By Olumide Iyanda

Ahead of the Invest Lagos 3.0 summit holding at Eko Hotel & Suites from June 8 to 10, Governor Babajide Sanwo-Olu is pitching Lagos as Africa’s leading destination for investment. The target is to attract about ₦4 trillion, or roughly $2.5 billion, in fresh investments into sectors ranging from infrastructure and technology to housing, agriculture and transport.

For decades, Lagos has occupied a unique position in Nigeria and Africa. It is the country’s commercial nerve centre, home to major banks, manufacturing firms, technology companies, ports and financial institutions. It is also a city whose scale and pace continue to shape conversations about urbanisation, infrastructure and economic growth on the continent.

The argument being advanced by Lagos officials is straightforward. With its population, market size, transport links and expanding infrastructure, Lagos is positioning itself not simply as Nigeria’s economic capital, but as a gateway to African business opportunities.

According to investment documents prepared ahead of the summit, Lagos contributes more than 30 per cent of Nigeria’s Gross Domestic Product and accounts for about 90 per cent of the country’s foreign trade flow. The state government also says Lagos generates about 70 per cent of its revenue internally, reducing dependence on federal allocations.

That revenue growth has become a major part of the Lagos economic story. Lagos generated more than ₦1 trillion in Internally Generated Revenue in 2025, making it the first Nigerian state to cross that threshold. The state’s formal economy has also been estimated at more than $130 billion.

Mr Sanwo-Olu recently pushed the case for Lagos during Africa Week 2026 at King’s College London in the United Kingdom. He described Lagos as a powerful symbol of Africa’s potential and an example of how sub-national governments can drive economic growth and global influence.

According to the governor, Lagos has evolved into Africa’s second-largest city economy, with an estimated Gross Domestic Product of about $259 billion on a purchasing power parity basis. He said the city has become Nigeria’s principal commercial gateway and a major destination for investment, enterprise and talent.

Sanwo-Olu noted that despite occupying a relatively small landmass within Nigeria, Lagos has grown into one of the continent’s most economically consequential urban centres. He said policy, innovation and enterprise had combined to shape not only local development but also regional and global economic conversations.

The numbers partly explain the attraction. Lagos has an estimated population of about 22 million people and remains Africa’s most populous city. Officials estimate the population could exceed 30 million within a few years, with annual growth estimated at 3.2 per cent. More than 45 per cent of Nigeria’s skilled manpower is said to reside in Lagos, while the literacy rate stands at 92 per cent.

Infrastructure remains central to the state’s investment push. Projects such as the Lekki Deep Sea Port, the Lekki Free Zone and the Dangote refinery corridor are being promoted as evidence of Lagos’ ambition to become a regional logistics and industrial hub.

The Lekki Free Zone has emerged as one of the focal points of the state’s industrial strategy. Located along the Lekki Peninsula, the zone is designed to attract manufacturing, logistics, energy and technology investments through tax incentives and infrastructure support. Officials say the area is expected to support industries ranging from automobile assembly and agro processing to tourism and real estate.

Sanwo Olu said his administration’s development philosophy since 2019 has been to treat Lagos not as a challenge to be managed but as a platform to be unlocked. He said this vision is reflected in the state’s THEMES+ agenda, which focuses on transport, health, education, technology, urban development, security and social inclusion.

Transport reform has remained a major part of that strategy. The governor pointed to the commencement of passenger operations on the Blue Line Rail and the inauguration of the Red Line Rail, alongside investments in roads, bridges, bus reforms and water transportation.

“These are not isolated projects but part of a deliberate attempt to transform how a city of Lagos’ scale functions,” he said.

The governor also listed achievements, including the delivery of more than 3,000 affordable housing units, deployment of 250 patrol vehicles for security operations and the acquisition of 62 fire trucks to strengthen emergency response services. He added that the state had invested in food security initiatives such as the Imota Rice Mill and expanded logistics systems.

Housing remains one of Lagos’ biggest economic and social challenges. State documents estimate a housing deficit of about 1.8 million units, while housing demand is projected to grow by 20 per cent annually. About 80 per cent of households are estimated to live in rented accommodation.

Technology and financial services continue to define much of modern Lagos. The city has emerged as Nigeria’s leading technology ecosystem, attracting startups, venture capital firms and multinational companies. Sanwo Olu said Lagos now hosts more than 2,000 startups and has produced five unicorns in fintech and digital commerce. The city has also been ranked among the world’s fastest-growing technology ecosystems.

The governor said Lagos’ ₦4.44 trillion budget for 2026 reflects the administration’s determination to continue investing in infrastructure, social services and economic competitiveness. He added that Lagos accounts for a significant share of Nigeria’s capital importation and internally generated revenue, arguing that a strong Lagos ultimately strengthens the national economy.

He also highlighted the growing importance of the creative economy. According to him, sectors such as music, film, fashion, design and digital content have turned Lagos into a major creative hub, with Nollywood and Nigerian musicians projecting African creativity globally.

Still, challenges remain. Traffic congestion, flooding, pressure on public infrastructure and concerns about the cost of doing business continue to affect residents and investors alike. Economic inequality also remains visible across the city, where luxury developments exist alongside overcrowded communities with limited services.

For the Lagos State Government, Invest in Lagos 3.0 is therefore more than a promotional event. It is an attempt to strengthen confidence in the city’s long-term economic direction at a time when African economies are competing aggressively for global capital.

Whether through ports, finance, technology, manufacturing or consumer markets, Lagos continues to present itself as a city too important for investors to ignore. The challenge, as always, will be balancing rapid growth with the infrastructure and governance needed to sustain it.

*Olumide Iyanda is the publisher of QEDNG and convener of the QEDNG Creative Powerhouse Summit*

By Habib Aruna

Former Rivers State governor and now Minister of the Federal Capital City, Nyesom Wike is a politician that enjoys being in the news. If he’s not making news at state functions or political events, the loquacious politician would want to be in the news by organizing his now famous Media Briefings, where senior journalists will sit down as pupils while Wike talks to them like headmaster.

The last one held early this week kept me wondering what this circuit is all about. What does he really want to gain by the dozens of millions of Naira spent on press parleys and where is the money coming from? Is it from his private pocket or from the state? If it’s from the state, who is accounting for it? Or is he just dipping his hand into state coffers without subjecting himself to due process? And how is the money expended on these media briefings accounted for?

Because we need to begin to ask pertinent questions when taxpayers’ money is being used for purposes that are not directly beneficial to them. Wike did not start his media parleys in Abuja, it indeed started when he was governor of the oil rich state of Rivers. This was where he gained national prominence with the way he engaged national TV stations and paid for hours to air his views on critical and crucial national issues. He elevated this approach when he was appointed the FCT minister by President Bola Tinubu and he has used the platform to promote the agenda of the president while also using it to castigate his political enemies.

In truth, there is nothing bad for a politician in a democratic setting, to occasionally engage the media and by doing so, let the public know what his government, ministry or agency is doing. It is part of being accountable and responsible to the citizens, who constitutionally deserve to know how their commonwealth and resources are being spent. The worry however, is when these parleys are organized solely for political purposes or to target political opponents.

Television has been a major means of communication or passing information since the late 40s. Former United States President, John Kennedy made it the biggest and widest means of reaching the audience. Since then, political leaders have used the TV at every opportunity to send their messages to their targeted audience. We can remember how successive US governments used the daily White House daily briefings to explain cogent issues affecting the American people. Not to forget that television debates between candidates of political parties, for decades, became an integral part of the election process.

It’s however not every leader that understood the power of the tube and its efficacy; while leaders like United States President, Donald Trump would use every opportunity to talk to journalists on germane issues, others like Tinubu have not find it expedient to engage, even State House reporters, on burning issues in the polity. What stops the president to surprise Villa Correspondents and address the current disturbing security situation in the country and to use the auspices to assure Nigerians of their safety, while pledging the safety return of students and teachers recently abducted in Oyo State.

Through Former President, Olusegun Obasanjo’s quarterly media chat, we were able to know the thinking of Aso rock on major challenges facing the country and what the federal government is doing to fix them. The health challenges faced by Musa Yar’Adua had an adverse effect in the way he relates to the media. I can’t vividly remember any notable engagement he had with journalists before his passing. Gooduck Jonathan’s tenure was not in any way better, even though he had an effective Media team led by Dr Rueben Abati. Jonathan was not media friendly even with his gentle mien and harmless personality. He is a man of short words and not a robust communicator.

President Mohammadu Buhari was also not a man that is friendly with television cameras and microphone. Notably shy and not used to speaking too much! One can easily count the amount of time he spent speaking to journalists during his eight years in power. Needless to say that he also had top media advisers who have paid their dues in the profession and who should have insisted that he do more in talking to the media so that matters of public importance are not left in the realm of undue public speculation.

All our presidents since 1999 came in with the right media team, who can boast of requisite experience of managing the image of the number one citizen and his office. Curiously however, they all failed to make their principals more exposed to the klieg light, thereby denying Nigerians the opportunity of seeing and listening to their leaders directly. I can’t remember any of our presidents taking a stroll within the villa to eat lunch, using the opportunity to engage journalists at the Press Centre or granting interviews when the media least expected. That will absolutely be a day to remember!

That is why Wike supporters are quick to rise to his defence, for according to them, the minister is using what he has to get what he wants. They argued that the minister understood the influence and reach of buying TV time to send his message and ‘harass’ perceived political opponents. But at what cost? The last media parley was shown live on five national TV stations. That is hundreds of millions of Naira, and if you add other logistics it will be running to yet other millions. As already pointed out above, where is this money coming from? Is it from Wike’s pocket or from the FCT treasury? If it’s from the FCT, who approved it and who will account for it? Which of the Senate committees are looking at the books to make sure tax payers money are well accounted for and not wasted to promote the political agenda of Wike?

For sure, these live media broadcasts do not come cheap and if FCT money is being used for these shows, then there must be accountability and responsibility from Wike and his co-travellers. It is only then that we can be rest assured that those who are calling for equity are doing so with clean hands.

By Tayo Ogunbiyi

Umbrage, diatribes and polemics. The season is here again – the season of character assassination for political purposes.

There seems to be no other reason for the opinion article written by Mobolaji Sanusi, the one who was fired at The Lagos State Signage and Advertising Agency (LASAA) for alleged incompetence. He seems to have rediscovered his old vocation of stringing together words without respecting rules of semantics and grammar.

He has attempted to project speculative political alignments, reframe historical governance narratives, and introduce unfounded insinuations regarding the working relationship within the Babajide Olusola Sanwo-Olu administration in Lagos State.

Writing under the guise of political commentary, Sanusi deliberately constructs speculative narratives, distorts governance realities, and introduces unfounded insinuations regarding the leadership structure and internal cohesion of the State Government.

While the publication is acknowledged as an exercise of free expression, it is necessary to correct certain misleading interpretations, unfounded assumptions, and politically charged assertions that do not reflect the institutional reality of governance in Lagos State.

The suggestion of tension, rivalry, or institutional dissonance between the Governor of Lagos State and his Deputy, Dr Kadri Obafemi Hamzat, who is also the Candidate of the All Progressives Congress (APC) for the 2007 Governorship Election, is entirely unfounded and inconsistent with observable governance practice.

Lagos State operates a structured executive governance system anchored on constitutional responsibilities, collective cabinet responsibility, and clearly defined functional portfolios. The Governor and his deputy function as part of a unified executive council. Policy formulation and implementation are collaborative and institutional, not personality-driven.

The Deputy Governor’s office is integrally involved in strategic governance delivery, particularly in coordination, supervision, and assigned sectors.
Any attempt to construct a narrative of division is, therefore, speculative and not supported by administrative facts or operational evidence.

The article’s description of the present administration as lacking “legacies” or being “drab” is a subjective and vacuous political opinion rather than an empirical assessment. Its sweeping generalisations, describing the Sanwo-Olu administration in dismissive terms, are a bold reflection of Sanusi’s blindness (whatever happened to his glasses).

A more balanced evaluation would consider measurable governance outcomes, including the expansion in infrastructure across transportation, housing, and road networks, reforms in urban planning, and public service delivery, continued investment in digital governance systems, education infrastructure development, revenue optimisation frameworks, and the strengthening of security collaboration mechanisms and emergency response capacity.

The Opebi-Ojota Link Bridge, the Red Line and Blue Line rail that have transformed commuting and the beautiful ferries built by our young engineers. The iconic Tolu Group of Schools, 332 schools buildings, two new varsities and several other projects across all sectors. Twenty-three housing estates and hundreds of roads. Discerning Lagosians see them all; not blind and blank elements like Sanusi. The New Massey Children Hospital that is nearing completion is the largest pediatric hospital in West Africa. The food and logistics hud in Ketu Ereyun, Epe will be the largest food hub in Sub Saharan Africa when completed.

Though we are in a political season with its characteristic peculiarities, governance in a complex megacity such as Lagos cannot be reduced to rhetorical comparisons or partisan nostalgia. It is an evolving continuum built on the efforts of successive administrations.

*Tayo Ogunbiyi is the Director, Public Enlightenment & Community Relations, Ministry of Information & Strategy, Alausa, Ikeja*