investments

The fund has not published a list of investments.

Investment process

The bill is before the Lagos State House of Assembly; the Speaker urged a governance structure built on competence, experience and inclusiveness. S1

1. Stakeholder retreat on the bill. S3
2. Second reading and committee review. S1
3. Committee report adopted by the House. S1

How to approach: No approach route; the fund is not yet created. S1

Size and returns

• Headline size: Not created (Announced target, not current assets, as of 2026-06-05) S1
• Returns: the fund does not publish a return figure.

Leadership

Governance and transparency

• Legal basis: Lagos State Wealth Fund Bill 2025, not yet enacted S1
• Oversight: Lagos State House of Assembly S1
• Auditor: Not yet applicable S1
• Not an IFSWF member. S2

Transparency score: 0 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.

• Not published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S3

History

Common questions

Is the Lagos State Wealth Fund operating?

No. The bill is still before the Lagos State House of Assembly. S1

What would it invest in?

Four windows: infrastructure, stabilisation, long-term savings and strategic growth. S3

What is it modelled on?

The Nigeria Sovereign Investment Authority. S3

Related profiles

• Eswatini Sovereign Wealth Fund Eswatini · E5B planned (about USD 275M)
• Tanzania Oil and Gas Fund (Natural Gas Revenue Fund) Tanzania · TZS 190.94B
• Botswana Sovereign Wealth Fund (BSWF) Botswana · Not yet capitalised
• Fonds Souverain de Guinee (proposed) Guinea · Not yet capitalised
• Kenya Sovereign Wealth Fund Kenya · Not disclosed
• South Africa Sovereign Wealth Fund (proposed) South Africa · Not established, estimate

All sovereign wealth funds in Africa · All proposed or pipeline funds · All funds in Nigeria

Sources

1. S1Channels Television, Lagos Assembly adopts committee recommendations on Wealth Fund Bill 2025
2. S2IFSWF, members list
3. S3The Sun Nigeria, Lagos unveils gains in proposed Wealth Fund Bill
4. S4The Industry, Sanwo-Olu signs Lagos Wealth Fund bill