Shettima, Sanwo-Olu, Oyedele say economic reforms attracting local, foreign capital

…pitch Lagos as premier Africa’s biz hub

Nigeria’s Vice President Kashim Shettima; Lagos State Governor Babajide Sanwo-Olu; and Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, posited on Monday that the economic reforms being undertaken by the Nigerian government are attracting local and foreign capital into the country.

The trio also acknowledged Lagos as Africa’s leading investment destination, highlighting ongoing infrastructure expansion in the state as critical to businesses and investors.

They spoke at the opening of the Invest Lagos Summit 3.0 in Lagos, presenting the state as a strategic hub for trade, innovation and long-term economic growth, urging investors to take advantage of emerging opportunities across key sectors.

Shettima described Lagos as “Africa’s gateway to global wealth,” noting that the state continues to attract multinational corporations and foreign investments due to deliberate policies, strong institutions and a conducive business environment. According to him, Nigeria possesses the demographic strength, entrepreneurial capacity and economic potential to rank among the world’s largest economies by 2050 if investments in infrastructure, innovation and leadership are sustained.

“Lagos remains a prime destination for business expansion and economic growth on the continent,” the Vice President said, while reaffirming the Federal Government’s commitment to improving infrastructure, expanding trade opportunities and enhancing the ease of doing business nationwide.

Sanwo-Olu said Lagos, with a population exceeding 25 million and a rapidly expanding economy, is well-positioned to leverage opportunities arising from the African Continental Free Trade Area (AfCFTA) and increasing global investor interest in Africa.
The governor cited major infrastructure projects, including the Blue and Red Rail Lines, the planned Green Line rail project and ongoing investments in digital infrastructure, as key drivers of the state’s competitiveness and investment appeal.

He said Lagos is also pursuing its ambition to become Africa’s leading financial centre, supported by investments in transport, technology, agriculture and human capital development.

“Our ambition is to build a human-centred global city where innovation thrives, businesses flourish and opportunities abound,” Sanwo-Olu said.

The governor added that growing support from development finance institutions, multilateral organisations and private investors reflects confidence in the state’s economic direction, stressing that the success of the summit would be measured by investments secured, jobs created and livelihoods improved.

Providing insights into Nigeria’s macroeconomic reforms, Oyedele said recent fiscal and tax policy measures are improving investor confidence and creating new opportunities for growth at the sub-national level.

Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment, who earlier, described Lagos as Nigeria’s economic powerhouse and one of Africa’s most dynamic commercial centres, that remains opened for business

“Lagos is open for business, partnerships and investments,” Ambrose-Medebem said, reaffirming the state government’s commitment to policy reforms, public-private partnerships and strategic infrastructure investments that support sustainable economic growth.

The summit attracted investors, development partners, business executives and government officials, including governors from Abia, Imo, Taraba and Nasarawa states.