Lagos State continues to drive Nigeria’s economic growth, contributing about 22 percent of the country’s Gross Domestic Product (GDP), Governor Babajide Sanwo-Olu said on Saturday.
Speaking at the Business Council session of the Oniru Business and Cultural Day, Sanwo-Olu described the state as a key engine of national productivity and attributed its economic performance to deliberate governance policies and ongoing reforms under the THEMES+ development agenda.
Represented by his Deputy, Dr Obafemi Hamzat, the governor reassured investors that Lagos remains open for business. He highlighted continued investment in infrastructure, job creation, youth empowerment, and security as central priorities of his administration.
“The transformation of Lagos, and particularly the Oniru axis, is a product of strategic planning, collaboration with traditional institutions, and investor confidence,” he said, noting that what was once primarily a residential area has become a hub for commerce, hospitality, real estate, and creative enterprise.
Sanwo-Olu also underscored the state’s fiscal management, saying internally generated revenue has grown without imposing undue burden on residents. He encouraged business leaders to engage in policy dialogue, community investment, and civic responsibility, stressing that the private sector’s role extends beyond profit to national development.
The governor further noted Lagos’s emergence as Africa’s leading startup ecosystem, building a digital economy that attracts global capital while empowering local talent. “Lagos is not merely growing; Lagos is evolving into a more inclusive, opportunity-driven economy,” he said.
Earlier, Abdulwasiu Lawal welcomed participants and called for structured collaboration between businesses, government, and host communities. Lawal announced plans to launch the Iru Business Network and formalize the Oniru Business Council to guide investment, track progress, and promote inclusive economic growth within the kingdom.
He said the initiatives aim to connect enterprises, expand employment, strengthen small and medium businesses, and deepen local participation in large-scale commercial activities, reinforcing Oniru Kingdom as a model of coordinated, palace-public-private collaboration.
The event highlighted the interplay of tradition, governance, and commerce as Lagos positions itself for sustainable, inclusive development.