Lagos is Nigeria’s business gateway in push for $1tn economy — Shettima

Abdullateef Fowewe

Vice President Kashim Shettima has claimed that Nigeria’s ambition to build a one‑trillion‑dollar economy is driven by enterprise, investment and coordinated reforms across all levels of government, and held up Lagos State as the clearest demonstration of how subnational leadership can accelerate national economic transformation.

Speaking at the Invest Lagos 3.0 Summit at Eko Hotel and Suites, Victoria Island, Shettima spoke about policymakers, global investors, entrepreneurs, development institutions and business leaders that “Lagos is the livewire of our continent. Lagos is the furnace in which our ideas are tested against the discipline of execution. Lagos is the great doorway through which Nigeria continues to greet the future.”

The Vice President said the country’s economic future depends on creating conditions that allow capital, innovation and productive enterprise to thrive.

He described Lagos as more than a commercial capital, calling it “a testing ground for ideas, governance and economic execution” and praising its access to markets, infrastructure, talent and financial opportunities as reasons it continues to attract investors.

Shettima credited Lagos’s growth to sustained long‑term planning, institutional continuity and private‑sector confidence, and lauded the governance model established by President Bola Ahmed Tinubu.

“President Bola Ahmed Tinubu planted the tree whose shade has sheltered a succession of leaders committed to futurist ideas, institutional continuity and disciplined governance,” he said, and commended Governor Babajide Sanwo‑Olu for sustaining the state’s growth momentum.

Reaffirming the Tinubu administration’s economic agenda, the Vice President said recent macroeconomic reforms were intended to restore market confidence, improve fiscal sustainability and unlock large‑scale private investment.

“We have taken difficult decisions because we understand that the economy of our dream cannot be built on illusions. It must be built on productivity, discipline, competitiveness, and the courage to create a climate in which enterprise can breathe,” he added.

Shettima pointed to Nigeria’s demographic dividend and the opportunities of the African Continental Free Trade Area as long‑term advantages that position the country to become a leading production, logistics, innovation and investment hub. Still, he warned that the Federal Government cannot deliver economic transformation in isolation, emphasising the need for coordinated action with subnational governments.

Governor Sanwo‑Olu, in his remarks, reiterated Lagos’s readiness for investment and credited President Tinubu’s support for subnational development.

He outlined achievements in agriculture, health, human capital, transport, energy, technology, trade and commerce, and assured investors of Lagos’s conducive environment for business expansion.

In his remark, Minister of Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele said the Tinubu administration’s reforms have helped re‑establish Lagos as a model of subnational development, while Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment Folashade Bada reaffirmed that “Lagos is open for business, partnership and investment.”

In goodwill messages, Commonwealth Secretary‑General, Shirley Botchwey called Lagos “not just a city of potential but one of proof,” and Lord Marland, chairman of the Commonwealth Enterprise and Investment Council, praised proactive leadership from the federal and subnational levels.

Afrexim Bank’s representative, Dr Gainmore Zanamwe, pledged continued support for viable investments in Lagos and Nigeria, and AfCFTA Secretary‑General Wamkele Mene said Africa’s projected growth will hinge on collaboration and investment in infrastructure and entrepreneurship areas where Lagos is well positioned to lead.

The summit’s opening session included a fireside chat with Governors Caleb Mutfwang (Plateau), Abdullahi Sule (Nasarawa), Hope Uzodinma (Imo), Babajide Sanwo‑Olu (Lagos) and Alex Otti (Abia).