Lagos State Governor Babajide Sanwo-Olu is positioning Lagos as Africa's premier investment destination ahead of the Invest Lagos 3.0 summit, scheduled from June 8 to 10 at Eko Hotel and Suites. The goal is to attract approximately ₦4 trillion ($2.5 billion) in new investments across infrastructure, technology, housing, agriculture, and transport sectors.
Lagos as Africa's Economic Powerhouse
Speaking at Africa Week 2026 at King's College London, Sanwo-Olu emphasized that despite its relatively small landmass, Lagos has evolved into one of Africa's most economically significant urban centers. He attributed this growth to a combination of policy, innovation, and enterprise that has shaped local development and global economic conversations.
Lagos contributes over 30% of Nigeria's GDP and accounts for about 90% of the country's foreign trade flow. The state generates approximately 70% of its revenue internally, reducing reliance on federal allocations. In 2025, Lagos became the first Nigerian state to cross ₦1 trillion in Internally Generated Revenue, with its formal economy estimated at over $130 billion.
Infrastructure and Industrial Strategy
The Lekki Free Zone is a focal point of the state's industrial strategy, designed to attract manufacturing, logistics, energy, and technology investments through tax incentives and infrastructure support. The zone is expected to support industries including automobile assembly, agro-processing, tourism, and real estate.
Key infrastructure projects include the Lekki Deep Sea Port, the Dangote refinery corridor, and the Blue Line and Red Line rail systems. The governor noted that these projects are part of a deliberate effort to transform how a city of Lagos' scale functions.
Housing and Social Challenges
Lagos faces a housing deficit of about 1.8 million units, with demand growing by 20% annually. Approximately 80% of households live in rented accommodation. The government has delivered over 3,000 affordable housing units and deployed 250 patrol vehicles and 62 fire trucks to enhance security and emergency services.
Technology and Creative Economy
Lagos hosts over 2,000 startups and has produced five unicorns in fintech and digital commerce. The city is ranked among the world's fastest-growing technology ecosystems. The creative economy, including music, film, fashion, and digital content, has turned Lagos into a major creative hub, with Nollywood and Nigerian musicians projecting African creativity globally.
Sanwo-Olu highlighted the THEMES+ agenda, focusing on transport, health, education, technology, urban development, security, and social inclusion. The 2026 budget of ₦4.44 trillion reflects the administration's commitment to infrastructure and economic competitiveness.
Challenges and Future Outlook
Despite progress, challenges such as traffic congestion, flooding, infrastructure pressure, and economic inequality persist. The Invest Lagos 3.0 summit aims to strengthen investor confidence in the city's long-term direction as African economies compete for global capital.
