The Lagos State Government has called for increased collaboration with the private sector as part of efforts to achieve its ambition of transforming the state into a $1 trillion economy by 2052.
The Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, made the call while delivering a keynote address at the 2026 Julius Berger Luminary Soirée themed, “The Lagos Proposition: Unlocking Value in a City in Transformation”, over the weekend in Lagos.
The event focused on investment opportunities, infrastructure development and the future growth of Africa’s largest commercial hub.
Ambrose-Medebem said the Lagos State Development Plan 2052 provides a strategic framework for achieving sustainable economic expansion through 447 initiatives across 21 key sectors.
Ambrose-Medebem stated that the plan is built around four major pillars – a thriving economy, a human-centred city, modern infrastructure and effective governance.
According to her, Lagos’ target of growing its economy to between $800 billion and $1 trillion by 2052 would require consistent policies, effective implementation and deeper engagement with private investors.
“The ambition is clear: Lagos intends to grow its economy to between $800 billion and $1 trillion by 2052. Achieving this will require a new model of partnership. The era of government merely directing the private sector has passed; what must replace it is genuine co-creation,” she said.
The commissioner highlighted the role of industrialisation and enterprise development in the state’s economic expansion, noting that manufacturing accounted for 9.57 per cent of Lagos’ real Gross Domestic Product in the first quarter of 2026.
She added that the state recorded an estimated GDP of $259.75 billion on a purchasing power parity basis in 2023, making it Africa’s second-largest city economy and contributing more than 30 per cent of Nigeria’s total economic output.
Ambrose-Medebem said the administration of Governor Babajide Sanwo-Olu was focused on moving beyond attracting investors to creating structured opportunities capable of delivering measurable economic results.
Ambrose-Medebem disclosed that through the Invest Lagos initiative, the state is connecting investors with a pipeline of projects valued at more than N4 trillion across various sectors.
The commissioner identified purposeful leadership, sound policies, strategic infrastructure and private-sector partnerships as the key drivers of Lagos’ economic growth strategy.
She said Lagos had attracted more than N50 billion in foreign and domestic direct investment within a year, including a N38 billion investment by Twinings Ovaltine Nigeria Limited to establish its first production facility in Africa.
Tinubu orders release of funds to regional development commissions, warns against corruption
According to her, such investments reflect growing confidence in Lagos as a business destination and gateway to the African market.
She also pointed to projects such as the Lekki Deep Sea Port and Lagos Free Zone as examples of successful government-private sector collaboration.
Ambrose-Medebem urged investors, developers and infrastructure companies to partner with the state government in turning Lagos’ population growth and economic potential into opportunities that create jobs, expand industries and improve living standards.
Ambrose-Medebem stressed that achieving the $1 trillion economic target would require collective effort from government and private businesses.
“Government cannot build a $1 trillion economy alone. We need private capital, innovation, expertise and long-term commitment. Lagos is ready to co-create, ready to facilitate investment and ready to build enduring prosperity with partners who share our ambition,” she said.
- Igbobi College Principal urges students to pursue greatness via discipline, service - September 14, 2026
- Lagos govt targets $1trn economy by 2052 via private sector partnership - September 14, 2026
- Tinubu orders release of funds to regional development commissions, warns against corruption - September 14, 2026
