Lagos State Governor, Mr. Babajide Sanwo-Olu, has reaffirmed the state’s readiness to welcome investors, declaring that Lagos remains open for business and is actively working to create an enabling environment for economic growth.
Sanwo-Olu gave the assurance through his deputy, Dr. Kadri Obafemi Hamzat, while receiving a delegation from the Georgia House of Assembly led by Hon. Almaz Dagash at the Lagos House, Alausa, Ikeja.
Speaking at the meeting, the governor highlighted Lagos State’s economic strength, describing it as a vibrant commercial hub with a population of about 24 million and a Gross Domestic Product (GDP) of approximately $259 billion.
“We have the market, the vibrancy, and the capacity. Lagos has a population of about 24 million people and a GDP of $259 billion. That’s a huge opportunity for investment,” Sanwo-Olu stated.
He also stressed that the current Federal Government is taking bold economic steps to stabilize the naira and reform the tax system. “For the first time in about 60 years, Nigeria is undergoing tax reforms. Those earning less do not pay income tax at all, and this is part of efforts to liberalize and expand the economy,” he said.
According to the governor, Lagos is investing in broadband infrastructure to boost digital connectivity in public schools and institutions. He also noted that the state had embraced digital governance, with automated systems and an interactive public portal designed to promote civic engagement.
Sanwo-Olu pointed out the unique position of Lagos within Nigeria and Africa at large, noting that the state—though covering just 0.4 percent of Nigeria’s landmass—hosts 10 percent of the country’s population.
“If Lagos were a country, it would rank as the sixth-largest economy in Africa, after Nigeria, South Africa, Egypt, Algeria, and Morocco,” he said.
Earlier, Hon. Dagash commended the economic opportunities Lagos and Nigeria offer, not just to locals but to the entire continent. She noted that their visit aimed to foster collaboration, train and mentor entrepreneurs, and improve access to funding.
She praised Nigerians for their global impact, saying, “Nigeria has the highest educated population, and Nigerians excel wherever they go. Despite the challenges, they make a difference both on the continent and in the communities where they live.”
The visit underscores growing international interest in Lagos as a strategic economic partner and a destination for impactful investment.
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