By Ayomide Otitoju
Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, on Tuesday launched the third edition of the Lagos Economic Development Update (LEDU 2026) at the Marriott Hotel, Ikeja, describing it as a compass guiding the state’s economic direction and reinforcing his administration’s commitment to a resilient, inclusive, and prosperous Lagos.
Represented by his Deputy, Dr. Kadri Obafemi Hamzat, the governor said LEDU has evolved beyond a policy document, shaping decisions and policies that drive economic diversification, support private sector-led growth, and strengthen enterprise across the state.
Sanwo-Olu emphasized that Lagos is focused on deepening data-driven governance, sustainable urban development, environmental stewardship, and social inclusion. Highlighting achievements in economic expansion, improved revenue systems, infrastructure development, and human capital investment, he attributed progress to deliberate governance, strategic planning, and the resilience of Lagos residents.
Speaking on the theme, “Consolidating Resilience, Advancing Competitiveness, Delivering Shared Prosperity,” the governor said Lagos aims to fortify institutions and policies, unlock new productivity, foster innovation, and ensure that growth translates into jobs, empowered businesses, and opportunities for all residents. He acknowledged global economic challenges, including post-pandemic recovery pressures, inflation, and exchange rate fluctuations, but noted Lagos’ resilience under the T.H.E.M.E.S+ Agenda.
“The launch of LEDU 2026 is a call for all stakeholders to engage actively and align with our shared vision. We have built resilience; now we must translate it into sustained competitiveness and inclusive prosperity,” Sanwo-Olu said.
In his goodwill message, Chairman of the House Committee on Economic Planning and Budget, Hon. Olumoh Saad Lukman, stressed the use of data in infrastructure planning and decision-making to meet citizens’ needs effectively.
Commissioner for Economic Planning and Budget, Mr. Ope George, said deliberate policies, disciplined fiscal management, and strategic investments have strengthened Lagos’ economic foundation, ensuring the state is forward-looking amid inflation and structural challenges.
Senator Olubunmi Adetunmbi, Chairman of the South West Development Commission, praised Lagos for providing a sustainable model for subnational governance, noting that the state’s focus on managing a vibrant economy sets a benchmark for other states in Nigeria.
In his keynote, CEO of the Nigerian Economic Summit Group, Dr. Tayo Aduloju, highlighted Lagos’ steady growth and resilience, reinforcing its position as a leading subnational economy in Africa. He urged a strategic shift toward shared prosperity, emphasizing policies that benefit the bottom 40 percent of residents, investment in human capital, and development of tradable sectors to enhance industrialization and workforce skills.
Dr. Aduloju added that strong state capacity, predictable regulations, and credible fiscal management are key factors in maintaining Lagos’ attractiveness to investors and sustaining its dynamic economic growth.
