Lagos Targets $1tn Economy by 2052 – Sanwo-Olu

Governor Babajide Sanwo-Olu of Lagos State says the state is targeting an economy worth between $800bn and $1tn by 2052.

He said the target would be driven by increased manufacturing, value addition, exports and investment.

Sanwo-Olu, represented by the Secretary to the State Government, Mrs Abimbola Salu-Hundeyin, said this at the closing of the 40th Lagos International Trade Fair on Sunday in Lagos.

The News Agency of Nigeria reports that the trade fair has the theme, “40 Years of Trade, Growth and Global Connection.”

Sanwo-Olu said Lagos was working to move beyond being a major centre for buying and selling to becoming a stronger hub for production and exports.

He said more locally made products would compete in African and international markets.

“The state is committed to supporting businesses through improved infrastructure, access to affordable finance and a better business environment.

“The commitment informed the Lagos State Industrial Policy 2025–2030 and other initiatives aimed at promoting enterprise development,” the governor said.

Sanwo-Olu said the government was expanding access to affordable capital for cooperative-backed businesses through the N10bn Lagos State Micro Enterprise Cooperative financing arrangement.

He added that the state was investing in transportation, electricity reform and other infrastructure to improve the business environment.

The governor described Lagos’ emergence as Nigeria’s best-performing state in the 2025 Presidential Enabling Business Environment Council Subnational Ease of Doing Business assessment as encouraging.

He said, however, that there was more work to be done.

He said the African Continental Free Trade Area (AfCFTA) offered enormous opportunities for Nigerian businesses, stressing the need for competitive products, reliable infrastructure, access to finance and stronger business networks.

Sanwo-Olu urged the Lagos Chamber of Commerce and Industry to sustain the trade fair as a platform for export development, industrial partnerships and investment in local production.

He also urged exhibitors and participating businesses to build on the relationships established during the 10-day fair.

He said, “Its success should be measured by investments attracted, markets opened, businesses expanded and jobs created.”

Earlier, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said more than 50,000 participants, thousands of exhibitors and business delegations from over 20 countries attended the 10-day fair.

She said the state had trained more than 2,000 Lagos-based Micro, Small and Medium Enterprises (MSMEs) in export readiness and market access in partnership with Afreximbank and other organisations.

According to her, the training was aimed at preparing local businesses to take advantage of the AfCFTA, which provides access to a continental market of no fewer than 1.4 billion people.

The commissioner said Lagos would lead a delegation of local businesses to China through its Export Readiness Programme to explore international markets and build partnerships.

She also announced that Lagos would host the Intra-African Trade Fair 2027 from Nov. 5 to Nov. 11, with expectations of attracting more than 100,000 visitors and 2,500 exhibitors from over 100 countries.

She said the event was expected to generate `$50bn in trade and investment deals.

Ambrose-Medebem disclosed that Lagos attracted more than N1tn in investments in 2025, with commitments in technology, healthcare, logistics and port operations.

She said the state contributed 30 per cent of Nigeria’s Gross Domestic Product in the first half of 2024, according to the Lagos State Economic Development Update.

The commissioner said the government was also investing in infrastructure, including the Blue and Red rail lines, expanding road networks, the Lekki Deep Sea Port and the Lekki Free Zone.

This, she said, was to improve connectivity and support manufacturing and trade.

She added that the ministry facilitated business-to-business matchmaking, supported MSMEs seeking new markets and showcased locally made products through the Lagos State Pavilion.

The commissioner urged Nigerian businesses to improve product quality, embrace technology and meet international standards to compete effectively in African and global markets.

She commended the LCCI for sustaining the trade fair for 40 years, describing it as an important platform for businesses to establish partnerships, attract investment and explore new markets. (NAN)