By Ayomide Otitoju
President Bola Tinubu has projected Lagos as a leading hub for business, innovation, and economic growth in Africa, describing the state as a gateway to the continent’s economic future and a prime destination for global investment.
Tinubu made the remarks on Monday at the opening of the third edition of Invest Lagos, themed “Lagos: Business Gateway to Africa, Powering Africa’s Next Era of Trade, Talent and Global Economic Leadership,” held at Eko Hotels and Suites, Victoria Island.
The event, organised by the Lagos State Government in partnership with the Commonwealth Enterprise and Investment Council, brought together top government officials, global leaders, investors, and development partners.
Represented by Vice President Kashim Shettima, the President said Lagos has retained its position as Africa’s commercial nerve centre due to deliberate policy choices, strong institutions, and a business-friendly environment that continues to attract multinational corporations and foreign capital.
He said Nigeria has the demographic strength, entrepreneurial capacity, and economic potential to become one of the world’s largest economies by 2050, provided it sustains investments in innovation, leadership, and infrastructure.
Tinubu also reaffirmed the Federal Government’s commitment to working with states and the private sector to improve infrastructure, expand trade opportunities, and strengthen the ease of doing business nationwide.
Lagos State Governor Babajide Sanwo-Olu, in his opening address, said the state government has consistently implemented policies aimed at boosting investment, supporting startups, and creating an enabling environment for businesses to thrive.
He said Lagos remains focused on building a resilient economy capable of attracting both local and foreign investors while generating jobs and opportunities for residents.
Sanwo-Olu called for increased private sector participation in key infrastructure sectors, including rail transport, energy, agriculture, and agro-processing, noting that addressing mobility challenges would significantly unlock economic potential.
He stressed that efficient transport systems, particularly rail and waterways, are critical to Lagos’ long-term growth, adding that improved mobility would enhance productivity and reduce travel time for residents.
“We have opportunity in water… If we solve transportation issues in Lagos, what we are doing is unlocking the economic potential. Travel time will be completely reduced,” he said.
The governor also highlighted ongoing investments in digital infrastructure, saying Lagos is expanding fibre connectivity and positioning itself as a major technology hub capable of attracting hyperscale data centre investments.
On agriculture, Sanwo-Olu said Lagos’ large population of over 24 million presents a ready market for investors, adding that the state is prioritising food security, logistics, and agro-processing through new investments in processing plants and a central logistics park.
Speaking at the Governors’ Investment Showcase, the governors of Abia, Imo, Nasarawa, and Plateau states presented investment opportunities across key sectors of their economies, urging investors to take advantage of incentives and improved business environments.
Abia State Governor Alex Otti said his administration is restructuring Aba’s commercial ecosystem while improving power supply, with some communities now enjoying 24-hour electricity.
Imo State Governor Hope Uzodinma said his administration is addressing infrastructure gaps to attract investment and drive industrial growth, while Nasarawa State Governor Abdullahi Sule highlighted the state’s vast agricultural potential and proximity to Abuja as key advantages for investors.
Plateau State Governor Caleb Mutfwang also showcased opportunities in agriculture, tourism, and infrastructure, urging investors to explore the state’s untapped potential.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said ongoing reforms are improving Nigeria’s investment climate, boosting investor confidence, and supporting sub-national economic growth.
He said the Federal Government is pursuing a trillion-dollar economy, supported by fiscal and monetary policy reforms aimed at creating a stable and competitive business environment.
Lagos State Commissioner for Commerce, Cooperatives, Trade, Investment and Industry, Folashade Ambrose-Medebem, urged participants to take advantage of investment opportunities across infrastructure, energy, manufacturing, finance, and creative industries.
Commonwealth Secretary-General Shirley Botchwey called for stronger regional cooperation through improved infrastructure, logistics, and security, while urging African leaders to harness innovation and talent for job creation.
Chairman of the Commonwealth Enterprise and Investment Council, Lord Marland, praised Nigeria’s entrepreneurial ecosystem, noting that increased investment would help address key economic and social challenges.
