Sanwo-Olu Pitches Lagos as the Engine of Nigeria’s $1 Trillion Economy
Sanwo-Olu Pitches Lagos as the Engine of Nigeria’s $1 Trillion Economy
Lagos State Governor, Babajide Sanwo-Olu, has declared that Lagos will not just participate but lead Nigeria’s race toward a $1 trillion economy by 2030 — leveraging innovation, technology, and strategic global partnerships.
Speaking at the opening of the GITEX Nigeria Tech Expo and Future Economy Conference 2025 in Lagos on Tuesday, Sanwo-Olu described the state as the heartbeat of Africa’s digital revolution and Nigeria’s growth agenda.
“We’re not just showcasing technology today; we’re forging partnerships and igniting innovation to propel Nigeria toward its $1 trillion economic target,” he said.
Lagos at the Center of Transformation
The governor highlighted Lagos as home to 23 of Nigeria’s fastest-growing companies, according to the Financial Times, attributing the success to the state’s resilient startup culture, bold policies, and strong private-sector investments.
Calling Lagos “not just a city but a movement,” Sanwo-Olu urged innovators and investors to seize opportunities that could anchor Africa on the global digital map. His remarks closely align with President Bola Tinubu’s broader economic ambition for the country.
The expo — co-hosted by the Lagos State Government, KAOUN International, the Federal Ministry of Communications, and the National Information Technology Development Agency — attracted major global tech players such as IBM, Meta, MTN, AWS, Cisco, alongside dozens of Nigerian startups.
Digital Drive and National Vision
Minister of Communications, Innovation and Digital Economy, Bosun Tijani, praised Lagos’ central role but warned that rapid urbanisation, with nearly 2,000 new residents arriving daily, demands urgent digital infrastructure upgrades.
He announced that beginning October 1, the federal government will fund 75 new digital research projects to strengthen collaboration between Nigerian innovators, researchers, and the diaspora.
“The future of Nigeria’s digital economy lies in stronger partnerships among startups, corporates, and government,” Tijani stressed.
Building Blocks of a $1 Trillion Economy
Sanwo-Olu’s administration has been rolling out initiatives designed to prepare Lagos for the demands of its fast-growing population:
Food Security: Commissioner for Agriculture and Food Systems, Abisola Olusanya, projected that Lagos’ food demand could reach ₦8 trillion annually by 2030. She emphasized the need to boost local production by 20% annually to achieve 40% self-sufficiency.
Industrial Policy: In July, the government unveiled plans for the Lagos State Industrial Policy (LSIP 2025–2030) — a blueprint for revitalising industries and drawing targeted investments.
Global Positioning: Upcoming events such as the Lagos Investment Summit 2.0 and the Africa Social Impact Summit (ASIS) will spotlight opportunities in green energy, fintech, smart city solutions, civil infrastructure, and agribusiness.
Commissioner for Commerce, Trade, and Investment, Folashade Ambrose, said LSIP is aimed at boosting Lagos’ global competitiveness. She noted that the summits, hosted with the United Nations System in Nigeria, Sterling Bank, Arise News, and the Office of SDGs, will showcase reforms and financing strategies to drive inclusive growth.
Special Adviser to the Governor on SDGs, Oreoluwa Finnih, added that these efforts align with the Lagos State Development Plan (LSDP 2052) — a roadmap for transforming Lagos into a world-class economy.
By Haruna Yakubu Haruna
