The Lagos State Governor, Babajide Sanwo-Olu, unveiled the 2026 edition of the Lagos Economic Development Update (LEDU) on Tuesday, reaffirming his administration’s commitment to inclusive economic growth and sustainable development.
The unveiling ceremony took place in Ikeja, where the governor said the report provides a comprehensive analysis of global, national, and local factors shaping the economic outlook of Lagos.
Sanwo-Olu, represented by his deputy, Obafemi Hamzat, described the document as more than a policy report, noting that it serves as a strategic guide for shaping economic decisions and strengthening governance.
“It is with a deep sense of responsibility and optimism that I join you today to officially launch the third edition of the Lagos Economic Development Update — LEDU 2026,” he said.
According to the governor, the platform has evolved beyond a policy document to become a compass guiding economic direction while reinforcing the administration’s commitment to building a resilient, inclusive, and prosperous Lagos.
He noted that despite global economic headwinds, including post-pandemic recovery challenges, rising inflation, and exchange rate volatility, Lagos has remained resilient through deliberate policies and strategic investments.
Sanwo-Olu attributed the state’s stability to fiscal discipline, improved revenue generation, and sustained investment in infrastructure critical to long-term development.
He explained that the state has stayed on course despite uncertainties in the global economy through “clarity, discipline, and foresight,” anchored on the administration’s development blueprint, the T.H.E.M.E.S+ Agenda.
The governor highlighted several achievements since the introduction of LEDU, including the expansion of Lagos’ economic base driven by innovation, entrepreneurship, and digitalisation.
He also pointed to improvements in revenue collection systems and ongoing infrastructure projects spanning roads, ports, energy facilities, and urban planning.
Sanwo-Olu emphasised that continued investment in human capital remains central to the administration’s strategy.
“People are the true engine of growth,” he said.
Speaking on the theme of this year’s report, “Consolidating Resilience, Advancing Competitiveness, Delivering Shared Prosperity,” the governor said it reflects the state’s current economic priorities.
He explained that consolidating resilience involves strengthening institutions and maintaining fiscal discipline, while advancing competitiveness requires improving productivity, encouraging innovation, and attracting investment.
Delivering shared prosperity, he added, means ensuring economic growth translates into jobs, opportunities, and improved living standards for residents.
Looking ahead, Sanwo-Olu reaffirmed the state government’s commitment to economic diversification, private sector-led growth, data-driven governance, sustainable urban development, and social inclusion.
He also stressed the importance of partnerships with private sector players, development institutions, civil society organisations, and the international community in achieving the state’s long-term development goals.
“As we launch this edition of LEDU, I urge all stakeholders to engage actively, strengthen collaboration, and align with our shared vision,” he said.
“We have built resilience; now we must translate it into sustained competitiveness and ensure that growth delivers tangible prosperity for every Lagosian.”
Also speaking at the event, the Lagos State Commissioner for Economic Planning and Budget, Ope George, said the state has demonstrated remarkable resilience in navigating global and domestic economic challenges.
“Lagos is not just responding to economic shocks — we are building systems that make us stronger because of them,” he said.
George noted that deliberate policies, disciplined fiscal management, and strategic investments have reinforced Lagos’ position as one of Africa’s leading subnational economies.
He added that the government would continue to prioritise economic diversification, private sector growth, sustainable urban development, and social inclusion.
According to him, economic growth must be measured not only by statistics but also by its impact on people’s lives.
In his goodwill message, Chief Consultant at B. Adedipe Associates Limited, Biodun Adedipe, described the LEDU initiative as a credible framework for tracking economic performance and refining development strategies.
Adedipe noted that Lagos remains central to Nigeria’s economy, adding that the state’s continued growth reflects broader national progress.
“If Lagos works, a significant share of Nigeria’s commerce works,” he said.
Meanwhile, the Chief Executive Officer of the Nigerian Economic Summit Group, Tayo Adeloju, urged the state government to prioritise affordable housing as a key driver of shared prosperity.
He warned that rising housing costs could limit upward mobility for low-income earners and called for policies that make housing more accessible.
Adeloju added that sustained fiscal discipline, improved service delivery, and a broader productive base would further strengthen Lagos’ position among Africa’s leading megacity economies.
