Lagos economic growth product of data, intentional governance – Sanwo-Olu

…as experts urge state to translate gains to prosperity for citizens

Governor Babajide Sanwo-Olu has attributed fast-paced development and economic growth of Lagos State to what he described as ‘intentional governance and strategic planning’ driven by data mined by critical agencies of the state, particularly the ministry of economic planning and budget.

Sanwo-Olu spoke, Tuesday, at the launch of the third Lagos Economic Development Update (LEDU) 2026. The document, themed: “Consolidating Resilience, Advancing Competitiveness and Delivering Shared Prosperity” details the economic trajectory of Nigeria’s biggest economy state.

According to the governor, represented by Kadri Obefemi Hazamt, his deputy, the LEDU has, over time, evolved beyond a mere policy document, to serve as a compass and guide to the economic direction of Lagos; shaping decisions, and reinforcing the commitment of the state to building a resilient, inclusive, and prosperous city.

“The global economic environment in recent years has tested nations and sub-national economies alike. From post-pandemic recovery to inflationary pressures, shifting exchange rates, and emerging financial realities, the terrain has been anything but predictable. Yet, Lagos has remained steadfast—not because we are immune to challenges, but because we respond with clarity, discipline, and foresight,” he noted.

The governor added that since the inception of LEDU, Lagos State has recorded measurable progress and sustainable economic growth across key sectors, improved revenue generation, strategic infrastructure expansion, strengthened human capital development, and enhanced ease of doing business.

“Our progress is not accidental – it is the result of intentional governance, strategic planning, and strong partnerships,” Sanwo-Olu said, adding that the state has now been well positioned to partner with the private sector to continue to deliver growth that impact lives.

“As we look ahead, our administration remains committted to a robust, inclusive, and globally competitive Lagos economy that will continue to drive diversification, ensuring Lagos is not dependent on a narrow set of sectors, support private sector-led growth recognising that enterprise is the backbone of economic expansion.”

On his part, Ope George, the Commissioner for Economic Planning and Budget, noted that the 3rd Lagos Economic Development Update highlighted progress in revenue growth, infrastructure, and ease of doing business.

He emphasised priorities, including diversification, private sector-led expansion, and data-driven governance.

George noted that future growth must translate into shared prosperity, calling for stronger collaboration among government, businesses, and development partners to sustain Lagos’ competitiveness and long-term economic stability.

In his keynote address, Tayo Aduloju, chief executive officer of the Nigerian Economic Summit Group (NESG), acknowledged the economic growth of Lagos.

According to him, by continental comparison, Lagos remains one of Africa’s leading city economies—valued at about $315.9 billion (PPP), behind Cairo — and has strong nominal growth momentum in recent years.

However, he added: “But we must also be honest: real income pressures remain high, and structural cost adjustments continue to test households and businesses.”

Aduloju, therefore, urged the state to be intentional about translating the growth trajectory and gains of the state improved per capita income and economic prosperity of the people, millions of whom remain below the poverty line.