By Ayomide Otitoju
Lagos State Governor Babajide Sanwo-Olu has said Africa’s investment future will be determined largely by the strength of its cities, where infrastructure, businesses and economic opportunities are created.
Sanwo-Olu spoke on Saturday while delivering a keynote address at a dinner in Washington DC after receiving the 2026 Global Transformation and Good Governance Prize from the Millennium Excellence Awards USA.
The award ceremony at the Warner Theatre was the highlight of the 2026 Africa Business Investment Summit organised by the Millennium Excellence Foundation at MGM National Harbor, Oxon Hill, Maryland.
Speaking on the theme, “Lagos and the Future of African Investment,” the governor presented Lagos as an example of how effective urban governance, infrastructure development and public-private partnerships can drive economic transformation.
He said Lagos occupies less than 0.5 per cent of Nigeria’s landmass but has a population larger than that of the Netherlands and contributes more than a quarter of the country’s economic output.
“Measured by purchasing power, our economy is worth around $259 billion – the second-largest city economy on the continent. Our budget this year is N4.4 trillion and more than half of it is capital spending,” Sanwo-Olu said.
He added that Lagos’ internally generated revenue was projected to exceed ₦3 trillion in 2026.
On technology and innovation, the governor said Lagos had been ranked by Startup Genome as the leading startup ecosystem in sub-Saharan Africa, with an estimated value of $8.6 billion, three active unicorns and a strong technology talent base.
Sanwo-Olu also highlighted major infrastructure projects, including the $1.5 billion Lekki Deep Sea Port, which he said overtook Apapa Port in 2025 to become Nigeria’s leading port by cargo throughput, handling about 40 per cent of the country’s cargo.
He cited the 650,000-barrel-per-day Lekki Refinery as another major development supporting Nigeria’s transition from crude oil exports to refined petroleum production.
On transportation, the governor said the Blue Line rail, described as West Africa’s first electric urban railway, had transported more than eight million passengers.
He added that new eight-car trains had been procured for the Red Line, with capacity to transport up to 500,000 passengers daily, while the €410 million Omi Eko water transport project would provide 75 electric ferries, 25 terminals and 15 routes.
Sanwo-Olu said Lagos was targeting a $1 trillion economy by 2052, citing the local expression, “Èkó ò ní bàjẹ́,” meaning Lagos will not fail.
He argued that with Africa expected to add nearly one billion urban residents by 2050, cities must become central to the continent’s economic strategy.
The governor urged investors to look beyond Africa as a single bloc and instead assess individual cities based on their infrastructure, governance and investment opportunities.
Sanwo-Olu received the award on behalf of more than 25 million Lagos residents and thanked the Asante Crown and the Millennium Excellence Foundation for the recognition.
