Why Lagos holds the key to Nigeria’s economic future – Sanwo-Olu

The Governor of Lagos State, Mr. Babajide Sanwo-Olu, has declared that Lagos is strategically positioned as Africa’s leading geoeconomic hub, leveraging trade, infrastructure, finance, technology, and talent to drive prosperity across Nigeria, West Africa, and the globe.

Governor Sanwo-Olu spoke on Saturday at the “Geo-Economic Optimization Summit Lagos 2026,” hosted by the Citadel School of Government in Oregun, stating that geoeconomics—the deliberate use of economic instruments to project influence—defines the new global order where power is drawn as much from ports, data centers, and supply chains as from treaties.

The Governor noted that Lagos contributes one-third of Nigeria’s Gross Domestic Product and ranks as Africa’s second-largest metropolitan economy after Cairo, with output exceeding $259.75 billion on a purchasing-power-parity basis.

He said “If Lagos were a country, it would rank as Africa’s eighth-largest economy,” adding that over 90 percent of the state’s output comes from a diversified base of finance, technology, trade, logistics, creative industries, and the blue economy.

The Governor outlined Lagos’ geoeconomic role across five widening circles, such as through membership of the Odu’a Group, DAWN Commission, and South West Development Commission; its strategic position as the commercial and financial nerve center, with “when Lagos works, Nigeria works better.”

Governor Sanwo-Olu, who is the Chairman of the South-West Governors Forum, also called for regional economic integration that would usher in growth and prosperity for Nigerian states.

He urged leaders across the South-West and the wider nation to “think regionally, act strategically, and cooperate generously, for no single state captures the whole prize alone.”

Governor Sanwo-Olu, in his keynote address titled “From South-West Nigeria to the Globe: Lagos State as a Geoeconomic Hub,” affirmed that Lagos belonged fully to the South-West and would continue to engender genuine regional integration amongst the states.

The Governor highlighted ongoing investments in mass transit with the operational Blue and Red rail lines, federal counterpart funding for the Green Line, and upgrades to the Lagos-Badagry Expressway.

He also cited the state electricity law and competitive market reforms to address power constraints, plus federal support through the 700km Coastal Highway and 1000km+ Sokoto-Badagry Superhighway.

He said: “Lagos is a sub-national economy that carries the weight of a nation. We contribute roughly a third of Nigeria’s Gross Domestic Product, and we are Africa’s second-largest metropolitan economy, behind only Cairo with output in excess of 259.75 billion dollars on a purchasing-power-parity basis.

“As Nigeria’s commercial and financial nerve center, and its busiest gateway for trade and investment, Lagos carries a responsibility that reaches far beyond its own borders. When Lagos works, Nigeria works the better for it.

“We will continue to press the case for a ‘special status’ designation for Lagos, grounded in our history as a former federal territory, in our strategic importance to the national economy, and in the immense burdens we carry as home to a tenth of Nigeria’s people. We believe Lagos deserves that recognition, and we will continue to seek a constitutional provision to guarantee it.”

Governor Sanwo-Olu reiterated that Lagos remained open to investors and ready to partner with individuals, the private sector, South West and the world at large.

Also speaking, Founder and Board Chairman of Citadel School of Government (CSG), Pastor Tunde Bakare, said that Lagos State provided the context for the CSG engagements on geoeconomic optimisation.

Pastor Bakare, who is the Serving Overseer of the Citadel Global Community Church (CGCC), noted that Lagos served not merely as a success story but as a proof of concept for the creation of several world-class economic hubs across Nigeria’s six potential “Dubais” in the making, each drawing on the unique strengths and comparative advantages of its region.

He said: “Lagos State is a pointer to what works—a model of what could be emulated, a demonstration of what is possible and what could be improved upon.

“Lagos is Nigeria’s most economically viable State and a model of progressive continuity in development planning and execution throughout the Fourth Republic so far.

“From the administration of President Bola Ahmed Tinubu to that of Babajide Sanwo-Olu, Lagos State offers a compelling basis for national reflection and dialogue.

“Lagos 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.

“More importantly, it points to what is possible across Nigeria’s geopolitical and geoeconomic zones, inspiring the emergence of multiple centres of prosperity capable of connecting the nation to vibrant regional and global economic blocs.”

In his address, the Executive Director of the University of Lagos Business School (ULBS), Prof. Sunday Adebisi, said that Lagos State has the commercial DNA and geographic advantage to lead the pace for growth.

He said Lagos is no longer just Nigeria’s commercial capital; it is the geoeconomic engine of West Africa with global ambitions.

“What Lagos must now build, with deliberate intent and institutional partnership, is the knowledge architecture capable of governing a city of 25 million people, a continental trade gateway, a maritime logistics hub, and a global technology capital simultaneously.

“The path from South-West Nigeria to the globe runs through an ecosystem of talent, institutions, infrastructure, and governance whose components must now be deliberately assembled,” he said.

Speaking earlier, the Executive Director of Citadel School of Government, Mr Omoaholo Omoakhalen, in his welcome address, said the summit was the maiden edition and marked an important milestone in the evolution of a conversation that has occupied the minds of many nation-builders for decades.

He said the summit sought to fashion out ideas on how to harness the vast potential embedded within Nigeria’s diverse regions, states, and communities to build a more prosperous, peaceful, and globally competitive nation.