Sanwo-Olu: Lagos Poised to Attract More Global Investments

Lagos State Governor, Babajide Sanwo-Olu, recently asserted that the state is primed to draw in substantial investments, characterizing it as a formidable sub-national economy poised to propel Nigeria's overall growth and compete effectively on the global stage. Governor Sanwo-Olu delivered this statement on Saturday during the inaugural Geo-Economic Optimisation Summit Lagos 2026. The event, hosted by the Citadel School of Government in Oregun, Ikeja, explored the theme, “From South-West Nigeria to the Globe: Lagos State as a Geoeconomic Hub.”

The Governor proudly referred to Lagos as the “salt and light” of Nigeria's economic landscape. He pointed out that the state contributes approximately one-third of the nation's Gross Domestic Product and holds the distinction of being Africa's second-largest metropolitan economy, boasting an output exceeding $259.75 billion when measured by purchasing-power-parity. Sanwo-Olu highlighted Lagos' evolution into a major economic nerve centre within West Africa, a transformation bolstered by critical infrastructure such as the Lekki Deep Sea Port, the Dangote Refinery, extensive rail networks, and a flourishing technology ecosystem.

According to Sanwo-Olu, Lagos has strategically positioned itself as West Africa’s primary trans-shipment hub through dedicated investments in its transportation, energy, technology, and industrial infrastructure. He further explained that the state’s ongoing transportation initiatives, including the Blue Line and Red Line rail systems, are specifically designed to enhance urban mobility, with future plans for the Green Line and Purple Line expected to significantly broaden connectivity. Addressing prospective investors and partners at the summit, the governor declared, “Lagos is open, Lagos is ready, and Lagos rewards those who build with us.”

Governor Sanwo-Olu also touched upon Lagos’ recently enacted electricity law, which aims to foster a competitive power market essential for sustaining industrial growth. He added that the state is home to the largest concentration of start-ups across the African continent. Furthermore, he underscored the significant contribution of culture and entertainment to the state's economy, identifying Lagos as the birthplace of Nollywood, which is recognized as the world’s largest film industry by volume. Recent reports also indicate Sanwo-Olu has secured support from the European Investment Bank for a water transport project, while the Lagos CITN has seen a 28% increase in income, and filling stations are lowering petrol prices due to market competition.

The Governor attributed Lagos’ impressive economic advancement to the developmental blueprint initially laid out during President Bola Tinubu’s tenure as governor of the state. He strongly encouraged investors to capitalize on the abundant opportunities available in Lagos, stating, “Lagos intends to take its rightful place, not at the margins of the global economy, but among its hubs.”

In his keynote address, Pastor Tunde Bakare, the founder and board chairman of Citadel School of Government, emphasized that Nigeria’s development hinges on harmonizing its geosocial, geopolitical, and geoeconomic realities. Bakare presented Lagos as a prime example of how strategic planning, consistent institutional leadership, and sustained investment can convert a sub-national entity into a globally significant economic hub. He remarked, “Lagos State offers a compelling basis for national reflection and dialogue. Its story is one of ongoing geoeconomic success, demonstrating how strategic vision, institutional continuity, and sustained investment can transform a subnational entity into a globally relevant economic hub.” He concluded by suggesting that Lagos provides a blueprint for establishing multiple economic centres across Nigeria, asserting, “Lagos serves not merely as a success story, but as a proof of concept for the creation of several world-class economic hubs across Nigeria.”

Exemoaholo Omoakhalen, the Executive Director of Citadel School of Government, clarified that the summit was convened to explore the opportunities Lagos presents as a geoeconomic hub, forming a part of the school’s ongoing research initiatives.