Lagos State is targeting an economy valued between $800 billion and $1 trillion by 2052, with Governor Babajide Sanwo-Olu saying increased manufacturing, value addition, exports and investment will be central to achieving the ambition.
Sanwo-Olu, represented by the Secretary to the State Government, Mrs Abimbola Salu-Hundeyin, disclosed this on Sunday at the closing ceremony of the 40th Lagos International Trade Fair in Lagos.
The 10-day fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), ran under the theme “40 Years of Trade, Growth and Global Connection.”
According to the governor, Lagos must move beyond its traditional position as a major centre for buying and selling and strengthen its role as a production and export hub.
He said the state was working to ensure that more locally manufactured products could compete in African and international markets.
Sanwo-Olu said the government was supporting businesses through improved infrastructure, access to affordable finance and measures designed to create a more favourable business environment.
He said the approach informed the Lagos State Industrial Policy 2025–2030 and other enterprise-development initiatives.
As part of efforts to improve access to finance, the governor said Lagos was expanding affordable capital for cooperative-backed businesses through the N10 billion Lagos State Micro Enterprise Cooperative financing arrangement.
He added that investments in transportation, electricity reform and other infrastructure were also being pursued to reduce constraints facing businesses.
Sanwo-Olu described Lagos’ emergence as Nigeria’s best-performing state in the 2025 Presidential Enabling Business Environment Council Subnational Ease of Doing Business assessment as encouraging, while acknowledging that more work remained to be done.
He also highlighted the opportunities presented by the African Continental Free Trade Area (AfCFTA), saying Nigerian businesses would need competitive products, reliable infrastructure, access to finance and stronger networks to benefit fully from the continental market.
The governor urged LCCI to sustain the trade fair as a platform for export development, industrial partnerships and investment in local production.
He also challenged exhibitors and participating businesses to turn contacts made during the fair into concrete commercial outcomes.
“Its success should be measured by investments attracted, markets opened, businesses expanded and jobs created,” he said.
Earlier, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said more than 50,000 participants, thousands of exhibitors and business delegations from more than 20 countries attended the 10-day event.
She disclosed that Lagos had trained more than 2,000 Micro, Small and Medium Enterprises (MSMEs) in export readiness and market access in partnership with Afreximbank and other organisations.
According to her, the training was designed to prepare Lagos businesses to take advantage of AfCFTA’s access to a continental market of at least 1.4 billion people.
Ambrose-Medebem said Lagos would also lead a delegation of local businesses to China under its Export Readiness Programme to explore international markets and establish new partnerships.
She announced that Lagos would host the Intra-African Trade Fair 2027 from November 5 to 11, with projections of more than 100,000 visitors and 2,500 exhibitors from over 100 countries.
The event, she said, was expected to generate $50 billion in trade and investment deals.
Ambrose-Medebem further disclosed that Lagos attracted more than N1 trillion in investments in 2025, with commitments recorded across technology, healthcare, logistics and port operations.
She said Lagos accounted for 30 per cent of Nigeria’s GDP in the first half of 2024, citing the Lagos State Economic Development Update.
Infrastructure projects highlighted by the commissioner included the Blue and Red rail lines, road network expansion, Lekki Deep Sea Port and Lekki Free Zone.
She said the investments were intended to improve connectivity, strengthen manufacturing and facilitate trade.
The ministry, she added, also facilitated business-to-business matchmaking, supported MSMEs seeking new markets and promoted locally made products through the Lagos State Pavilion.
Ambrose-Medebem urged Nigerian businesses to improve product quality, adopt technology and meet international standards to compete effectively across African and global markets.
She commended LCCI for sustaining the trade fair for four decades, describing it as an important platform for businesses to establish partnerships, attract investment and explore new markets.
