Business
Sanwo-Olu Reassures Investors as Lagos Drives Inclusive Economic Growth
Governor Sanwo-Olu reassures investors of Lagos’ stability, inclusive growth, and role as a national economic engine contributing 22% of Nigeria’s GDP
Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, has assured investors and the business community that the state will remain open, stable, and forward-looking, highlighting Lagos’ critical role as a national economic engine contributing 22 per cent of Nigeria’s GDP.
Also read: Dangote Refinery Dominates 62% of Nigeria’s Petrol Market
The assurance came during the Business Council Session of the Oniru Business and Cultural Day hosted by HRM Oba Abdulwasiu Omogbolahan Lawal, OON, the Oniru of Iru Kingdom, at the Oniru Palace in Lagos.
The Governor was represented by Deputy Governor Dr. Kadri Obafemi Hamzat.
Sanwo-Olu emphasised that Lagos hosts the largest concentration of SMEs in West Africa and serves as a gateway for foreign direct investment.
“These statistics are the result of deliberate governance choices and sustained reforms,” he said, underscoring the state’s deliberate policies to maintain economic vibrancy.
He highlighted the THEMES+ development agenda, which focuses on transportation, technology, innovation, and the digital economy, noting that policy support and infrastructure investment are driving Lagos’ position as Africa’s leading startup ecosystem.
Targeted programs are supporting SMEs, digital entrepreneurship, the creative economy, and vocational training, ensuring inclusive development.
“Empowering our youthful population with skills, mentorship, and access to markets is central to sustainable growth,” Sanwo-Olu added, stressing that continuity of vision and public-private partnerships remain vital for long-term prosperity.
The Governor also commended HRM Oba Lawal for preserving cultural heritage while fostering structured growth and investment confidence within Iru Kingdom.
“The Oniru Business and Cultural Day provides a model of how leadership can shape development responsibly,” he said, urging business council members to remain engaged in policy dialogue and civic responsibility.
In her goodwill message, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, represented by Special Adviser Efe Barber, highlighted Nigeria’s economic diversification drive.
She noted efforts to strengthen local production, deepen value chains, boost non-oil exports, and attract both domestic and foreign capital through structured national engagements.
HRM Oba Lawal explained that the Oniru Business Network and the Oniru Business Council will serve as permanent platforms to link enterprises, investors, artisans, and government agencies, ensuring that structured dialogue translates into measurable outcomes for the community and state economy.
Also read: Dangote Refinery Dominates 62% of Nigeria’s Petrol Market
The event reflects Lagos State’s commitment to inclusive, opportunity-driven economic growth, integrating tradition with modern governance to sustain investor confidence and prosperity for all residents.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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