Sanwo-Olu targets $1trn Lagos economy by 2052

Lagos State Governor, Babajide Sanwo-Olu, has set a target of growing the state’s economy to between $800bn and $1trn by 2052, with a focus on manufacturing, exports, value addition and investment.

Sanwo-Olu disclosed this on Sunday at the closing ceremony of the 40th Lagos International Trade Fair in Lagos, where he said the state was working to transform from a major commercial hub into a production and export-driven economy.

The governor, represented by the Secretary to the State Government, Abimbola Salu-Hundeyin, said the administration was committed to supporting businesses through improved infrastructure, access to affordable financing and a more favourable business environment.

The trade fair, organised by the Lagos Chamber of Commerce and Industry, had the theme, “40 Years of Trade, Growth and Global Connection.”

Sanwo-Olu said the state’s industrial ambitions were reflected in its Industrial Policy 2025–2030 and other initiatives aimed at promoting enterprise development.

He disclosed that the government was expanding access to affordable capital for cooperative-backed businesses through the N10bn Lagos State Micro Enterprise Cooperative financing arrangement.

The governor also cited investments in transportation, electricity reform and other infrastructure as measures to strengthen the state’s business environment.

He described Lagos’ emergence as Nigeria’s best-performing state in the 2025 Presidential Enabling Business Environment Council Subnational Ease of Doing Business assessment as encouraging, but said more work was required.

Sanwo-Olu urged businesses to leverage the African Continental Free Trade Area (AfCFTA) to expand into continental and international markets, stressing the need for competitive products, reliable infrastructure, financing and stronger business networks.

He called on the LCCI to sustain the trade fair as a platform for export development, industrial partnerships and investment in local production.

“ Its success should be measured by investments attracted, markets opened, businesses expanded and jobs created,” he said.

Earlier, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said more than 50,000 participants, thousands of exhibitors and business delegations from over 20 countries attended the 10-day fair.

She disclosed that the state had trained more than 2,000 Lagos-based Micro, Small and Medium Enterprises in export readiness and market access in partnership with Afreximbank and other organisations.

According to her, the programme was designed to prepare local businesses to access the AfCFTA market, which serves more than 1.4 billion people.

Ambrose-Medebem also announced that Lagos would lead a delegation of local businesses to China through its Export Readiness Programme to explore international markets and establish partnerships.

She said the state would host the Intra-African Trade Fair 2027 from November 5 to 11, with projections of attracting over 100,000 visitors and 2,500 exhibitors from more than 100 countries.

‘I drove myself to police station for Abacha’s arrest’ – Obasanjo

The event is expected to generate $50bn in trade and investment deals, she added.

The commissioner further disclosed that Lagos attracted over N1tn in investments in 2025, with commitments in technology, healthcare, logistics and port operations.

She said the state contributed 30 per cent of Nigeria’s Gross Domestic Product in the first half of 2024, according to the Lagos State Economic Development Update.

Ambrose-Medebem said ongoing infrastructure projects, including the Blue and Red rail lines, road network expansion, Lekki Deep Sea Port and Lekki Free Zone, were aimed at improving connectivity and supporting manufacturing and trade.

She urged Nigerian businesses to embrace technology, improve product quality and meet international standards to compete in African and global markets.