Sanwo-Olu identifies Lekki corridor as banks’ major financing opportunity

File photo: Governor Babajide Sanwo-Olu of Lagos State

Lagos State Governor, Babajide Sanwo-Olu, has urged banks to increase investment in manufacturing, logistics, energy and trade opportunities emerging along the Lekki corridor, saying stronger financial sector participation could unlock private investment and create jobs.

He identified the Lekki Deep Sea Port, expanding industrial activities, rail and road infrastructure projects, and opportunities created by the Lagos State Electricity Law as areas requiring greater financing from commercial banks.

Sanwo-Olu spoke on Saturday at the 2026 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria in Lagos, where he challenged lenders to look beyond conventional banking and support projects capable of expanding the productive capacity of the economy.

He said the infrastructure and policy developments in Lagos were creating new opportunities for businesses, but unlocking their full economic potential would require stronger partnerships between government, financial institutions and private investors.

According to him, financial institutions could play a bigger role in financing manufacturing activities, logistics services, energy projects and trade around the Lekki axis, where expanding industrial operations and port activities are creating demand for supporting businesses.

The governor said the banking sector’s recent recapitalisation should give lenders greater capacity to finance such opportunities, stressing that stronger bank balance sheets must translate into new factories, expanding enterprises and sustainable employment.

He noted that manufacturers needed affordable, long-term loans to acquire machinery, increase production and compete internationally, while agricultural processors required funding for storage, processing and distribution.

Sanwo-Olu also called on banks to extend financing to smaller businesses, including those operating within industrial clusters and supply chains. He said government support through the Lagos State Employment Trust Fund could not independently meet the financing needs of the state’s growing business community.

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He urged lenders to develop accessible credit products, finance equipment purchases and strengthen the links between small enterprises and larger markets.

The governor said the scale of investment required to transform Nigeria’s economy made collaboration between government, banks and private investors essential.

He added that the deployment of additional bank capital must be guided by responsible lending, transparency and sound corporate governance.

Sanwo-Olu said the ultimate measure of the recapitalisation exercise would be its contribution to industrial expansion, export growth and employment.

“As I conclude, I want to leave the banking industry with this thought: Nigeria has recapitalised its banks. The next task is to help recapitalise Nigerian industry. The success of this exercise should ultimately be visible in the factories we establish, the businesses we grow, the exports we generate and the opportunities we create for our young people,” Sanwo-Olu noted.