Younger African leaders are introducing artistic concepts into governance with the purpose of fixing social issues and making African nations probably the greatest locations to dwell on the planet.
One in every of such is the 37-year-old Rabiu Olowo, the commissioner for Finance for Lagos State, who just lately emerged because the winner of the governance class of 40 Beneath 40 Africa Awards organised by Black White Hover Regulation Practices in South Africa.
The Black White Hover Regulation Practices, which celebrates the continent’s most influential and achieved younger enterprise leaders underneath the age of 40 who’re dedicated to enterprise progress, skilled excellence, and neighborhood service, chosen Olowo for his work throughout income, expenditure, debt, and funding administration, for the fifth largest economic system in Africa.
Beneath the management of Rabiu Olowo, the Lagos State worldwide ranking attained an unprecedented top of triple A (AAA) as issued by Fitch, an Worldwide Scores Company – a mirrored image of the State’s improved accountability, transparency, and integrity particularly within the administration of public funds for the aim of delivering infrastructural initiatives via deficit financing.
Olowo spearheaded the elevating of the N100 billion Sequence III Bond at 12.25 p.c – the largest bond issuance ever embarked upon by any sub nationwide entity within the nation. He additionally enabled the elevating of N150 billion syndicated mortgage at a aggressive charge of 14 p.c in his first three months in workplace as a well timed intervention to finance gaps in funding state’s infrastructure.
He has additionally demonstrated his dedication to creating Lagos State the perfect metropolis to dwell, work and do enterprise by offering strategic collaboration via the association of the monetary and technical shut of West Africa’s first metro line – Lagos Blue Line which is able to transfer a whole lot of hundreds of individuals as an intermodal choice each day in Lagos State.
Olowo additionally labored with Ministry of Agriculture to ship Imota Rice Mill, the largest rice mill on the African continent.
He championed the ministry in direction of growing the state’s income by double digits, evidenced by a CAGR of about 12 p.c.
Olowo, who was additionally just lately named the 2022 Public Finance Administrator of the 12 months on the Management Excellence awards, has contributed immensely to public coverage improvement and the implementation has impacted a number of sectors like Schooling, Agriculture, Transportation, Well being and all different areas of Governance.
Beneath Olowo management, there was a evaluation of the Land Use Cost with the enactment and implementation of a brand new regulation in direction of delivering a extra liberal tax regime to advertise voluntary compliance, amongst many others.
