The Governor of Lagos State, Mr. Babajide Sanwo-Olu, has disclosed that the state attracted $2.73bn in capital flow in the third quarter of 2025.
According to a statement by the state government, he stated this while speaking at the John F. Kennedy Jr. Forum on Africa’s Urban Future, held at the Harvard Kennedy School Institute of Politics in Boston, Massachusetts.
Sanwo-Olu said Lagos stands at the centre of Africa’s urban transformation, describing the city as the clearest signal that the continent’s urban future has begun.
What he said
Governor Sanwo-Olu highlighted Lagos’ economic performance, noting that the state attracted $2.73 billion in capital inflows during the third quarter of 2025, representing 45% of total national capital inflows.
- “Lagos’ Internally Generated Revenue accounted for 35% of total IGR, amounting to $821.9 million (N1.26 trillion) in Nigeria (2024). Lagos accounts for 10% of Nigeria’s population, and 40% of Lagos’ total population consists of youth aged 15-34 years,” he said.
He added that Lagos is home to over 2,000 startups, five FinTech unicorns valued at more than $1 billion each, and a tertiary institution in Nigeria.
- “With 26 tertiary institutions, Lagos places among Nigeria’s top states for university count. Lagos is home to five FinTech unicorns, each with over $1 billion in value, and together they account for a large portion of its tech ecosystem.”
The governor attributed the state’s economic performance to infrastructure investments and a growing youthful population.
- “Africa’s urban future is already unfolding, and Lagos is right at the centre of it. Our city is growing quickly, and with that growth comes responsibility,” Sanwo-Olu said.
More details
The governor emphasized the state’s THEMES+ agenda, designed to drive growth across transportation, technology, tourism, security, and social inclusion.
He highlighted flagship projects such as the Blue and Red rail lines and noted that Lagos’ tech ecosystem now boasts over 2,000 startups, reflecting the city’s rapid innovation and economic expansion.
Sanwo-Olu noted that Lagos was recently recognised as the world’s fastest-growing tech ecosystem, with its urban development and investments positioning the city as a model for Africa’s future.
- “Lagos’ story is closely tied to Africa’s rise. With the right investments and collaboration, we can build a city that works better for everyone,” he concluded.
What you should know
Lagos was ranked the world’s fastest‑growing tech ecosystem in 2025 by the Global Tech Ecosystem Index. The report noted that Lagos leads global emerging tech hubs and has produced multiple unicorn companies, underscoring its appeal to investors and startups.
- According to Nairametrics, the Lagos State House of Assembly approved a N4.44 trillion budget for the 2026 fiscal year, titled the “Budget of Shared Prosperity.”
- The budget allocates N2.185 trillion for capital expenditure and N2.052 trillion for recurrent spending, reflecting the state government’s focus on infrastructure-led growth.
Governor Babajide Sanwo-Olu had originally projected total revenue of N3.99 trillion, with N3.12 trillion expected from internally generated revenue and N874 billion from federal transfers.
The budget includes a deficit financing plan of about N243 billion, which will be addressed through approved borrowing and financing options.
