Lagos Attracts $2.73bn Investment in Three Months – Sanwo-Olu

The Governor of Lagos State, Babajide Sanwo-Olu, has announced that Lagos State attracted $2.73 billion in capital inflows over three months. This highlights the state’s growing reputation as one of Africa’s top investment spots.

Sanwo-Olu shared this information while speaking at the John F. Kennedy Jr. Forum on Africa’s Urban Future at Harvard Kennedy School in Boston. He discussed Lagos’ economic transformation and its increasing role in shaping urban development on the continent.

According to the governor, the inflow occurred in the third quarter of 2025. It accounted for about 45 percent of Nigeria’s total capital inflows during that time. He noted that this trend shows the strong investment appeal of Lagos.

Lagos as a hub for investment

Sanwo-Olu mentioned that Lagos is positioning itself as Nigeria’s economic center and a major driver of innovation and business across Africa.

“Africa’s urban future is already unfolding, and Lagos is at the heart of it,” he said, according to reports. “Our city is growing quickly, and with that growth comes responsibility.”

The governor attributed the rise in investment to ongoing infrastructure development, policy changes, and the energy of the city’s young population. Lagos has about 10 percent of Nigeria’s population. Roughly 40 percent of its residents are aged between 15 and 34. This demographic continues to attract tech companies and investors.

Sanwo-Olu also revealed that the state generated about $821.9 million (approximately ₦1.26 trillion) in internal revenue in 2024. This makes up roughly 35 percent of Nigeria’s total internal revenue.

Growing technology ecosystem

A key reason for Lagos’ growing economic profile is its rapidly expanding tech ecosystem. The governor noted that the state now hosts over 2,000 startups, including five fintech unicorns valued at over $1 billion each. This makes it one of the most dynamic innovation hubs in Africa.

He pointed out that the growth of the digital economy, along with investments in infrastructure and talent development, has helped establish the city as a leading global tech hub.

Recent global assessments also highlight the city’s momentum. Reports rank Lagos among the fastest-growing tech ecosystems worldwide.

Infrastructure driving Lagos economic growth

Sanwo-Olu stated that major infrastructure projects are crucial for improving the state’s investment climate. Initiatives like the Lagos Rail Mass Transit network, which includes the Blue and Red rail lines, aim to enhance urban mobility and boost productivity in Africa’s largest city.

Other significant developments, such as the Lekki Deep Sea Port, have further strengthened Lagos’ position as a logistics and trade hub in West Africa. The port began commercial operations in 2023 and is designed to handle millions of containers each year. This will significantly increase Nigeria’s maritime capacity.

The governor explained that these projects are part of the state government’s THEMES+ agenda. It focuses on transportation, health, education, economic growth, security, and social inclusion.

Vision for Africa’s urban future

Sanwo-Olu emphasized that Lagos’ growth story mirrors the broader trends influencing Africa’s urbanization and economic progress.

“Lagos’ story is closely tied to Africa’s rise,” he said. He added that strategic partnerships and steady investment would be key to building resilient and inclusive cities across the continent.

The city is increasingly becoming a gateway for global investors looking for opportunities in Africa’s largest economy.