Lagos Can Become $1tn Economy Through Private-sector Partnership

Folashade Kaosarat Bada Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment in Lagos State, has emphasized the necessity of stronger private-sector collaboration to propel the city's economy towards a $1 trillion milestone by 2052. Speaking at the Julius Berger Luminary Soirée 2026, Ambrose-Medebem outlined the Lagos State Development Plan 2052, which outlines 447 initiatives across 21 sectors, guided by four key pillars: a thriving economy, a human-centric city, modern infrastructure, and effective governance.

She outlined the ambitious goal of expanding the Lagos economy from $800 billion to $1 trillion by 2052, highlighting that sustained policy consistency, disciplined execution, and increased private-sector participation are crucial to achieving this vision.

The current contribution of manufacturing to the state's GDP is 9.57 percent, indicating the significance of industrialization and enterprise development for long-term growth. According to 2023 data, Lagos' GDP stands at approximately $259.75 billion on a purchasing power parity basis, rendering it Africa's second-largest city economy and accounting for over 30 percent of Nigeria's economic output.

Under Governor Babajide Olusola Sanwo-Olu's leadership, the Lagos government is transitioning from merely attracting investors to facilitating viable transactions and measurable economic outcomes. The Invest Lagos summit, the state's flagship international investment event, aims to connect global capital with a diverse range of structured and progressively de-risked opportunities valued at more than N4 trillion across vital sectors of the economy.