LASG DMO Holds Its Annual Staff Retreat To Strategize

The Lagos State Debt Management Office recently held its Annual Staff Retreat with the theme: “Exploring Alternative Debt Instruments for Infrastructure Development: Social, Diaspora & Environmental Impact Bonds.” The event, attended by key dignitaries and special guests, focused on leveraging innovative financing instruments to meet the burgeoning infrastructure needs of Lagos State.

Welcoming participants while also acknowledging the presence of esteemed Special Guests, the Permanent Secretary, Debt Management Office (DMO), Mrs. Alake, Sanusi, expressed gratitude for their support as he outlined outlined the Agency’s significant milestones in deploying diverse debt financing strategies to meet the State’s infrastructure needs across multiple Sectors. 

She noted the need for innovative financing tools beyond traditional debt instruments in light of rapid urbanization and volatile economic climate, adding that Social, Diaspora, and Environmental impact bonds present groundbreaking opportunities to mobilize resources while ensuring that developmental initiatives generate both economic and measurable social and environmental benefits.

Sanusi averred that strategic initiatives and robust financial management practices had upgraded the State’s credit rating from Aa+ to AAA by Fitch Ratings. Furthermore, she announced that Lagos State is on the verge of issuing its first Green bond, a historic move as the first Sub-National Government in Nigeria.

While enjoining participants to maximize the opportunity to gain new knowledge form the retreat, she stated that the resource persons and facilitators leading the sessions were carefully selected for their expertise as their insights and experiences will undoubtedly enrich the staff understanding and inspire actionable strategies aligned with the retreat’s theme.

In his keynote address, the Commissioner for Finance, Mr. Oluyomi Abayomi, described the Retreat as a vital forum to reflect, strategize, and reaffirm the critical role of the Debt Management Office (DMO) in shaping the State’s financial future. He underscored the urgency of embracing innovative financial sources to support a rapidly growing population and the increasing pressure on critical infrastructure.

He emphasised: “The Retreat is not just about theoretical discussions; it is about laying a practical roadmap for Lagos State’s alternative financial model. We must ensure accountability and transparency so that every kobo borrowed is utilised efficiently for Lagosians. The need for innovation in alternative financial sources is imperative and must be pursued with vigour’’.

Abayomi commended the DMO’s effective management of the State’s debt profile and urged participants to fully engage, share insights, challenge conventional thinking, and develop actionable strategies to position Lagos as a model of innovative financing in Africa.

In her remarks, Ms. Titi Awokoya, Director of Admin. and Human Resources, Debt Management Office, expressed sincere appreciation to all the dignitaries, participants and various Committee members for their presence and support. She reaffirmed the commitment of the DMO workforce to upholding dedication and loyalty to the State’s leadership, with a steadfast focus on achieving even greater milestones in the future.

Dignitaries in attendance, including the Special Adviser to the Governor on Corporate Finance and Strategic Investment, Mr. Akintayo Sanwo-Olu; the State Accountant General/Permanent Secretary, State Treasury Office, Dr. Abiodun Muritala and Permanent Secretary, Local Government, Chieftaincy Affair & Rural Development, Mrs. Kikelomo Bolarinwa among others, praised the professionalism of the DMO and encouraged active participation throughout the retreat.