Lagos State Governor, Babajide Sanwo-Olu, has described Lagos as a strategically positioned geoeconomic hub driving trade, infrastructure, finance, technology, and talent development across Nigeria, West Africa, and the global economy.
Speaking at the Geo-Economic Optimization Summit Lagos 2026 organised by the Citadel School of Government in Oregun, the governor said geoeconomics has become central to the modern global order, where economic strength is shaped by control of trade routes, data infrastructure, and supply chains rather than diplomacy alone.
Sanwo-Olu noted that Lagos contributes about one-third of Nigeria’s Gross Domestic Product and ranks as Africa’s second-largest metropolitan economy after Cairo, with an estimated output exceeding $259.75 billion on a purchasing power parity basis.
He added that if Lagos were a country, it would rank among Africa’s top ten economies, stressing that over 90 percent of its economy is driven by finance, trade, logistics, technology, creative industries, and the blue economy.
The governor highlighted Lagos’ role within regional economic structures such as the Odu’a Group, DAWN Commission, and the proposed South West Development Commission, describing the state as the commercial nerve centre of Nigeria where economic performance strongly influences national stability.
He also called for deeper regional integration across the South-West and Nigeria, urging leaders to adopt strategic cooperation to accelerate development, while reaffirming Lagos’ commitment to regional and global partnerships.
Sanwo-Olu pointed to major infrastructure projects including the Blue and Red rail lines, the proposed Green Line, Lagos-Badagry Expressway upgrades, electricity market reforms, and federal highway initiatives as evidence of ongoing efforts to strengthen the state’s economic capacity.
He further reiterated his call for special constitutional recognition for Lagos, citing its historical status as a former federal territory, its population size, and its economic significance to the country.
Founder of the Citadel School of Government, Pastor Tunde Bakare, described Lagos as a model of successful economic transformation, noting that the state demonstrates how sustained planning and institutional continuity can create globally competitive urban economies.
He said Lagos serves as a blueprint for other Nigerian regions, which he suggested could evolve into multiple economic hubs if properly developed and coordinated.
Also speaking, the Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, said Lagos possesses the commercial structure and geographic advantage to function as West Africa’s primary economic engine, but requires stronger institutional systems to manage its growing complexity.
He emphasised the need for deliberate investment in governance, infrastructure, and talent development to sustain Lagos’ global competitiveness.
Organisers of the summit said the event aimed to generate ideas on how Nigeria’s regions can better harness their economic potential to build a more prosperous and globally competitive nation.
