Lagos State Launches Ambitious $1 Trillion Economy Plan

On October 28, 2026, Lagos State Governor Babajide Sanwo-Olu unveiled a long-term development plan targeting an economy worth nearly $1 trillion by 2052. This initiative, presented at the Lagos Executive Business Breakfast Meeting organized by the Nigerian-British Chamber of Commerce, includes 447 initiatives across 21 strategic sectors, focusing on a thriving economy, a human-centered city, modern infrastructure, and effective governance.

Sanwo-Olu emphasized the need for sustained investment and business-friendly policies to enhance Lagos' competitiveness and attract domestic and international investors. He noted that the state’s budget had increased from about N700 billion in 2019 to N4.2 trillion in 2026, reflecting the growing investment needs.

Abimbola Olashore, President of the NBCC, called for stronger collaboration among government, businesses, and investors to improve the business environment. The plan aligns with the Federal Government's goal of transforming Nigeria into a $1 trillion economy by 2030, although challenges remain in achieving this target.