Ehingbeti: Lagos target $100bn in GDP

As Lagos State plans to host over 150 speakers both in-person and virtual for the 2022 Ehingbeti Summit, it is set to launch a 30-year development plan that is aimed at boosting its GDP to $100bn.

The development plan tagged LSDP 2052 was conducted over five phases between March 2021 to December 2022 and has over 400 initiatives across different metrics to drive the inclusion of every citizen in the state.

Speaking on Wednesday at a private-public partnership pre-Ehingbeti stakeholders engagement on building a sustainable future for a greater Lagos, Sanwo-Olu, said the government would continue to pursue policies that are inclusive and equitable to all over the development plan period.

He maintained that his administration remained committed to taking appropriate lessons from this Summit through the implementation of its resolutions, and “this edition will not be an exception.

“It is important to mention that past Summits gave birth to initiatives such as the Lagos State Employment Trust Fund which has continued to support young people with innovative ideas, to start and grow their businesses; the Lagos State Security Trust Fund through which security agencies are being assisted to be more effective in securing lives and property; design and construction/reconstruction of key road infrastructure with special consideration for the provision of pedestrian walkways. The list is not exhaustive as no sector of the State economy has not been positively impacted,” he said.

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This annual Summit, he said was initiated in 2000 during the tenure of Asiwaju Bola Ahmed Tinubu, former governor of Lagos State, to provide an opportunity for the private sector, organizations, individuals and all stakeholders in the development of Lagos, to be involved in designing the pathways to attaining the Lagos of “our collective dream and desire”.

According to him, Ehingbeti Summit, which is private sector driven, has, to a very large extent, achieved its purpose through the meticulous and faithful adoption and implementation of innovative ideas and suggestions that have emanated from robust discussions and brainstorming sessions led by highly knowledgeable and experienced personalities both from Nigeria and overseas.

Represented by his deputy, Kadri Obafemi Hamzat, he acknowledged that governance is not a one-man show because no government irrespective of the quality of its officials can claim a monopoly of knowledge or ideas.

“Hence the Summit is a clear admission of this fact and therefore presents the opportunity for everyone to get involved. Elingben is now firmly established as a credible forum for the stimulation of economic ideas and the emergence of the most vibrant, diverse, competitive and inclusive Lagos.”

On the development plan, Sanwo-Olu stressed that the “forum is organized to sensitize key stakeholders on this year’s Summit and more importantly seek your input on the proposed 30 years Lagos Development Plan which will be formally presented at the Summit for deliberation and final adoption for implementation.”

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.