Governor Babajide Sanwo-Olu says Lagos is becoming a key driver of Africa’s urban future.
First, he spoke at the John F. Kennedy Jr. Forum on Africa’s Urban Future at the Harvard Kennedy School Institute of Politics in Boston.
During the event, Sanwo-Olu shared figures highlighting Lagos’ growing investment appeal.
Lagos Capital Inflows Rise
He revealed that Lagos attracted $2.73 billion in capital inflows in the third quarter of 2025.
Furthermore, the state government reported that the amount represents about 45% of Nigeria’s total capital inflows.
Sanwo-Olu explained that the figures show rising investor confidence in Lagos’ expanding economy.
In addition, he said Lagos generated $821.9 million (₦1.26 trillion) in internally generated revenue in 2024.
This figure accounts for 35% of Nigeria’s total internally generated revenue, according to him.
Youth Population Advantage
Although Lagos holds around 10% of Nigeria’s population, the state still drives major economic activity.
Moreover, Sanwo-Olu noted that about 40% of Lagos residents are aged between 15 and 34.
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He described the city’s young population as a strong driver of innovation and economic growth.
Tech Ecosystem Expands
Meanwhile, the governor also highlighted Lagos’ expanding technology and innovation ecosystem.
He said the state now hosts over 2,000 start-ups and five fintech unicorns valued above $1 billion.
Additionally, Lagos operates 26 tertiary institutions, which support the city’s growing technology sector.
Sanwo-Olu linked this progress to investments under the government’s THEMES+ development agenda.
For example, he highlighted projects such as the Blue and Red rail lines, which improve urban mobility.
Finally, the Lagos State House of Assembly approved a ₦4.44 trillion budget for 2026.
The budget allocates ₦2.185 trillion for capital projects and ₦2.052 trillion for recurrent spending.
