Lagos Emerges as Africa’s Investment Frontier, Sanwo-Olu Says After Receiving Global Governance Award

Lagos Emerges as Africa’s Investment Frontier, Sanwo-Olu Says After Receiving Global Governance Award

Lagos State Governor, Mr. Babajide Sanwo-Olu, has reaffirmed Lagos’ position as one of Africa’s most attractive investment destinations, saying the state is building an economy driven by infrastructure, innovation, enterprise and opportunities for its growing population.

Sanwo-Olu stated this after receiving the 2026 Global Transformation and Good Governance Prize at the Warner Theatre in Washington, D.C., United States, at the weekend.

The Governor said he accepted the award on behalf of more than 25 million Lagosians, describing the recognition as a testament to the collective efforts of residents, businesses and stakeholders contributing to the transformation of the state.

He used the occasion to make a case for increased investment in Lagos, noting that the future of African investment would increasingly be shaped by cities where infrastructure connects markets, businesses can thrive and citizens have access to opportunities.

According to him, Lagos occupies less than 0.5 per cent of Nigeria’s landmass but generates more than a quarter of the country’s economic output. He put the state’s economy at approximately $259 billion, stressing that the administration was working to reduce dependence on crude oil revenues.

Sanwo-Olu also highlighted the state’s financial commitment to infrastructure and development, noting that more than half of its ₦4.4 trillion 2026 budget is allocated to capital projects, while internally generated revenue is projected to exceed ₦3 trillion.

He said Lagos was equally strengthening its position as a technology and innovation hub, with the state hosting sub-Saharan Africa’s leading startup ecosystem, valued at $8.6 billion, and three active unicorns.

The Governor cited the $1.5 billion Lekki Deep Sea Port, which he said now handles approximately 40 per cent of Nigeria’s cargo, as well as the 650,000-barrel-per-day Lekki Refinery, as major investments supporting Lagos’ economic expansion.

He further noted that the state’s transportation infrastructure was undergoing significant expansion. According to him, the Blue Line rail system has transported more than eight million passengers, while the deployment of new eight-car trains is expected to increase the Red Line’s capacity to about 500,000 passengers daily.

Sanwo-Olu also disclosed that, through the €410 million Omi Eko project, the state is deploying 75 electric ferries across 15 water routes, describing the initiative as part of Lagos’ broader efforts to develop an integrated and sustainable transportation system.

Looking ahead, the Governor said Africa’s rapid urbanisation would create enormous investment opportunities, noting that the continent is projected to add nearly one billion urban residents by 2050.

He therefore urged investors seeking opportunities in Africa to pay close attention to cities where effective governance, infrastructure development and strong execution are creating sustainable economic opportunities.

Sanwo-Olu expressed appreciation to the Asante Crown and the Millennium Excellence Foundation for the recognition, saying the honour would further strengthen Lagos’ commitment to delivering transformative governance and creating an enabling environment for investment and inclusive growth.