The Lagos State Commissioner for Finance, Dr. Rabiu Olowo, has emerged winner of the Forty under 40 African Awards in recognition of his outstanding performance in Governance and for his contribution to revenue generation, debt management and astute management of the fifth largest economy in Africa.
The award ceremony, organised by The Black White Hover Law Practice was held on Saturday, 25th March 2023, in South Africa and attracted 126 nominees and delegates from 23 countries across the continent. The award aims at celebrating African most influential and accomplished young business leaders under the age of 40 from a wide range of industries, who are committed to business growth, professional excellence, and community service.
Under the leadership of Dr. Rabiu Olowo as the Commissioner for Finance, Lagos State attained an unprecedented international triple-A rating by Fitch, an International Ratings Agency. This rating is a reflection and testimonial of improved accountability, transparency and integrity, especially in the management of public funds in Lagos State.
Olowo has over the years demonstrated his commitment to making Lagos State the best city to live, work and do business by providing strategic collaboration through the arrangement of the financial and technical success of West Africa’s first metro line – Lagos Blue Line – which will move hundreds of thousands of people across the state daily.
He championed the Ministry towards increasing the State’s Internally Generated Revenue by double digits, evidenced by a Compound Annual Growth Rate (CAGR) of about 12 per cent and also worked with the State Ministry of Agriculture to deliver the biggest Rice Mill in Africa, Imota Rice Mill.
Other major achievements of Dr. Olowo include Raising
N150B syndicated loan at a competitive rate of 14% in his first three months in office as a timely intervention to finance gaps in the State’s infrastructure, raising N100B Series III Bond at 12.25% – largest bond issuance ever embarked upon by any Sub-National entity in the Country, a review of Land Use Charge with the enactment and implementation of a new law towards delivering a more liberal tax regime to promote voluntary compliance.
Dr. Olowo, who was also recently named the 2022 Public Finance Administrator of the Year at the Leadership Excellence Awards, has contributed immensely to public policy development and implementation, impacting several pillars of the T.H.E.M.E.S developmental agenda of Governor Babajide Sanwo-Olu’s Administration.