How Sanwo-Olu is selling Lagos as Africa’s gateway for investment, By Olumide Iyanda

Lagos State Governor Babajide Sanwo-Olu is actively positioning Nigeria's economic hub as the primary gateway for investment in Africa, aiming to draw significant capital ahead of the upcoming Invest Lagos 3.0 summit. Scheduled to take place from June 8 to 10 at the Eko Hotel and Suites, the summit seeks to attract around ₦4 trillion, equivalent to roughly $2.5 billion, in new investments.

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Lagos has evolved into Africa’s second-largest city economy, with an estimated Gross Domestic Product of about $259 billion on a purchasing power parity basis.

The governor is targeting diverse sectors crucial for economic growth, including infrastructure, technology, housing, agriculture, and transportation. Lagos, despite its relatively small landmass within Nigeria, has established itself as one of the continent's most economically vital urban centers. Policy, innovation, and enterprise have been instrumental in shaping not only local development but also influencing regional and global economic discussions.

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He said the city has become Nigeria’s principal commercial gateway and a major destination for investment, enterprise and talent.

Lagos holds a unique and pivotal position in Nigeria and across Africa. It serves as the nation's commercial nerve center, hosting major financial institutions, manufacturing firms, technology companies, and vital ports. The city's sheer scale and dynamic pace continually shape conversations surrounding urbanization, infrastructure development, and economic expansion throughout the continent.

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Despite occupying a relatively small landmass within Nigeria, Lagos has grown into one of the continent’s most economically consequential urban centres.

Officials are presenting a compelling case for Lagos, highlighting its substantial population, extensive market size, robust transport links, and continuously expanding infrastructure. They argue that Lagos is not merely Nigeria's economic capital but a strategic gateway to broader African business opportunities. Investment documents prepared for the summit reveal that Lagos accounts for over 30 percent of Nigeria's Gross Domestic Product and approximately 90 percent of the country's foreign trade flow. Furthermore, the state government emphasizes its strong internal revenue generation, which accounts for about 70 percent of its total revenue, thereby reducing reliance on federal allocations. In 2025, Lagos became the first Nigerian state to surpass ₦1 trillion in Internally Generated Revenue.

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He said policy, innovation and enterprise had combined to shape not only local development but also regional and global economic conversations.