LAGOS RECORDS 50 PERCENT GDP GROWTH IN SIX YEARS

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Lagos State Governor, Babajide Sanwo-Olu, has revealed that the Gross Domestic Product (GDP) of Lagos State, under the watch of the administration, grew by almost 50 per cent in the last six years, surpassing the size of the GDPs of over forty African countries.

Governor Sanwo-Olu disclosed this at the celebration of Lagos State Day/closing ceremony of Year 2025 Lagos International Trade Fair held at the Tafawa Balewa Square, Lagos on Sunday, themed: “Connecting Businesses, Creating Value.”

Represented by the Commissioner for Information and Strategy, Mr Gbenga Omotoso, the Governor stated that Lagos’ growth has been driven by purposeful efforts to improve the ease of doing business, attract investment, and deploy technology-led reforms, which illustrate that a supportive business environment can translate into real economic results in line with the theme of the Fair.

His words: “Connecting businesses, creating value is far more than a slogan but a statement that captures the essence of what Lagos is doing, building the networks, infrastructure, policies, and partnerships that allow enterprises, large or small, local or international, to meet, collaborate, trade, and innovate. Creating value means going beyond mere transactions to generate jobs, foster innovation, build supply chains, enrich lives, and strengthen the prosperity of our State in line with the T.H.E.M.E.S Plus Development Agenda.

“As we gather here in the vibrant heart of Africa’s economic engine, I feel a profound sense of pride in how far we have come and a deep responsibility for the journey ahead. Today, we mark not just another year on the calendar, but a reaffirmation of our collective resolve; that Lagos is not only open for business, but determined to deliver value for entrepreneurs, for citizens, and for generations yet to come.”

According to Mr. Governor, his administration has rolled out various intervention programmes through different Ministries to provide catalytic funding for MSMEs – over ₦25 billion disbursed through the Lagos State Employment Trust Fund (LSETF), ₦10 billion LASG-BOI Access to Finance Scheme for MSMEs through cooperatives; training 252 MSMEs on export readiness; and sponsoring 20 trade champions to the Intra-African Trade Fair in Algiers – which all underscored the deliberate strategies to empower MSMEs to scale and prosper.

Sanwo-Olu commended the Lagos Chamber of Commerce and Industry (LCCI), a trusted partner in enterprise, for its consistent leadership in advancing good business ideals.

“For decades, the collaboration between Lagos State and the LCCI has built a vital bridge between government and the private sector, ensuring that policy aligns with practice and that innovation meets opportunity. The Lagos International Trade Fair stands as living proof of what can be achieved when public purpose meets private initiative,” he noted.

Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Bada Ambrose, remarked that this year’s edition witnessed a significant milestone with the unveiling of the largest Lagos State Pavilion ever mounted at the fair.

“This remarkable structure was not merely a display space but a living showcase of Sanwo-Olu administration’s commitment to empowering Micro, Small and Medium Enterprises (MSMEs), the true drivers of inclusive economic growth. Through this expansive pavilion, we successfully accommodated 185 MSMEs, a record number of MSMEs across diverse sectors, from agribusiness and fashion to creative industries, manufacturing, and services.

“Each exhibitor was provided with a platform to showcase their products and innovations, to engage potential investors, and to access new markets and strategic networks, and we are particularly proud that many of them secured on-the-spot sales, export linkages, and distribution partnerships during this Fair. These tangible outcomes demonstrate that when MSMEs are given the right exposure and support, they can compete effectively with the best in the world,” she said.

President of the Lagos Chamber of Commerce and Industry, Mr Gabriel Idahosa, expressed the Chamber’s profound appreciation to the Lagos State Government for its continuous support of the LITF, especially in the success of the 2025 edition.

“We applaud the disposition and commitment of Mr Governor to promote close collaboration between the Lagos State Government and the organised private sector. We also appreciate his inclusive approach to governance. I must also thank the Honourable Commissioner for Commerce, Cooperatives, Trade and Investment (MCCTI), Mrs Folashade Bada Ambrose, for her continued support and encouragement. The Organised Private Sector (OPS) shall stand solidly behind the State in its quest to actualise its innovative initiatives on all fronts,” he said.

At the Fair, the Lagos State Government received awards for Long-Term Partnership and Special Day Sponsor.