Harvard lecture: Lagos is investors’ delight, business powerhouse — Sanwo-Olu
Lagos, with a GDP of $259 billion, a population of 25 million, four seaports, and business-friendly government policies, is a prime destination for investors, according to Governor Babajide Sanwo-Olu.
During his address on Wednesday at Harvard Business School, Sanwo-Olu underlined the state’s potential, stating, “Lagos is a place where people come with nothing and leave as successful individuals. We are a commercial and business powerhouse.”
The Governor was speaking as part of Professor Hakeem Belo-Osagie’s course, “Understanding Africa: Business, Entrepreneurship, Political Economy and the Complexities of a Continent.” Belo-Osagie is a renowned Nigerian investment banker and businessman. Sanwo-Olu used the opportunity to showcase Lagos’s progress in infrastructure, education, innovation, and industrial growth.
The students were particularly impressed as Sanwo-Olu shared updates on the city’s transport infrastructure, including the Blue Line, Africa’s first intra-city metro, which has already moved over two million passengers—an average of 42,000 daily commuters. The Red Line is also operational, he revealed, and work is progressing on a new airport along the Lekki-Epe Expressway. Additionally, plans for the Green Line are set to begin soon, connecting the region to Lagos Island.
Sanwo-Olu also detailed significant developments in the educational sector, including the establishment of two new universities, with a third, dedicated to medical sciences, in the works to address personnel shortages in that field.
As one of Nigeria’s most tech-driven states, Lagos is positioning itself as a hub for tech talent. Sanwo-Olu noted that around 60% of the city’s population is youthful and tech-savvy, making it the ideal location for global giants like Microsoft or Amazon to seek skilled professionals. “This forms part of our 30-year development plan to build a human-centric economy,” he said.
The Governor also spoke about opportunities in tourism, arts, and culture. “Lagos has hosted numerous fashion shows, drama performances, and movies. In fact, a film made here has just been nominated for the Cannes Film Festival,” he shared. The city is working to calendarise its tourism and entertainment sectors, creating more opportunities for global recognition and investment.
Sanwo-Olu touched on ongoing improvements in roads, housing, and healthcare. Over 1,000 roads have been built or rehabilitated, and more than 3,000 housing units have been added to tackle the housing deficit. He also highlighted the expansion of clean energy transportation, with the introduction of more CNG buses. In healthcare, major projects include a new general hospital, a mental health hospital and rehabilitation centre, and the expansion of Massey Street Children’s Hospital, which will become the largest of its kind in Sub-Saharan Africa.
The Governor’s presentation, which began with a stunning five-minute video showcasing Lagos’s skyline and investment potential, concluded to enthusiastic applause. Students were eager to learn more, particularly about energy needs, and Sanwo-Olu assured them that the unbundling of Nigeria’s energy sector had cleared the path for investors. “We can offer you licences. The system has been unbundled, and we now have the power to concession areas for development,” he explained.
Concluding his speech, Sanwo-Olu encouraged the students to consider investing in Lagos. “Many markets are already saturated. They have all the infrastructure they need. Lagos is still growing and building. This is where you should invest,” he said, as the students responded with resounding applause.