The Lagos State government has been urged to accelerate the diversification of its key economic sectors to build resilience against internal and external shocks.
The advice was given at the 2nd edition of the Lagos Economic Roundtable, themed, ‘Economic outlook 2025 discourse: Building resilience in times of global and domestic shocks’, held in Lagos on Tuesday.
The event was organised by the state’s Ministry of Economic Planning and Budget (economic intelligence department).
Adeola Adenikinju, president, Nigerian Economic Society (NES), in his lead paper at the forum, emphasised the need for the government to strengthen the financial independence of the state.
According to him, Lagos must build stronger institutions to deepen social welfare and inclusion in its drive towards a more resilient state.
He also urged the state government to create a macroeconomic model for Lagos, which will be domiciled in the economic intelligence department of the Ministry of Economic Planning and Budget.
He, however, cautioned that Nigeria might lose the middle-income class if the current shocks and economic realities were not properly checkmated. “No country can survive without the middle-income class,” he said.
Ope George, the Commissioner for Economic Planning and Budget, said Lagos remains the economic powerhouse of Nigeria and a symbol of progress across Africa.
“Ranked as the 4th wealthiest city on the continent and the 6th largest economy, our position is a testament to our resilience and ingenuity,” George said.
He, however, noted that the current achievements do not shield the state from the significant challenges posed by global and domestic economic shocks.
“This discourse provides a crucial platform for us to collectively address these challenges and explore forward-thinking strategies to bolster Lagos’ fiscal space, sustain economic growth, and enhance resilience,” he said.
According to him, the discourse aligns with the recently presented 2025 “Budget of Sustainability” by Governor Babajide Sanwo-Olu, which underscores the state’s commitment to sustaining development amid uncertainties
He further called for actionable solutions to solidify Lagos’ position as a dynamic, adaptive, and progressive economy, which ensures shared prosperity and a brighter future for all Lagosians.
Ayo Teriba, an economist, harped on the need to create a pool of skilled population across the state as a means of bridging the skills gap between the formal and informal sectors of the state’s economy.
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