Sanwo-Olu says Lagos is targeting a nearly $1 trillion economy by 2052

Lagos State is aiming for an economy worth close to $1 trillion by 2052, Governor Babajide Sanwo-Olu said on Wednesday, as his government courts more investment in infrastructure, technology and people.

He spoke at the Lagos Executive Business Breakfast Meeting in Lekki, organised by the Nigerian-British Chamber of Commerce (NBCC), under the theme "The Future of Lagos: Business, Investment and Global Competitiveness."

The target rests on the Lagos State Development Plan 2052, a long-term blueprint with 447 initiatives across 21 strategic sectors. According to the governor, it is built on four pillars: a thriving economy, a human-centred city, modern infrastructure and effective governance.

For ordinary Lagosians, the plan is meant to translate into jobs, better transport, healthcare and schools, and an easier environment for small businesses to grow. Sanwo-Olu said his administration is supporting small and medium-sized enterprises through financing and grants, while training workers for new industries.

Bigger budget, bigger bills to fund

The governor said the state's budget has risen from about ₦700 billion in 2019 to ₦4.2 trillion in 2026. That growth, he said, reflects expanding investment needs and the importance of raising more revenue to keep development going.

He pointed to the Blue and Red rail lines, changes in electricity regulation, wider digital connectivity, and spending on healthcare and education as steps toward making Lagos more competitive. He also named the Lekki Deep Sea Port, industrial projects and the technology and creative sectors as key drivers of growth and regional trade.

Sanwo-Olu urged businesses to see Lagos as more than a large consumer market, describing it as a base for production, innovation and international investment.

NBCC President and Chairman Abimbola Olashore called for closer collaboration between government, businesses and investors to improve the business environment. He restated the chamber's commitment to trade and investment ties between Nigeria and the United Kingdom.

At the same event, the governor said he had ordered the clearing of a backlog of land documents waiting for the Governor's Consent, and that he signed an executive order on Tuesday requiring companies to provide health insurance for their workers, with a December 31 deadline. He also said approval had been granted for the Badagry Deep Sea Port and that the Okpebi Link Bridge will open to the public next month.

What happens next

The 2052 target is a long way off and will depend on steady investment and delivery across the plan's sectors. It also sits alongside the Federal Government's separate goal of a $1 trillion national economy by 2030, a target the World Bank has said would require Nigeria's growth to rise about fivefold.