Lagos State Governor, Babajide Sanwo-Olu, has reaffirmed the state’s position as a leading investment destination, describing Lagos as a sub-national economy capable of driving Nigeria’s growth and competing on the global stage.
Sanwo-Olu made the remarks on Saturday at the maiden edition of the Geo-Economic Optimisation Summit Lagos 2026, organised by the Citadel School of Government in Oregun, Ikeja. The summit was themed, “From South-West Nigeria to the Globe: Lagos State as a Geoeconomic Hub.”
Speaking before investors, policymakers, and development stakeholders, the governor described Lagos as the “salt and light” of Nigeria’s economy, noting that the state contributes approximately one-third of the nation’s Gross Domestic Product.
He said Lagos has evolved into one of Africa’s most significant economic centres, ranking as the continent’s second-largest metropolitan economy with an output exceeding $259.75 billion on a purchasing-power-parity basis.
According to the governor, strategic investments in transportation, technology, energy, and industrial infrastructure have strengthened Lagos’ position as a major economic hub in West Africa.
Sanwo-Olu highlighted transformative projects such as the Lekki Deep Sea Port, the Dangote Refinery, rail transportation systems, and the state’s growing technology ecosystem as critical drivers of economic expansion.
He noted that Lagos has emerged as West Africa’s trans-shipment hub, leveraging its strategic location and infrastructure investments to attract local and international businesses.
The governor said ongoing transportation projects, including the Blue Line and Red Line rail systems, have significantly improved urban mobility, while planned Green Line and Purple Line rail corridors will further enhance connectivity across the state.
“Lagos is open, Lagos is ready, and Lagos rewards those who build with us,” Sanwo-Olu told participants at the summit.
He also pointed to the state’s newly enacted electricity law, which is designed to create a competitive power market capable of supporting industrial development and economic growth.
According to him, Lagos hosts the largest concentration of start-ups on the African continent, reinforcing its status as a leading innovation and technology destination.
Beyond infrastructure and technology, the governor underscored the economic importance of the creative industry, describing Lagos as the home of Nollywood, the world’s largest film industry by production volume.
Sanwo-Olu attributed the state’s economic transformation to the long-term development blueprint initiated during the tenure of President Bola Ahmed Tinubu as governor of Lagos State.
“Lagos intends to take its rightful place, not at the margins of the global economy, but among its hubs,” he said.
Delivering the keynote address, Tunde Bakare, founder and board chairman of the Citadel School of Government, said Nigeria’s development agenda must be anchored on the alignment of its geosocial, geopolitical, and geoeconomic realities.
Bakare described Lagos as a model of strategic planning and institutional continuity, noting that its development journey offers valuable lessons for national growth.
“Lagos State offers a compelling basis for national reflection and dialogue. Its story is one of ongoing geoeconomic success, demonstrating how strategic vision, institutional continuity, and sustained investment can transform a subnational entity into a globally relevant economic hub,” he said.
He added that Lagos should serve as a blueprint for the creation of multiple economic growth centres across Nigeria.
“Lagos serves not merely as a success story, but as a proof of concept for the creation of several world-class economic hubs across Nigeria,” Bakare stated.
Also speaking at the event, Exemoaholo Omoakhalen said the summit formed part of the institution’s ongoing research efforts aimed at examining opportunities within Lagos as a geoeconomic hub and fostering dialogue on sustainable economic development.
The summit brought together government officials, academics, investors, and development experts to explore strategies for strengthening Lagos’ role in regional and global economic networks.
