LAGOS TARGETS $1TN GDP BY 2052, SEEKS MORE INVESTMENT

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The Governor of Lagos State, Mr Babajide Sanwo-Olu, on Wednesday reaffirmed the State’s position as Nigeria’s commercial gateway and a major driver of economic growth.

Governor Sanwo-Olu said his administration is committed to the Lagos State Development Plan 2052 to promote sustainable growth and attract investment, adding that the state aims to grow its economy to nearly one trillion dollars by 2052.

He said the Lagos 2052 Development Plan; a long-term blueprint comprising 447 initiatives across 21 strategic sectors, aims to position the state as Africa’s model megacity and a globally competitive economic and financial hub; focuses on four major pillars: a thriving economy, a human-centred city, modern infrastructure and effective governance.

The Governor spoke as a guest speaker at the Lagos Executive Business Breakfast Meeting, organised by the Nigerian-British Chamber of Commerce (NBCC), held in Lekki, Lagos, under the theme, “The Future of Lagos: Business, Investment and Global Competitiveness.”

Governor Sanwo-Olu, who called for sustained investment in infrastructure, technology, human capital and business-friendly policies, said improved port efficiency, technological innovation and increased investment in Lagos had significantly boosted manufacturing, created job opportunities and strengthened economic activity nationwide.

He said his administration had, since May 29, 2019, created opportunities and positively impacted the lives of millions of Lagosians through the delivery of good governance and the dividends of democracy.

Governor Sanwo-Olu said he would like to be remembered as a Governor who touched the lives of Lagos residents based on their individual needs in different areas such as transportation, health, education, economic empowerment, security and infrastructure.

Speaking about his administration’s achievements, Governor Sanwo-Olu pointed to the development of the Blue and Red rail lines, improvements in electricity regulation, expanded digital connectivity, and investment in healthcare and education as critical to Lagos’ long-term competitiveness.

He also identified the Lekki Deep Sea Port, industrial developments, and the State’s growing technology and creative sectors as important drivers of economic growth and regional trade.

The Governor disclosed that Lagos was strengthening support for small and medium-sized enterprises through financing and grants, while promoting innovation and developing a skilled workforce to meet the needs of emerging industries.

Governor Sanwo-Olu disclosed that Lagos State’s budget had grown from about ₦700 billion in 2019 to ₦4.2 trillion in 2026, reflecting expanding investment needs and the importance of improving revenue generation to sustain development.

The Governor reiterated his administration’s commitment to building an economy capable of attracting global investment, creating jobs and improving residents’ quality of life.

Governor Sanwo-Olu urged members of the Nigerian-British Chamber of Commerce to see Lagos as more than a large consumer market, but as a platform for production, innovation, regional trade and international investment.

In his speech, the President and Chairman of the Nigerian-British Chamber of Commerce (NBCC), Mr Abimbola Olashore, called for a stronger collaboration between government, businesses and investors to improve the business environment, attract investment and strengthen Lagos’ global competitiveness.

Olashore reaffirmed the Chamber’s commitment to promoting Nigeria-United Kingdom trade and investment relations.

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