At AfriCaribbean Business Forum, Sanwo-Olu Lists Initiatives Driving Economic Growth In Lagos

Governor Sanwo-Olu listed initiatives driving economic growth in Lagos at the AfriCaribbean Business Forum.

Eko Hot Blog reports that Lagos State Governor Babajide Sanwo-Olu has illustrated how “a set of locally envisioned economic ideas” transformed Lagos to be the most viable state in Nigeria.

The governor spoke on Thursday when he delivered the closing speech at the ongoing 3rd AfriCaribbean Trade and Investment Forum (ACTIF 2024) in Nassau which featured a wide range of audience from Africa and Caribbean countries.

Former Vice President, Yemi Osinbajo and chairman of Dangote Group, Alhaji Aliko Dangote, were among the global delegates attending the conference held simultaneously with the 31st Afreximbank Annual Meetings.

Lagos State Governor Babajide Sanwo-Olu addressing an audience from Africa and Caribbean countries at the AfriCaribbean Business Forum in Nassau

Speaking on the theme: “Global Africa, Global Lagos: The Role of Sub-Nationals in Driving the Global African Agenda,” Sanwo-Olu stressed that the state created a new economic city from a challenging environmental crisis.

‘Initiatives Driving Economic Growth in Lagos’

He said the Eko Atlantic City project was one of the five key long-term initiatives developed by his predecessor, ex-Governor Bola Ahmed Tinubu, now President Tinubu, to create new economic opportunities for Lagos.

The governor listed other initiatives to include establishment of Lekki Free Trade Zone, construction of the Lekki Deep Seaport, building of 10-lane West African Border Highway, construction of intracity rail infrastructure and leveraging the entrepreneurial spirit of young people.

These, Sanwo-Olu said, have led towards building a resilient economy for the State.

“We have leveraged the power of the young people in driving creativity, innovation, and digital connectivity, which are critical pillars for economic prosperity,” he stated.

“Lagos has, in the last decade, become a globally renowned hub for digital technology and innovation, and this is because of our young people, their energy, talent and enthusiasm.

“Through this, we have minted a number of fintech unicorns, like Interswitch, Paystack and Flutterwave.

“This ferment of innovation has not happened by chance. Even as they have been driven by immensely talented and entrepreneurial Nigerians, successive administrations in Lagos have paid close attention to these ecosystems, and worked to ensure an enabling environment, through various policies and incentives.”

Former Vice President Yemi Osinbajo and Lagos State Governor Babajide Sanwo-Olu at the AfriCaribbean Business Forum in Nassau

Sanwo-Olu also shared the landmark gains resulting from adoption of African Continental Free Trade Area (AfCFTA), describing the trade initiative as “historic, revolutionary idea” seeking to unlock the full potential of free trade areas being created across Africa.

‘Almost 50% GDP Growth in Five Years’

Furthermore, the governor said Lagos had grown from being a state in deficit in the military era to becoming a hub for investment and technological advancements.

He added that the GDP of Lagos, in the last five years under his administration, had risen by almost 50 per cent, surpassing the size of the GDPs of over 40 African countries.

“Lagos is an example of a unique African success story, shaped by an interesting mix of advantages and challenges,” Sanwo-Olu said.

L-R: Lagos State Governor Babajide Sanwo-Olu, Chairman of Dangote Group, Alhaji Aliko Dangote, and other leaders at the AfriCaribbean Business Forum in Nassau

“It is the smallest of Nigeria’s 36 States, yet is responsible for more than a third of Nigeria’s entire GDP.

“Lagos has grown to have a GDP that is greater than the GDPs of all but seven African countries. In the last five years, under my leadership, we have seen an almost 50 per cent increase in our GDP.”

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