Lagos accounts for 45% of Nigeria’s capital inflow, Gov. Sanwo-Olu tells Harvard forum.

Gov. Babajide Sanwo-Olu has asserted that Lagos State is the primary engine driving the transformation of African cities, reshaping economic trajectories and urban development patterns through rapid expansion and innovation.

The Governor made these remarks as the Guest Speaker at the John F. Kennedy Jr. Forum, hosted by the Harvard Kennedy School Institute of Politics. Speaking on the theme “Africa’s Urban Future: Cities at the Crossroads of Growth and Resilience,” Gov. Sanwo-Olu noted that Africa is currently undergoing a historic urban expansion, growing at an annual rate of 3.5%, the fastest in the world.

“Lagos stands at the heart of this transformational shift,” Gov. Sanwo-Olu told the global audience of leaders and stakeholders.

“Our trajectory is not just aligned with Africa’s rise; it is defining its urban future.” Highlighting the state’s economic prowess, the Governor revealed that Lagos was recently ranked as the world’s fastest-growing tech ecosystem in 2025. The state currently serves as a base for over 2,000 startups and five FinTech “unicorns”—companies valued at over $1B each.

The Governor provided data to underscore this dominance, noting that Lagos attracted $2.73B in capital inflows in Q3 2025 alone, representing 45% of Nigeria’s total national intake. Furthermore, the state’s Internally Generated Revenue (IGR) reached approximately $821.9M (N1.26Tn) in 2024, accounting for 35% of the total IGR across Nigeria.

Gov. Sanwo-Olu attributed these successes to the strategic implementation of his administration’s THEMES+ agenda. He pointed to the “rail revolution”, specifically the commencement of the Blue and Red Lines, as evidence of impactful infrastructure delivery. He also highlighted the state’s youthful demographic, noting that 40% of its population consists of individuals aged 15 to 34.

While acknowledging the challenges posed by being Africa’s second-largest city by population, particularly regarding environmental and waste management, the Governor expressed confidence in the state’s articulated blueprints for resilience. “With the right partners and investments, we can build cities that are innovative, inclusive, and resilient,” Gov. Sanwo-Olu concluded.

The forum, co-sponsored by the Harvard University Center for African Studies and the Bloomberg Center for Cities, also featured other prominent African leaders, including Mayor John-Charuk Siafa of Monrovia, Liberia.