EXPERTS URGE INNOVATION, DIVERSIFICATION, INCLUSIVITY TO DRIVE LAGOS ECONOMIC GROWTH IN 2026
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By Aishat Momoh. O.
Experts have outlined key strategies Lagos State must adopt to strengthen its economic growth in 2026, emphasising innovation, inclusivity, diversification, and cross-sector collaboration. The recommendations were made at the third Lagos Economic Roundtable, organised by the Economic Intelligence Department of the Ministry of Economic Planning and Budget and held at Protea Hotel, Ikeja.
The event, themed “Building Forward – Unlocking Emerging Sectors for an Inclusive, Resilient, and Prosperous Lagos Economy,” brought together government officials, business leaders, academics, and development partners to assess opportunities for repositioning Lagos as Africa’s most dynamic and equitable sub-national economy.
Leading the discussion, Founder and Chief Consultant of B. Adedipe Associates, Prof. Biodun Adedipe, highlighted technology, real estate, and financial services as core growth drivers. He urged the State Government to draw lessons from California’s economic model, given its shared structural similarities with Lagos.
With Lagos projected to grow by 6.49 per cent in 2025 significantly above the national GDP forecast of 3.78 per cent Prof. Adedipe advised government to incentivise entertainment, tourism, agriculture, and manufacturing sectors. He described diversification and innovation as “critical to Lagos’s prosperity,” while calling for continued strengthening of Governor Babajide Sanwo-Olu’s T.H.E.M.E.S Plus Agenda.
A Professor of Urban and Regional Planning at the University of Lagos, Prof. Taibat Lawanson, warned that urban regeneration must not marginalise vulnerable communities. She advocated co-learning and co-design approaches to create a truly livable and inclusive city.
A panel session reinforced the need for a shared commitment to innovation-driven growth. Participants included Commissioner for Physical Planning and Urban Development, Mr. Oluyinka Olumide; CEO of Chocolate City, Abuchi Peter Ugwu; and scholars from the University of Lagos, among others.
Speaking earlier, Commissioner for Economic Planning and Budget, Mr. Ope George, reiterated the State Government’s commitment to data-driven, future-focused policies as it prepares for the 2026 fiscal cycle. He highlighted plans geared towards urban regeneration, expansion of the creative economy, and the Omi-Eko Revolution an initiative aimed at transforming Lagos’s waterways into a modern and inclusive transport system.
In her remarks, Permanent Secretary of the Ministry, Mrs. Olayinka Ojo, described the roundtable as a strategic platform shaping Lagos’s Medium-Term Expenditure Framework (MTEF), the 2026 budget, and long-term policy direction. She said sustaining economic resilience requires “intentional planning, policy innovation, and strong partnerships.”
Special Adviser to the Governor on Blue Economy, Mr. Emmanuel Oluwadamilola, presented an update on the Omi-Eko Revolution, which aims to introduce electric and hybrid ferries to reduce congestion, cut carbon emissions, and improve access for coastal communities. He noted that the project enjoys backing from AFD, the European Union, and the European Investment Bank.
Other contributors including officials from the Ministry of Tourism, Lagos Business School, and private sector leaders stressed the need for Lagos to invest in people, strengthen emerging sectors, and build a future-ready economy.
The roundtable underscored the State Government’s resolve to position Lagos as a global model for sustainable development, economic resilience, and inclusive governance.
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