Governor Babajide Sanwo-Olu highlighted Lagos State’s transformative economic journey and its pivotal role in driving Africa’s growth narrative during the 3rd AfriCaribbean Trade and Investment Forum in Nassau, Bahamas, on Wednesday.
Addressing a diverse audience from Africa and the Caribbean, Sanwo-Olu underscored Lagos’ remarkable economic achievements, attributing them to robust internal revenue generation and strategic partnerships with the central government and private investors. He emphasised how Lagos has evolved from a deficit-ridden state into a beacon of investment and technological advancement.
“Lagos has seen its GDP grow nearly 50% in the past five years, surpassing that of over 40 African countries,” Sanwo-Olu stated proudly. He attributed this growth to improving the Ease of Doing Business and leveraging technology and entrepreneurial spirit to foster economic activities.
The Governor highlighted Lagos as a model for sub-national governments in driving development and advancing the continent’s economic agenda. “Our success in Lagos demonstrates the potential of African solutions to African problems,” he asserted, advocating for sub-national entities to play a crucial role in translating high-level goals into tangible outcomes.
Sanwo-Olu showcased the Eko Atlantic City project as an exemplary initiative born from local economic ideas and environmental challenges. Developed under the leadership of his predecessor, the project has become a global benchmark for environmental responsiveness and climate action.
He also outlined other transformative initiatives such as the Lekki Free Trade Zone, Lekki Deep Seaport, West African Border Highway, intracity rail infrastructure, and initiatives to empower young entrepreneurs. These efforts, he emphasised, have fortified Lagos’ economy and positioned it as a hub for digital technology and innovation.
“We’ve fostered an environment where young people drive creativity, innovation, and digital connectivity,” Sanwo-Olu noted, citing the emergence of fintech unicorns like Interswitch, Paystack, and Flutterwave as models of Lagos’ burgeoning tech ecosystem.
Lastly, Governor Sanwo-Olu hailed the African Continental Free Trade Area (AfCFTA) as a historic initiative that promises to unlock Africa’s economic potential through free trade areas. He stressed the importance of leveraging AfCFTA to foster regional integration and boost intra-Africa trade.
In conclusion, Sanwo-Olu’s address underscored Lagos’ role in shaping the African growth narrative and highlighted the state’s commitment to sustainable economic development and global competitiveness.
