Sanwo-Olu calls for collective efforts to transform Lagos into Africa’s leading business hub
By Sodiq Adelakun
Governor Babajide Sanwo-Olu of Lagos has called for sustained collaboration among entrepreneurs, workers, and residents to realise the state’s vision of becoming Africa’s foremost economic powerhouse.
Speaking at the closing ceremony of the 2024 Lagos International Trade Fair on Sunday, Sanwo-Olu emphasised the importance of unity and innovation in achieving a prosperous, inclusive, and resilient economy.
Sanwo-Olu, who addressed thousands of business leaders at the fair, said the theme of the event, “Connecting Businesses, Creating Value,” encapsulated Lagos’ ambitious growth agenda.
He affirmed that the state government, under his administration’s T.H.E.M.E.S+ Development Agenda, was committed to transforming Lagos into a global megacity capable of competing with the world’s most advanced urban economies.
“Our goal is to build a sustainable city where businesses of all sizes can thrive and contribute to a robust, digital-first economy,” Sanwo-Olu stated. “In recent years, we have made significant strides in infrastructure, including road construction, public transportation, and digital connectivity. Lagos is increasingly becoming a commercial gateway to West Africa, exemplified by major projects like the Lekki Deep Sea Port.”
The governor also highlighted the Lagos State Technical Working Group on the Africa Continental Free Trade Area (AfCFTA), which is helping local businesses harness opportunities within the regional trade bloc.
He stressed that the state was equally focused on sustainability, citing initiatives aimed at promoting renewable energy, waste management, and eco-friendly policies to ensure balanced growth.
Sanwo-Olu recognised the role of micro, small, and medium enterprises (MSMEs) in driving economic growth. The Lagos State Employment Trust Fund (LSETF), which has supported over 13,000 MSMEs with loans exceeding nine billion Naira, was one of the state’s key initiatives aimed at bolstering the entrepreneurial ecosystem.
Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade, and Investment, reinforced Sanwo-Olu’s message, praising the resilience of the business community and reiterating the government’s commitment to fostering growth through collaboration and innovation.
She highlighted that Lagos remains the economic powerhouse of Nigeria, contributing significantly to the nation’s GDP.
“Lagos is home to over 11,000 registered businesses, employing a substantial portion of our population,” Ambrose-Medebem said.
“We are focused on creating an enabling environment that promotes investment and innovation while ensuring that even our underserved communities benefit from inclusive growth.”
Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI), commended the Lagos State Government for its continued support of the trade fair and its contributions to the business community.
Idahosa also looked ahead to the 2025 edition, promising an even larger and more impactful event.
The 2024 Lagos International Trade Fair marked another milestone in the city’s journey toward becoming Africa’s economic leader, with promises of greater collaboration and support for businesses at all levels.
