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

Lagos State Governor, Mr Babajide Sanwo-Olu, speaking after receiving the 2026 Global Transformation and Good Governance Prize at the Warner Theatre in Washington, D.C. Photo: X | Babajide Sanwo-Olu.

Lagos State Governor, Babajide Sanwo-Olu, has said the future of investment in Africa will increasingly be determined by cities capable of providing infrastructure, enabling businesses and creating economic opportunities.

According to a statement by the Special Adviser on Media & Publicity to the governor, Gboyega Akosile, on Sunday, Sanwo-Olu stated this while delivering a keynote address at a dinner in Washington, DC, after receiving the 2026 Global Transformation and Good Governance Prize by the Millennium Excellence Award, USA.

The award ceremony, held at the Warner Theatre, Washington, DC, was the highlight of the 2026 Africa Business Investment Summit organised by the Millennium Excellence Foundation at the MGM National Harbor, Oxon Hill, Maryland.

Speaking on the theme, “Lagos and the Future of African Investment,” Sanwo-Olu said African cities must take a central role in driving the continent’s economic transformation, particularly as the continent’s urban population continues to grow.

He cited Lagos as an example of how urban governance, infrastructure development and private-sector partnerships could create an environment capable of attracting investment and driving economic growth.

The governor said Lagos, despite occupying less than 0.5 per cent of Nigeria’s landmass, has a population larger than that of the Netherlands and contributes over a quarter of the country’s economic output.

“Measured by purchasing power, our economy is worth around $259 billion – the second-largest city economy on the continent. Our budget this year is N4.4 trillion and more than half of it is capital spending.

“Lagos does not wait for the oil price to find out whether it can pay its teachers. Our internally generated revenue this year is projected above N3 trillion”, the statement quoted Sanwo-Olu as saying.

Sanwo-Olu also highlighted the state’s growing technology ecosystem, noting that Lagos was ranked by Startup Genome as the leading startup ecosystem in sub-Saharan Africa.

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He said the ecosystem was valued at $8.6 billion, with three active unicorns and what he described as the strongest technology talent base in the region.

The governor further highlighted major infrastructure projects in the state, including the $1.5 billion Lekki Deep Sea Port, which he said overtook Apapa in 2025 to become Nigeria’s leading port by cargo throughput, handling about 40 per cent of the country’s cargo.

He also cited the 650,000-barrel-per-day Lekki Refinery as an example of Nigeria’s shift from crude oil exports towards domestic refined petroleum production.

On transportation, Sanwo-Olu said the Blue Line rail, described as West Africa’s first electric urban railway, had moved over eight million passengers.

He added that new eight-car trains had been procured for the Red Line, with the capacity to move up to 500,000 passengers daily.

The governor also highlighted the Omi Eko water transport project, backed by €410 million, which he said would deliver 75 electric ferries, 25 terminals and 15 routes.

“Lagos has set itself the goal of a one-trillion-dollar economy by 2052. In Lagos, there is a saying every child, market woman and bus conductor knows: Èkó ò ní bàjẹ́. Lagos will not spoil. It is a promise we make to ourselves every morning,” the Governor was quoted as saying.

Sanwo-Olu said Africa, which is projected to add nearly one billion urban residents by 2050, must place its cities at the centre of its economic development strategy.

He urged investors to look beyond Africa as a single bloc and instead consider individual cities, their governance structures and their capacity to provide an enabling environment for investment.