Sanwo-Olu: African Cities Key to Investment Growth

Lagos State Governor Babajide Sanwo-Olu stated that the future of investment in Africa will increasingly depend on cities that provide infrastructure and economic opportunities. He made this assertion during a keynote address at a dinner in Washington, DC, after receiving the 2026 Global Transformation and Good Governance Prize from the Millennium Excellence Award, USA.

The award ceremony was part of the 2026 Africa Business Investment Summit held at the MGM National Harbor, Oxon Hill, Maryland. Sanwo-Olu cited Lagos as a model for urban governance and economic growth, noting that it occupies less than 0.5% of Nigeria's landmass but has a population larger than the Netherlands and contributes over a quarter of Nigeria's economic output.

He mentioned that Lagos's economy is valued at approximately $259 billion, with a budget of N4.4 trillion for the year, over half of which is allocated for capital spending. He also discussed major infrastructure projects such as the $1.5 billion Lekki Deep Sea Port and the Blue Line rail, which has transported over eight million passengers.