Lagos State Governor, Babajide Sanwo-Olu, has outlined why Lagos continues to attract investors from across the world, describing the state as Nigeria’s economic engine and one of Africa’s most attractive destinations for business, innovation, and infrastructure development.
Speaking at the maiden edition of the Geo-Economic Optimization Summit Lagos 2026 hosted by Pastor Tunde Bakare’s Citadel School of Government in Ikeja, the governor said Lagos contributes nearly one-third of Nigeria’s Gross Domestic Product (GDP) and has grown into Africa’s second-largest metropolitan economy, with an estimated economic output exceeding $259.75 billion on a purchasing-power-parity basis.
Sanwo-Olu highlighted several landmark projects driving investor confidence in the state, including the Lekki Deep Sea Port, the 650,000 barrels-per-day Dangote Refinery, the Blue and Red Rail Lines, and proposed Green and Purple rail corridors. He noted that these projects have strengthened Lagos’ position as West Africa’s leading commercial, logistics, and industrial hub while creating new opportunities for businesses and job seekers.
The governor also pointed to Lagos’ booming technology sector, which gained global recognition as one of the fastest-growing startup ecosystems in the world. He added that the state has enacted its own electricity law to improve power supply and create a competitive energy market capable of supporting industrial growth and attracting more investments.
Sanwo-Olu further emphasized Lagos’ influence in the creative economy, describing it as the home of Nollywood, one of the world’s largest film industries by volume. According to him, strategic partnerships between the state government, the private sector, and the federal government are helping to expand tourism, entertainment, and cultural exports.
He credited much of Lagos’ progress to reforms and development policies initiated during President Bola Ahmed Tinubu’s tenure as governor and assured investors that Lagos remains open for business. According to him, the state is determined to secure its place among the world’s leading economic hubs while continuing to serve as a gateway to Africa’s vast market.
Daily Times
