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Lagos State Governor Babajide Sanwo-Olu says the state is targeting an economy valued between $800 billion and $1 trillion by 2052, driven by increased manufacturing, value addition, exports and investment.
According to the News Agency of Nigeria (NAN), Sanwo-Olu disclosed this at the closing ceremony of the 40th Lagos International Trade Fair on Sunday, November 15, 2026, in Lagos.
The governor, represented by the Secretary to the State Government, Mrs Abimbola Salu-Hundeyin, said Lagos was working to move beyond being a major centre for buying and selling to becoming a stronger hub for production and exports.
Lagos plans $1 trillion economy by 2052
Sanwo-Olu said more locally made products would compete in African and international markets, adding that the state was committed to creating an environment that supports businesses and industrial growth.
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He said the government was pursuing this ambition through infrastructure development, access to affordable finance and policies designed to promote enterprise development.
“The state is committed to supporting businesses through improved infrastructure, access to affordable finance and a better business environment.”
“The commitment informed the Lagos State Industrial Policy 2025–2030 and other initiatives aimed at promoting enterprise development.”
The governor said the state was expanding access to affordable capital for cooperative-backed businesses through the N10 billion Lagos State Micro Enterprise Cooperative financing arrangement.
He added that the government was investing in transportation, electricity reform and other infrastructure to improve the business environment.
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, although he acknowledged that more work remained.
He also said the African Continental Free Trade Area (AfCFTA) offered significant opportunities for Nigerian businesses, stressing the need for competitive products, reliable infrastructure, access to finance and stronger business networks.
Lagos expands export and trade opportunities
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 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 Enterprises (MSMEs) in export readiness and market access in partnership with Afreximbank and other organisations.
According to her, the training was designed to prepare local businesses to take advantage of the AfCFTA, which provides access to a continental market of at least 1.4 billion people.
The commissioner also said Lagos would lead a delegation of local businesses to China through its Export Readiness Programme to explore international markets and establish partnerships.
Ambrose-Medebem disclosed that Lagos attracted more than N1 trillion in investments in 2025, with commitments in technology, healthcare, logistics and port operations.
She said the state contributed 30% of Nigeria’s Gross Domestic Product in the first half of 2024, according to the Lagos State Economic Development Update.
The commissioner added that the government was investing in infrastructure, including the blue and red rail lines, expanding road networks, the Lekki Deep Sea Port and Lekki Free Zone, to improve connectivity and support manufacturing and trade.
She further said the ministry facilitated business-to-business matchmaking, supported MSMEs seeking new markets and showcased locally made products through the Lagos State Pavilion.
What you should know
In March 2026, Nairametrics reported that Lagos State had cemented its position as one of Africa’s economic powerhouses, with its Gross Domestic Product (GDP) reaching $259.75 billion in 2023 based on purchasing power parity (PPP).
The figure placed Lagos among Africa’s largest city economies, ranking second behind Cairo, Egypt.
The report also highlighted Lagos’ position as the continent’s second-largest city economy by purchasing power parity.
The latest economic target of between $800 billion and $1 trillion by 2052 reflects the state government’s ambition to expand its economic base through manufacturing, exports, investment and infrastructure development.
