Economy
Lagos Investment Destination Gains Global Attention as Obasa Hosts Chinese Delegation
Speaker Obasa declares Lagos Africa’s top investment destination during a diplomatic visit by China’s Guangxi Province delegation
Lagos investment destination status was boldly reaffirmed by Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr.) Mudashiru Obasa, as he hosted a high-level delegation from Guangxi Province, China, led by Zhang Xiaoqin, Vice Chairman of the Standing Committee of the Guangxi People’s Congress.
Also read: New Lagos Leather Hub Poised to Transform Local Industry, Global Exports, Says Obasa
Speaking at the Assembly complex on Monday, Speaker Obasa described Lagos as Africa’s foremost business hub, backed by a $260 billion GDP, a 20-million-strong population, and a status as West Africa’s maritime gateway.
“Lagos is more than a city – it is a vision of progress,” Obasa said.
“We have enabling laws, a huge population, and a vibrant economy. It’s the best place to invest in Africa.”
The delegation’s visit, Obasa said, is a watershed moment for bilateral ties between Nigeria and China, with Lagos positioned at the centre of future collaboration in infrastructure, trade, tourism, and legislative cooperation.
He referenced the existing Lagos-China infrastructure partnerships, including the CCECC-led Red and Blue Rail lines, as proof of the state’s openness to strategic global investments.
“We are ready for more collaboration. Lawmaking is the bedrock of progress, and we will align our laws with global best practices for win-win outcomes,” Obasa added.
Guangxi Vice Chairman Zhang Xiaoqin praised Lagos as a “vibrant economic ecosystem,” noting its similarities with Guangxi in maritime strength and trade corridors.
“This visit is a foundation for enduring friendship,” Xiaoqin said.
“We look forward to enhancing cooperation in economy, trade, and tourism. We also hope for more care for Chinese citizens in Lagos.”
Guangxi Province, which borders Vietnam and connects to ASEAN trade routes, shares synergies with Lagos in port logistics, agriculture, and tourism.
Its interest is aligned with China’s Belt and Road Initiative, with Lagos poised to play a crucial role.
For Speaker Obasa, the meeting was not just diplomatic — it was symbolic of Lagos’s legislative evolution and global vision.
He pledged continued legislative support to foster sustainable development, welcoming ideas that harness Lagos’s full potential in tourism, infrastructure, and technology.
Also read: Obasa Commends N500Billion ‘Produce For Lagos’ Initiative, Reaffirms Assembly’s Support
“Our Assembly is ready to work with global partners, like Guangxi, to shape a prosperous future for Lagos and for Africa.”
Cash outside Nigerian banks rose to N4.92tn in September 2026 as Nigeria’s broad money supply increased to N146.6tn, CBN data show
Cash outside Nigerian banks rose to N4.92tn in September 2026, an increase of N48.73bn from the N4.87tn recorded in August, according to monetary data published by the Central Bank of Nigeria.
Also read: UCL: Nico Paz Scores Twice as Como Crush Man United
The latest figures also showed an expansion in Nigeria’s broad money supply, which increased to N146.6tn in September from N139.09tn in the previous month.
The growth represents an increase of N7.51tn within one month, reflecting a broader expansion in the amount of money circulating across the economy.
The CBN data further showed that narrow money, which consists of currency in circulation and highly liquid deposits, rose to N44.05tn in September from N43.11tn in August.
Cash held outside banks refers to physical currency kept by individuals and businesses rather than within the banking system.
Broad money, by contrast, covers a wider range of monetary assets, including cash, demand deposits, savings and time deposits, as well as foreign currency deposits.
Nigeria’s broad money supply increased by 18.3 per cent between January and September, rising from N123.95tn to N146.6tn, the data indicated.
The latest increase followed the CBN’s decision in September to reduce its benchmark interest rate by 350 basis points, bringing it down from 26.5 per cent to 23 per cent.
The reduction was reported as the largest cut in the benchmark rate since December 2006.
Despite the rate cut, the Monetary Policy Committee retained the Cash Reserve Requirement for commercial banks at 45 per cent and merchant banks at 16 per cent.
The committee also maintained the 75 per cent reserve requirement on non-Treasury Single Account public-sector deposits.
The Cash Reserve Requirement determines the proportion of eligible deposits that banks must hold as reserves with the central bank.
It is one of the monetary policy tools used to influence banking-sector liquidity and credit conditions.
The rise in cash outside Nigerian banks formed part of the broader increase in money supply.
Also read: UCL: Nico Paz Scores Twice as Como Crush Man United
However, the figures alone do not establish why households and businesses held more physical cash or how much of the increase was driven by spending, savings behaviour or other economic factors.
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