Vice President Kashim Shettima has said Nigeria’s ambition of building a one-trillion-dollar economy is anchored on enterprise, investment, and coordinated reforms across all levels of government.
He made the remarks on Monday while declaring open the Invest Lagos 3.0 Summit held at Eko Hotel and Suites, Victoria Island, Lagos.
Shettima particularly pointed to Lagos State as the clearest example of how subnational leadership can accelerate national economic transformation.
According to him, Nigeria’s economic future depends on creating an enabling environment that allows capital, innovation, and productive enterprise to thrive.
Addressing policymakers, global investors, entrepreneurs, and development partners at the summit, the Vice President described Lagos as Nigeria’s foremost economic hub and one of Africa’s most influential centres of commerce.
“Lagos is the livewire of our continent. Lagos is the furnace in which our ideas are tested against the discipline of execution. Lagos is the great doorway through which Nigeria continues to greet the future,” he said.
He added that Lagos has consistently demonstrated that economic progress is achievable when long-term vision is matched with competent leadership and private sector confidence.
Shettima credited the city’s development trajectory to sustained governance reforms since Nigeria’s return to democracy, praising continuity in economic planning.
He also commended President Bola Ahmed Tinubu, describing him as the architect of the Lagos development model that has shaped the state’s economic rise.
“President Bola Ahmed Tinubu planted the tree whose shade has sheltered a succession of leaders committed to futurist ideas, institutional continuity and disciplined governance,” he stated.
The Vice President further praised Governor Babajide Sanwo-Olu for maintaining Lagos’ growth momentum and strengthening its position as a preferred investment destination.
He noted that cities like Lagos are increasingly shaping global production systems, innovation networks, and investment flows due to their economic influence.
Shettima said the Tinubu administration’s ongoing economic reforms are aimed at restoring investor confidence, improving fiscal stability, and unlocking private sector-led growth.
He acknowledged that some of the policy decisions have been difficult but insisted they are necessary for long-term prosperity.
“We have taken difficult decisions because we understand that the economy of our dream cannot be built on illusions. It must be built on productivity, discipline, competitiveness, and the courage to create a climate in which enterprise can breathe,” he said.
The Vice President also highlighted Nigeria’s demographic advantage and its position under the African Continental Free Trade Area (AfCFTA), noting that the country is well placed to become a major industrial and logistics hub.
He said Nigeria’s growing population and access to a continental market of over 1.4 billion people present significant opportunities for economic expansion.
Shettima, however, stressed that the Federal Government cannot achieve economic transformation alone, calling for stronger collaboration with subnational governments and the private sector.
Earlier, Lagos State Governor Babajide Sanwo-Olu described the summit as a reaffirmation of Lagos’ position as an investment-ready state and a gateway to Africa’s commercial opportunities.
He credited President Tinubu’s earlier reforms for laying the foundation of Lagos’ growth and said continued federal support remains crucial for subnational development.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said recent reforms under the Tinubu administration had strengthened economic resilience and restored Lagos’ role as a leading subnational economy.
He said the government’s policy decisions over the past two years were aimed at addressing structural weaknesses and improving long-term stability.
Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada, reaffirmed the state’s commitment to maintaining a business-friendly environment for investors.
Commonwealth Secretary-General Shirley Botchwey described Lagos as a city of “proof rather than potential,” noting its leadership in technology, culture, and enterprise.
Chairman of the Commonwealth Enterprise and Investment Council, Lord Marland, also praised the leadership of Nigerian authorities, saying proactive governance is essential for addressing global challenges.
Representatives from Afreximbank and the AfCFTA Secretariat expressed confidence in Nigeria’s economic direction, highlighting Lagos as a key driver of Africa’s trade and industrial future.
The summit also featured a fireside chat with governors from Plateau, Nasarawa, Imo, Lagos, and Abia States, focusing on subnational development and investment opportunities across Nigeria.
