Business
By Wealth Ufford
GOV. Babajide Sanwo-Olu of Lagos State has unveiled Lagos State’s economic growth, infrastructure development and investment opportunities, describing the state as a key gateway for trade and investment in Africa.
Speaking at the opening ceremony of the Invest Lagos 3.0 on Monday, June 8, 2026, Sanwo-Olu stated that the state is strategically positioned to benefit from the African Continental Free Trade Area. AfCFTA, which covers more than 1.4 billion people and a combined gross domestic product of over $3 trillion.
Speaking on The Invest Lagos 3.0. The governor described it as the state’s flagship international investment forum in partnership with the Commonwealth Enterprise and Investment Council, which aims at providing solutions towards making Lagos a 21st century economy and situating the state on a continental and global landscape.
Describing Lagos as Africa’s largest subnational economy, with a population of over 25 million people and a gross domestic product approaching 300 billion, the governor noted that the state’s internally generated revenue has continued to grow, while its economy has maintained an annual growth rate of about 5 per cent.
Sanwo-Olu explained that his administration has prioritised investments in infrastructure, transportation and human capital development, citing the completion of major rail projects, including the Blue and Red Lines and the ongoing collaboration with the Federal Government on the proposed Green Line rail project.
According to him, Lagos is positioning itself as a future global technology and innovation hub through investments in education, digital infrastructure and talent development.
The governor also highlighted the expansion of the Lekki Deep Sea Port, noting that the facility has already reached the capacity of its first phase and is moving into the second phase of development.
He pointed to investments in agriculture, including the Lagos Central Food Security Systems and Logistics Park, which he described as one of the largest food logistics hubs in sub-Saharan Africa.
According to Sanwo-Olu, Lagos continues to attract private-sector investments through business-friendly policies and a supportive regulatory environment.
He referenced the Dangote Petroleum Refinery and the growing presence of submarine cable infrastructure and data centres in the state as evidence of increasing investor confidence.
The governor also underscored the role of technology companies in Lagos, including Flutterwave, Moniepoint and Interswitch, in driving innovation and reshaping commerce across Africa.
On financial services, Sanwo-Olu said the Lagos International Financial Centre, LIFC. project would serve as a major gateway for capital inflows between Africa and the global economy.
He described the initiative as a purpose-built financial district designed to strengthen the position of Lagos as a leading financial hub.
The governor noted that Lagos became the first African city to host the E1 World Championship, an all-electric powerboat racing series in 2025. He added that the city is set to host the Creative Africa Nexus. CANEX, event in November 2026 and the Intra-African Trade Fair in 2027.
Sanwo-Olu acknowledged the support of development finance institutions, including the African Finance Corporation and the British International Investment for their contributions to infrastructure financing and investment promotion.
He also commended President Bola Tinubu for laying the foundation for the development of Lagos and for implementing reforms aimed at improving economic growth and strengthening subnational governments.
The governor called for greater collaboration among state governments, the Federal Government, development partners and the private sector to drive sustainable development and investment across Nigeria.
He explained that the summit would focus on mobilising financing for infrastructure, energy, healthcare, digital infrastructure, industrial zones and urban development projects, adding that the success would be measured by investments that create jobs and improve livelihoods.
Sanwo-Olu urged the participants to take advantage of the opportunities presented by the summit and experience the culture and hospitality of Lagos, while exploring investment prospects in the state.
W.U
June 8, 2026.
Tags: Gov. Babajide Sanwo-Olu President Bola Tinubu