Sanwo-Olu: African Investment Future Lies in Cities

On Monday, Babajide Sanwo-Olu, the Governor of Lagos State, asserted that the future of African investment will be shaped by urban centers that foster infrastructure, businesses, and economic opportunities. He delivered this keynote address during a dinner in Washington DC after receiving the 2026 Global Transformation and Good Governance Prize from the Millennium Excellence Award, USA.

The award ceremony took place at the Warner Theatre, as part of the 2026 Africa Business Investment Summit organized by the Millennium Excellence Foundation at the MGM National Harbor in Oxon Hill, Maryland. In his speech titled “Lagos and the Future of African Investment,” Sanwo-Olu highlighted Lagos as a model for effective urban governance and private-sector collaboration driving economic transformation in Africa.

He noted that Lagos, which occupies less than 0.5% of Nigeria’s landmass, has a population exceeding that of the Netherlands and contributes over 25% of Nigeria’s economic output. He stated that Lagos's economy, valued at approximately $259 billion, is the second-largest city economy in Africa, with a budget of N4.4 trillion for the year, over half of which is allocated for capital spending.