Lagos State Governor, Babajide Sanwo-Olu, has said the future of investment in Africa will largely be determined by the strength of its cities, rather than solely at the continental or national level.
Sanwo-Olu made the remarks in Washington, D.C., on Saturday while delivering a keynote address at a dinner held after he received the 2026 Global Transformation and Good Governance Prize from the Millennium Excellence Award, USA.
The award ceremony took place at the Warner Theatre and formed part of the 2026 Africa Business Investment Summit organised by the Millennium Excellence Foundation at MGM National Harbor in Oxon Hill, Maryland.
Speaking on the theme, “Lagos and the Future of African Investment,” the governor presented Lagos as an example of how effective urban governance, infrastructure development and collaboration with the private sector can accelerate economic growth across Africa.
According to him, Lagos occupies less than 0.5 per cent of Nigeria’s landmass but has a population larger than that of the Netherlands and accounts for more than one-quarter of Nigeria’s economic output.
“Measured by purchasing power, our economy is worth around $259 billion – the second-largest city economy on the continent. Our budget this year is N4.4 trillion and more than half of it is capital spending,” Sanwo-Olu said.
He added that Lagos had developed a strong internally generated revenue base, with IGR projected to exceed N3 trillion this year.
The governor also highlighted the state’s growing technology ecosystem, saying Lagos had been ranked by Startup Genome as the leading startup ecosystem in sub-Saharan Africa.
He said the ecosystem was valued at about $8.6 billion and had produced three active unicorns, while also boasting one of the region’s largest pools of technology talent.
On infrastructure, Sanwo-Olu pointed to the $1.5 billion Lekki Deep Sea Port, which he said surpassed Apapa Port in 2025 to become Nigeria’s leading port by cargo throughput, handling approximately 40 per cent of the country’s cargo.
He also referenced the 650,000-barrel-per-day Lekki Refinery, describing it as an important development in Nigeria’s transition from exporting crude oil to producing refined petroleum products locally.
The governor further highlighted Lagos’ transportation projects, including the Blue Line rail, which he described as West Africa’s first electric urban railway. According to him, the rail service has transported more than eight million passengers.
He said additional eight-car trains had also been acquired for the Red Line, with the capacity to transport up to 500,000 passengers daily.
Sanwo-Olu disclosed that the Omi Eko water transport project, supported by €410 million in funding, would provide 75 electric ferries, 25 terminals and 15 routes across the state.
He said Lagos was targeting a $1 trillion economy by 2052, adding that the state’s ambition was anchored on sustained investment, innovation and infrastructure development.
Quoting a popular Lagos expression, the governor said, “Èkó ò ní bàjẹ́”, meaning Lagos will not spoil, describing it as a commitment shared by residents of the state.
Sanwo-Olu argued that African cities would become increasingly important to the continent’s economic future, particularly as Africa is projected to gain nearly one billion additional urban residents by 2050.
He therefore urged international investors to move beyond viewing Africa as a single investment destination and instead assess individual cities based on their governance, infrastructure, economic opportunities and business environment.
The governor dedicated the award to more than 25 million Lagos residents and expressed appreciation to the Asante Crown and the Millennium Excellence Foundation for the recognition.
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