Tinubu, Oyedele highlight Lagos as engine of Nigeria’s economic growth, investment hub

Business, Economy & Policy, Politics

LAGOS, Nigeria (NPA) — President Bola Tinubu has described Lagos State as a major driver of Nigeria’s economy, saying the state continues to lead the country in investment attraction, innovation, and economic growth.

Represented by Vice President Kashim Shettima at the Invest Lagos 3.0 Summit in Lagos on Monday, Tinubu said Lagos contributes about 30 per cent of Nigeria’s Gross Domestic Product (GDP), making it one of Africa’s most significant economic centres.

He attributed the state’s remarkable growth to policy consistency, enterprise, and a conducive environment for business and investment.

“Lagos is Nigeria. Lagos is Nigeria,” the President declared, underscoring the state’s strategic importance to the national economy.

According to him, Lagos offers investors unparalleled access to markets, capital, talent, infrastructure, and business opportunities, positioning it as a gateway to Africa’s vast economic landscape.

Tinubu further noted that Lagos hosts five of Africa’s nine technology unicorns, a development he said reinforces its status as the continent’s leading hub for innovation and investment.

The President stated that ongoing economic reforms by the Federal Government are restoring investor confidence, strengthening fiscal sustainability, and improving the country’s investment outlook.

He added that Nigeria’s foreign reserves have grown significantly, rising to nearly $50 billion, while assuring local and international investors that the country remains open for business.

“Nigeria is ready and open for business,” he said.

Tinubu stressed that sustaining economic growth would require stronger collaboration between the Federal Government and subnational governments, commending Lagos for setting standards that encourage other states to improve their investment climate and competitiveness.

Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said state governments are increasingly becoming critical drivers of Nigeria’s economic transformation.

“The future of Nigeria’s growth story is being written in Lagos, Kano, Enugu, Uyo and other cities,” Oyedele said.

He noted that investors are increasingly focusing on projects, industrial clusters, logistics corridors, and economic ecosystems rather than countries alone.

The minister cited the recent commissioning of a hyperscale data centre in Lagos as a successful example of collaboration between the public and private sectors.

According to him, key reforms undertaken by the Federal Government have improved economic predictability, competitiveness, and profitability for investors.

He identified exchange-rate reforms, stronger external reserves, and fiscal restructuring as some of the measures supporting macroeconomic stability.

Oyedele disclosed that Nigeria’s economy recorded a growth rate of 3.89 per cent in the first quarter of 2026 and expanded by 11.2 per cent in dollar terms in 2025.

He also highlighted ongoing tax reforms designed to simplify compliance procedures, improve efficiency, and support business expansion.

“Our goal is not to tax more; it is to tax smarter,” he said.

The minister further announced plans to establish a Nigerian Deal Room to connect investors with viable projects and unlock investment opportunities across key sectors of the economy.

He urged investors to explore opportunities in infrastructure, agriculture, energy, manufacturing, technology, tourism, and housing, describing Nigeria as one of the world’s most attractive long-term investment destinations.

“Nigeria remains one of the most compelling long-term investment destinations globally,” Oyedele added.