First Bank Expresses Readiness To Partner With Lagos On Infrastructural Development

The First Bank of Nigeria Limited has expressed its readiness to partner with the Lagos State Government on infrastructural development.

The Managing Director/Chief Executive Officer of the bank, Olusegun Alebiosu, stated this on Tuesday when he led the executive management of First Bank on a courtesy visit to Governor Babajide Sanwo-Olu.

Alebiosu, who highlighted the importance of power infrastructure, said the bank is looking forward to the framework that the state will set up in this regard.

The Electricity Act, 2023, has decentralised power, allowing states to build their own power infrastructure, generate and distribute power.

Alebiosu noted that a regular power supply would reduce the cost of production for businesses, create employment and increase tax revenue for the government.

“Power infrastructure is important, and we know what happens in Lagos is what everybody in Nigeria copies. So, we look forward to the framework that the Lagos State Government will set up.

“We are sure that there are so many people in Lagos who want to provide power. Even if Lagos is not setting up any one on its own, we are sure that there are many private investors that will set up massive power projects that will fit into Lagos, and the cost of production will drop.

“We believe with that, there would be more employment, tax revenue, and many other things. We believe that not only Lagos State but the entire Nigeria will benefit from those projects.

“There are many special projects the Lagos State Government is doing, and First Bank will continue to support the Lagos State Government to develop the projects,” he said.

In his remarks, Sanwo-Olu said his administration will sustain deep mutually beneficial transformative relationships with financial institutions, particularly the First Bank, to meet the needs and yearnings of Lagos residents.

According to him, the relationship Lagos is creating with banks is to enhance and improve the quality of life for residents, as well as improve the socio-economic situation in the country.

He said: “Part of the consequences of our position in Lagos State is that we are home to many people. And since we are the commercial, economic, and financial nerve centre of our country, there will always be a need for the Lagos State Government to be pulled here and there by different stakeholders.

“We have a special space for First Bank because we have identified relationships that have been mutually beneficial. We have had banking relationships over the years, and both the state government and your institution have seen value created. We have seen extreme economic movement.

“We are building deep, mutually beneficial, transformative relationships. We will continue to nurture the relationship. We will continue to give it its rightful place, and we will continue to ensure that, as fair as we can be, First Bank truly receives a decent amount of our business.

“We have enjoyed a very cordial and forward-looking relationship with First Bank, and we believe that during your (Alebiosu) tenure, the relationship will be further enhanced and improved upon.”

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