The Lagos State Government has unveiled a long-term development plan aimed at growing the state’s economy to nearly $1tn by 2052, as it seeks to attract investment and consolidate its position as a globally competitive economic and financial hub.
Governor Babajide Sanwo-Olu disclosed this on Wednesday at the Lagos Executive Business Breakfast Meeting organised by the Nigerian-British Chamber of Commerce in Lekki, Lagos. The event was themed, “The Future of Lagos: Business, Investment and Global Competitiveness.”
The Lagos State Development Plan 2052 contains 447 initiatives across 21 strategic sectors, anchored on four pillars: a thriving economy, a human-centred city, modern infrastructure and effective governance.
Sanwo-Olu said the plan was designed to make Lagos Africa’s model megacity by drawing investment, supporting businesses and improving the quality of life of residents. He stressed the importance of infrastructure, technology and human capital to the state’s economic ambitions.
The governor said improvements in port efficiency, technological innovation and investment would boost manufacturing, create jobs and strengthen economic activity. He also pointed to the development of the Blue and Red rail lines, electricity regulation and expanded digital connectivity as key drivers of the plan.
According to him, investment in healthcare and education will improve public services and build a skilled workforce, while the growth of the Lekki Deep Sea Port, industrial developments and the technology and creative sectors will support regional trade. He added that small and medium-sized enterprises would benefit from financing and grants, alongside efforts to promote innovation and prepare workers for emerging industries.
Sanwo-Olu said Lagos needed sustained investment and business-friendly policies to remain competitive and attract more domestic and foreign investors. He urged businesses to see the state as more than a large consumer market, describing it as a platform for production, innovation, regional trade and international investment.
The governor also disclosed that the state’s budget had risen from about N700bn in 2019 to N4.2tn in 2026, reflecting its growing investment needs and the importance of revenue generation in sustaining development.
In his remarks, the President and Chairman of the NBCC, Abimbola Olashore, called for stronger collaboration among government, businesses and investors to improve the business environment and enhance Lagos’ global competitiveness. He also reaffirmed the chamber’s commitment to promoting trade and investment relations between Nigeria and the United Kingdom.
The Lagos plan comes against the backdrop of the Federal Government’s target of a $1tn economy by 2030, which President Bola Tinubu announced at the Nigeria Economic Summit in 2023.
