Lagos State Budget Grows to N4.3 Trillion in 7 Years

During a keynote address at the Geo-Economic Optim Summit 2026, Governor Babajide Sanwo-Olu of Lagos State reported that the state's budget increased from N700 billion to N4.3 trillion over a span of seven years. He described Lagos as a significant economic hub, contributing roughly one-third of Nigeria's Gross Domestic Product (GDP) and being Africa's second-largest metropolitan economy, following Cairo, Egypt.

Sanwo-Olu highlighted the diverse economic base of Lagos, which includes finance, technology, logistics, trade, and creative industries. He acknowledged the challenges posed by rapid urbanization, with the state's population growing from less than one million in 1960 to 24 million today, leading to pressure on housing, transport, and public infrastructure.

The governor reiterated the need for Lagos to receive special constitutional status to support its strategic importance to Nigeria's economy. Pastor Tunde Bakare described Lagos as a model state, emphasizing its potential for economic growth and leadership.