Lagos Aims for $1 Trillion Economy by 2052

Folashade Kaosarat Bada Ambrose-Medebem, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, urged for deeper collaboration between the government and the private sector to unlock Lagos State’s economic potential and aim for a $1 trillion economy by 2052. Speaking at the Julius Berger Luminary Soirée 2026, she referenced the Lagos State Development Plan 2052, which outlines 447 initiatives across 21 strategic sectors focused on a thriving economy, human-centric city, modern infrastructure, and effective governance.

The plan aims to grow the economy to between $800 billion and $1 trillion, necessitating sustained policy consistency and greater private-sector participation. Ambrose-Medebem noted that manufacturing contributed 9.57% to Lagos’ real GDP in Q1 2026 and highlighted that the state’s GDP was approximately $259.75 billion in 2023, making it Africa’s second-largest city economy.

Under Governor Babajide Olusola Sanwo-Olu, the government is facilitating bankable transactions through the Invest Lagos initiative, connecting global capital with opportunities valued at over N4 trillion.