Vice President Kashim Shettima and Lagos State Governor Babajide Sanwo-Olu have reaffirmed Lagos’ position as Africa’s leading investment destination, urging local and international investors to take advantage of the state’s growing economic opportunities.
Speaking at the third edition of the Invest Lagos Summit themed “Lagos: Business Gateway to Africa,” Shettima described Lagos as the economic heartbeat of Nigeria and one of Africa’s most important commercial centres. He credited the state for producing many of the country’s leading entrepreneurs and business leaders, noting that Lagos remains a key driver of Nigeria’s economic growth.
The Vice President praised successive Lagos administrations for sustaining policies that have transformed the state into a major hub for commerce, technology and innovation. He also defended the Federal Government’s economic reforms, including fuel subsidy removal and foreign exchange adjustments, saying they were necessary to stabilise the economy and attract investment.
Sanwo-Olu highlighted Lagos’ economic strengths, including its population of over 25 million people, expanding GDP, modern transport infrastructure and thriving technology ecosystem. He pointed to projects such as the Blue and Red Rail Lines, the Lekki Deep Sea Port and the Lagos Food Logistics Park as evidence of the state’s commitment to economic development.
The governor also noted that Lagos hosts several African technology unicorns, including Flutterwave, Moniepoint, Andela and Interswitch, while plans for the Lagos International Financial Centre are expected to position the city as a major gateway for global capital into Africa.
Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed that the Federal Government had approved $500 million for the development of Lagos Airport, adding that about 67 per cent of inbound international air traffic into Nigeria passes through Lagos.
International stakeholders, including representatives of the Commonwealth Enterprise and Investment Council, Afreximbank and the African Continental Free Trade Area Secretariat, expressed confidence in Lagos’ investment potential, describing the state as strategically positioned to serve as a gateway to Africa’s growing market of over 1.4 billion people.
