The governor of Lagos State, Babajide Sanwo-Olu, has called on private investors to expand participation in key sectors of the state’s economy, saying Lagos remains a major gateway for business and investment opportunities in Africa.
Speaking on Monday at the third edition of Invest Lagos, themed “Lagos: The Business Gateway to Africa,” the governor identified transportation, energy, water infrastructure, technology, agriculture and agro-processing as sectors with strong growth potential and significant opportunities for private capital.
Sanwo-Olu said the state government was committed to creating an enabling environment that would attract investments capable of bridging infrastructure deficits and accelerating economic development across the state.
According to him, Lagos still possesses enormous untapped opportunities, particularly in infrastructure and utilities, despite ongoing public sector interventions and financing arrangements.
The governor pointed to the water sector as one of the critical areas requiring additional investment support, noting that existing funding facilities were not sufficient to meet the growing demands of the state’s population.
“We have opportunity in waterways infrastructure, we are currently enjoying some credit facilities, but we still have a lot of opportunity. Just one thought of Lagos for water,” he said.
Sanwo-Olu described transportation as a major catalyst for economic expansion, stressing that improved mobility would unlock productivity and stimulate commercial activities across the state.
He explained that investments in rail and water transportation would significantly reduce travel time, improve logistics and facilitate the movement of residents and goods within Lagos.
“If we solve transportation issues in Lagos, what we are doing is we are unlocking the economic potential. Travel time will be completely reduced. People can get to one point or the other easily, quicker, and faster,” the governor stated.
He further noted that efficient transport infrastructure would improve business operations, increase disposable income for residents and guarantee attractive returns for investors.
“It keeps money in their pocket, but they are able to do and transact better. And the private sector can indeed track their investment, because the numbers are there, the population is there. So, the numbers will show that you make the needed return on investment,” he added.
Sanwo-Olu also urged investors to take advantage of opportunities in the state’s growing technology ecosystem, particularly in digital infrastructure and data services.
According to him, Lagos is expanding fibre connectivity across the city to support the development of more large-scale data centres and position the state for the future of artificial intelligence and digital innovation.
“Today, we’re building what we call not just data centres, we’re building fibre connectivity around the city. The future is technology. So what we are expecting from that is for the private sector to bring in more data centres because the future is AI,” he said.
The governor maintained that although Lagos had already made progress in establishing itself as a leading technology hub, there remained considerable opportunities for further investment in data infrastructure and digital services.
“We’ve opened one, but there’s still huge opportunities in technology, in data, and infrastructure,” he added.
Sanwo-Olu also identified agriculture and agro-processing as strategic sectors capable of delivering strong returns for investors, citing the state’s rapidly growing population as a ready market for food production and related services.
“With 24, 25 million people, you know that this is a ready market,” he said.
He added that improving food security and strengthening supply chain logistics remained among the priorities of his administration.
