Lagos State Governor, Babajide Sanwo-Olu, has announced that the state is targeting an economy valued between $800 billion and $1 trillion by 2052, as his administration intensifies efforts to attract investment, expand manufacturing and strengthen exports.
Sanwo-Olu disclosed the target on Sunday while addressing the closing ceremony of the 40th Lagos International Trade Fair in Lagos. He was represented at the event by the Secretary to the State Government, Abimbola Salu-Hundeyin.
The 10-day trade fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), was held under the theme, “40 Years of Trade, Growth and Global Connection.”
The governor said Lagos was working to move beyond its reputation as a major centre for buying and selling to become a stronger hub for production, value addition and exports.
He explained that the state intended to support locally manufactured products to compete more effectively in African and international markets.
According to him, the government is committed to improving infrastructure, expanding access to affordable financing and creating a business environment that encourages enterprise development and investment.
Sanwo-Olu said the administration’s industrial ambitions were reflected in the Lagos State Industrial Policy 2025–2030 and other programmes designed to strengthen businesses. He also highlighted the N10 billion Lagos State Micro Enterprise Cooperative financing arrangement, which is intended to provide affordable capital to cooperative-backed businesses.
The governor identified investments in transportation, electricity reform and other infrastructure as important components of the state’s economic growth strategy.
He also described Lagos’ performance in the 2025 Presidential Enabling Business Environment Council Subnational Ease of Doing Business assessment as encouraging, while acknowledging that more work was required to improve the business environment.
Sanwo-Olu urged businesses to take advantage of the African Continental Free Trade Area (AfCFTA), which provides access to a continental market of more than 1.4 billion people. He stressed the importance of competitive products, reliable infrastructure, access to finance and stronger business networks.
Earlier, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, disclosed that more than 50,000 participants, thousands of exhibitors and business delegations from over 20 countries attended the 10-day trade fair.
She said the state had trained more than 2,000 Lagos-based micro, small and medium-sized enterprises in export readiness and market access through partnerships with Afreximbank and other organisations.
Ambrose-Medebem also announced that Lagos would lead a delegation of local businesses to China through its Export Readiness Programme to explore international markets and establish partnerships.
She further disclosed that the state would host the Intra-African Trade Fair from November 5 to 11, 2027, with expectations of attracting more than 100,000 visitors and 2,500 exhibitors from over 100 countries. The event is projected to generate $50 billion in trade and investment deals.
The commissioner added that Lagos attracted more than N1 trillion in investments in 2025, with commitments in technology, healthcare, logistics and port operations.
She also highlighted ongoing infrastructure projects, including the Blue and Red rail lines, road network expansion, the Lekki Deep Sea Port and the Lekki Free Zone, as part of efforts to improve connectivity, support manufacturing and strengthen trade.
The state government says its long-term economic ambition will depend on sustained investment, business expansion, improved infrastructure and the ability of local industries to compete in international markets.
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