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.