African cities must drive investment, economic growth – Sanwo-Olu

Lagos State Governor Babajide Sanwo-Olu emphasized the pivotal role African cities must play in driving investment and economic growth during a recent keynote address in Washington, DC. At the Millennium Excellence Award ceremony, where he received the 2026 Global Transformation and Good Governance Prize, Sanwo-Olu highlighted that cities capable of providing infrastructure, fostering businesses and creating economic opportunities will increasingly determine the future of investment in Africa.

Citing Lagos as a prime example, Sanwo-Olu pointed out that despite occupying less than 0.5 percent of Nigeria's landmass, the city hosts a population surpassing that of the Netherlands and generates over a quarter of the country's economic output. With an economy valued at approximately $259 billion and a projected budget of N4.4 trillion, Lagos demonstrates significant economic potential, generating more than half of its budget through internally generated revenue.

The governor also praised Lagos' burgeoning technology ecosystem, which ranks as the leading startup hub in sub-Saharan Africa, boasting a valuation of $8.6 billion and a strong talent pool.

Infrastructure developments, such as the Lekki Deep Sea Port, which surpassed Apapa in cargo throughput, and the Lekki Refinery, marking Nigeria's shift towards domestic refined petroleum production, underscore Lagos' commitment to advancing infrastructure. Sanwo-Olu further detailed transportation advancements, including the Blue Line rail system and plans for the Omi Eko water transport project, which aims to deliver 75 electric ferries, 25 terminals and 15 routes.

Looking ahead, Sanwo-Olu set a bold target for Lagos to become a $1 trillion economy by 2052, emphasizing the city's unwavering commitment to sustained growth. He urged investors to recognize the individual strengths of African cities, advocating for a more granular approach to economic development across the continent.