…Says state’s $259.75bn economy, infrastructure investments make it a sub-national giant
Bakare, others advocate regional interdependence for Nigeria’s prosperity
By Olasunkanmi Akoni
LAGOS — Governor Babajide Sanwo-Olu has declared that Lagos is strategically positioned as Africa’s leading geo-economic hub, leveraging trade, infrastructure, finance, technology and human capital to drive prosperity across Nigeria, West Africa and the global economy.
Sanwo-Olu made the assertion on Saturday at the Geo-Economic Optimization Summit Lagos 2026, organised by the Citadel School of Government in Oregun, where he said geoeconomics—the deliberate use of economic instruments to project influence—has become a defining feature of the new global order.
According to the governor, power is increasingly derived not only from treaties but also from ports, data centres, logistics networks and supply chains.
He noted that Lagos contributes about one-third of Nigeria’s Gross Domestic Product (GDP) and is Africa’s second-largest metropolitan economy after Cairo, with an output exceeding $259.75 billion on a purchasing-power-parity basis.
“If Lagos were a country, it would rank as Africa’s eighth-largest economy,” Sanwo-Olu said.
“Over 90 per cent of the state’s output comes from a diversified base of finance, technology, trade, logistics, creative industries and the blue economy.”
The governor outlined Lagos’ geo-economic influence across multiple levels, citing its participation in regional institutions such as the Odu’a Group, the DAWN Commission and the South-West Development Commission.
Sanwo-Olu, who also chairs the South-West Governors’ Forum, called for deeper regional economic integration among states, stressing that cooperation and strategic partnerships remain critical to sustainable development.
“We must think regionally, act strategically and cooperate generously, because no single state can capture the whole prize alone,” he said.
Delivering a keynote address titled “From South-West Nigeria to the Globe: Lagos State as a Geoeconomic Hub,” the governor reaffirmed Lagos’ commitment to fostering stronger regional ties and economic collaboration across the South-West.
He highlighted ongoing investments in infrastructure, including the operational Blue and Red Rail Lines, federal counterpart funding for the Green Line project and the reconstruction of the Lagos-Badagry Expressway.
Sanwo-Olu also pointed to the state’s electricity law and market reforms aimed at improving power supply, alongside federal projects such as the 700-kilometre Coastal Highway and the over 1,000-kilometre Sokoto-Badagry Superhighway.
“Lagos is a sub-national economy that carries the weight of a nation. As Nigeria’s commercial and financial nerve centre and its busiest gateway for trade and investment, Lagos carries responsibilities that extend far beyond its borders,” he said.
“When Lagos works, Nigeria works better.”
The governor reiterated his administration’s push for a constitutional “special status” for Lagos, arguing that the state’s historical significance, economic importance and population burden justify such recognition.
“We believe Lagos deserves that recognition and we will continue to seek a constitutional provision to guarantee it,” he added.
Sanwo-Olu also assured investors that Lagos remains open for business and ready to partner with individuals, the private sector, regional stakeholders and international investors.
Earlier, founder and Board Chairman of the Citadel School of Government, Tunde Bakare, described Lagos as a model for economic transformation and a blueprint for developing multiple world-class economic hubs across Nigeria.
According to him, Lagos demonstrates what can be achieved through strategic vision, institutional continuity and sustained investment.
“Lagos is Nigeria’s most economically viable state and a model of progressive continuity in development planning and execution throughout the Fourth Republic,” Bakare said.
“From the administration of President Bola Ahmed Tinubu to that of Babajide Sanwo-Olu, Lagos offers a compelling basis for national reflection and dialogue.”
Bakare added that Lagos’ development trajectory illustrates how a sub-national entity can become a globally relevant economic hub and serves as an inspiration for other regions seeking to unlock their economic potential.
Also speaking, Sunday Adebisi, Executive Director of the University of Lagos Business School (ULBS), said Lagos possesses the commercial DNA and geographic advantage needed to drive regional and continental growth.
“Lagos is no longer just Nigeria’s commercial capital; it is the geo-economic engine of West Africa with global ambitions,” he said.
Adebisi stressed the need for stronger institutions, talent development, infrastructure and governance systems to sustain the state’s growth and competitiveness.
In his welcome address, Executive Director of the Citadel School of Government, Omoaholo Omoakhalen, described the summit as a milestone initiative aimed at generating ideas on how Nigeria can harness the strengths of its regions, states and communities to build a more prosperous, peaceful and globally competitive nation.
