Tinubu: Lagos is Africa’s Gateway to Global Capital

• Says investments, enterprise will drive Nigeria’s $1trn economy target 

•Sanwo-Olu,  Uzodimma, Otti, Sule, Mutfwang woo investors

Deji Elumoye in Abuja

President Bola Tinubu yesterday projected Lagos as a leading destination for business, innovation and economic growth on the African continent.

The President described Lagos as the gateway to Africa’s economic future and a strategic hub for global investments and trade opportunities.

 Declaring open the Invest Lagos 3.0 Summit in Lagos, the President who was represented by Vice President Kashim Shettima, declared that Nigeria’s ambition of building a $1 trillion economy is driven by enterprise, investment and coordinated reforms across all levels of government.

Also, Governor Babajide Sanwo-Olu, in his address, described Lagos as the business gateway to Africa, just as he highlighted numerous investment opportunities in the State.

This was as Governors Hope Uzodimma of Imo State; Alex Otti of Abia, Caleb Mutfwang, and Engr. Abdullahi Sule of Nasarawa State, used the summit to showcase the investment potential in their respective states.

Speaking further, Tinubu singled out Lagos State as the clearest demonstration of how subnational leadership could accelerate national economic transformation.

Addressing an audience of policymakers, global investors, entrepreneurs, development institutions and business leaders, the President said Lagos has continued to distinguish itself as Nigeria’s foremost economic gateway and one of Africa’s most influential centres for commerce and investment.

He described the state as more than a commercial capital, noting that the city remains a testing ground for ideas, governance and economic execution.

“Lagos is the livewire of our continent. Lagos is the furnace in which our ideas are tested against the discipline of execution. Lagos is the great doorway through which Nigeria continues to greet the future,” Tinubu said.

According to him, Lagos has repeatedly shown that economic progress was achievable when vision was matched with competent leadership, institutional continuity, and private sector confidence.

He credited the former nation’s capital’s growth trajectory to leadership that has sustained long-term planning and governance reforms since Nigeria’s return to democratic rule.

Shettima praised Tinubu for laying the foundation of the Lagos development model, describing it as a governance tradition that has created continuity and positioned the state as a continental economic force.

“President Bola Tinubu planted the tree whose shade has sheltered a succession of leaders committed to futurist ideas, institutional continuity and disciplined governance,” he stated.

Shettima also commended Governor Sanwo-Olu for sustaining Lagos’ growth momentum and strengthening its attractiveness as a destination for investment and business expansion.

Referring to the summit’s theme, “Lagos: The Business Gateway to Africa,” the Vice President said the gathering reflects an emerging global reality where cities increasingly shape production systems, supply chains, innovation networks, and investment flows.

He noted that Lagos has continued to attract investors because of its access to markets, infrastructure, talent and financial opportunities.

Shettima reaffirmed the Tinubu administration’s economic agenda, stating that recent macroeconomic reforms were deliberately designed to restore market confidence, improve fiscal sustainability and unlock large-scale private investment.

He acknowledged that some of the decisions undertaken by the government have been difficult, maintaining, however, that sustainable prosperity requires structural discipline and economic realism.

“We have taken difficult decisions because we understand that the economy of our dream cannot be built on illusions. It must be built on productivity, discipline, competitiveness, and the courage to create a climate in which enterprise can breathe”.

Highlighting Nigeria’s long-term opportunity, Shettima said the country’s demographic profile and strategic position under the African Continental Free Trade Area present a unique platform for industrial expansion and regional competitiveness.

With projections placing Nigeria among the world’s largest populations by 2050 and AfCFTA creating access to a market of more than 1.4 billion people, he said the country was positioned to emerge as Africa’s leading production, logistics, innovation and investment hub.

The Vice President, however, stressed that the Federal Government cannot deliver economic transformation in isolation.

Earlier, Governor Sanwo-Olu said the forum was reinforcing Lagos’ status as an investment-ready destination that offers a veritable gateway and platform for investors to tap from the abundant resources across different sectors.

Acknowledging the contribution, vision and foundation for a new Lagos laid by President Tinubu some years ago, Sanwo-Olu said the President’s continuous support for and commitment to rapid sub-national development remained unprecedented.

He also outlined the achievements of his administration in agriculture, health, human capital development, transport, energy, technology, trade and commerce, assuring investors of the emerging shift to sub-national growth anchored by the federal government, which, according to him, Lagos represents.

He said Lagos remains committed to building a resilient economy capable of attracting local and international investors while creating jobs and opportunities for residents.

Sanwo-Olu therefore called for increased private sector investment across key infrastructure sectors, including rail transport, energy, agriculture, and agro-processing.

He said Lagos State was opening up major opportunities to bridge its infrastructure gap and unlock economic growth, noting that Lagos State has significant untapped potential, particularly in transportation and utilities, adding that solving mobility challenges would have far-reaching economic benefits.

The Governor stressed that Lagos’ long-term growth depends heavily on efficient mobility systems, particularly rail and waterways.

He added that improved transport systems would directly enhance productivity and household incomes while improving the ease of doing business for investors.

“We have opportunity in water, we are currently enjoying some credit facilities, but we still have a lot of opportunity. If we solve transportation issues in Lagos, what we are doing is we are unlocking the economic potential. Travel time will be completely reduced. People can get to one point or the other easily, quicker, and faster,” he said.

Governor Sanwo-Olu also used the opportunity to court investors into Lagos’ expanding technology ecosystem, particularly in digital infrastructure and data services.

He said: “Today, we are building what we call not just data centres, we are building fibre connectivity around the city. The future is technology. Lagos is actively scaling up digital infrastructure to attract hyperscale data centre investments.

“Lagos is already positioning itself as a technology hub, but requires more private capital to expand capacity. We are opened one, but there are still huge opportunities in technology, in data, and infrastructure.”

Also speaking, Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said one of the gains of the Tinubu administration’s audacious reforms was the re-emergence of Lagos as the shining light of sub-national development across critical sectors, including trade and commerce.

He said the federal government, under the leadership of President Tinubu, has over the past three years taken far-reaching decisions to dismantle structural deficiencies in Nigeria’s economy, noting that the resilience of the economy was already manifesting across different sectors and in the sub-nationals.

In his remarks, Governor Hope Uzodimma, said Imo State was ready for local and foreign investments, highlighting major improvements in infrastructure, security, power supply and ease of doing business.

Speaking during a session for Governors present at the event, Uzodimma said Imo has abandoned the old model of government-driven enterprises and embraced private sector-led growth by creating an enabling environment for businesses to thrive and had repositioned itself as one of Nigeria’s emerging investment destinations.

He added: “When I speak of Imo, I often say it means Investment Meets Opportunities (IMO). We have repositioned government as an enabler rather than an operator of business, creating the right environment for private-sector growth.”

Uzodimma said Imo now generates, transmits and distributes electricity through a Public-Private Partnership arrangement, while its Energy Free Trade Zone is attracting investments in petrochemicals, fertiliser production, gas processing and other energy-related industries.

Uzodimma said the state had also introduced incentives for investors, including tax reforms and streamlined business processes, while leveraging its vast deposits of natural gas and other mineral resources to drive industrialisation and economic growth.

In her welcome address, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada, said the investment summit resonates with the notion that Lagos was open for business, partnership and investment, assuring that the city will keep to its promises of a conducive environment for the investments to thrive.

In his goodwill message, Secretary General of the Commonwealth, Shirley Botchwey, justified the nomenclature of Lagos as the continent’s business gateway, noting that while the state is setting the pace for technology, culture and enterprise development, it is not just a city of potential but one of proof.

Also, Chairman of the Commonwealth Enterprise and Investment Council, Mr. Lord Marland, observed that at a time when the world was plagued by environmental, economic and health challenges, proactive and pragmatic leadership is required to show that the country is ready to lead amidst the emerging issues.

He acknowledged that President Tinubu, supported by the Vice President and other leaders at the sub-national level, have demonstrated purposeful leadership.

In his goodwill message, the representative of the President of the Afrexim Bank, Dr Gainmore Zanamwe, said the bank’s commitment to supporting viable investments in Lagos and Nigeria remains unwavering and demonstrates the confidence the bank has in the country’s capabilities of powering Africa’s new era of trade, talent and global economic leadership.

On his part, Secretary General of AfCTA Secretariat, Mr. Wamkele Mene, said projected growth and development across Africa will depend largely on the quantum of collaborations and investment in infrastructure and entrepreneurship across the continent, noting that Lagos State is well positioned to actualise the African vision.