Lagos charts bold new Course for Inclusive, Resilient Economic Future

The Lagos State Government on Wednesday restated its commitment to building an inclusive, sustainable and resilient economy as policymakers, industry leaders and academics convened for the third Lagos Economic Roundtable in Ikeja.

The forum, organised by the Economic Intelligence Department of the Ministry of Economic Planning and Budget, explored the theme: “Building Forward: Unlocking Emerging Sectors for an Inclusive, Resilient, and Prosperous Lagos Economy.”

It brought together senior government officials, private-sector executives and development partners to examine strategies for strengthening Lagos’s position as Africa’s most competitive sub-national economy.

Commissioner for Economic Planning and Budget, Mr Ope George, said the state was preparing for a more forward-looking and data-driven 2026 fiscal year.

“This is not just a time to build back, but to build forward, stronger, smarter and more inclusive,” he said, noting government priorities such as urban regeneration, the creative economy and the Omi-Eko water transport revolution.

Permanent Secretary, Mrs Olayinka Ojo, described the roundtable as a platform that connects evidence-based policymaking with Lagos’s long-term vision, adding that resilience amid global uncertainty would require innovation, deliberate planning and strong partnerships.

Insights from the discussions, she said, will shape the state’s Medium-Term Expenditure Framework and 2026 budget.

Special Adviser to the Governor on the Blue Economy, Mr Emmanuel Oluwadamilola, presented the Omi-Eko initiative as a transformative catalyst for mobility, climate action and social inclusion.

“Lagos loses thousands of productive hours daily due to gridlock,” he said, adding that “Waterways offer immediate relief as an uncongested, underused transport asset.”

He added that with only a small portion of Lagos’s waterways currently utilised, the deployment of electric and hybrid ferries, supported by the EU, AFD and the European Investment Bank, would reduce congestion, cut emissions and widen access for coastal communities.

Economic experts urged Lagos to deepen diversification, expand innovation capacity and invest in human capital.

Leading the discussion, Prof. Biodun Adedipe identified technology, real estate and financial services as critical growth drivers, recommending that Lagos draw lessons from the California model to accelerate its trajectory.

“With an estimated 6.49% growth rate in 2025, Lagos should incentivise entertainment, tourism, agriculture and manufacturing to strengthen economic expansion,” he said, describing such diversification as central to long-term prosperity.

Prof. Taibat Lawanson of the University of Lagos cautioned that urban regeneration must remain inclusive, warning against interventions that displace vulnerable communities.

“True regeneration revitalises deprived areas and enhances environmental, social and economic conditions,” she said. “We must co-design solutions with all stakeholders to build a livable Lagos for all.”

A panel featuring government officials, academics and private-sector leaders reinforced the need for innovation, collaboration and inclusive governance to drive Lagos’s economic transformation.

The discourse underscored the State Government’s determination to position Lagos as a global model for sustainable urban development and shared economic progress.