Lagos State Governor Babajide Sanwo-Olu says the state is aiming for an economy valued at between $800bn and $1tn by 2052.
He stated that this goal would be powered by greater manufacturing, value addition, exports, and investment.
Sanwo-Olu, who was represented by the Secretary to the State Government, Mrs Abimbola Salu-Hundeyin, made this known on Sunday in Lagos at the closing of the 40th Lagos International Trade Fair.
The News Agency of Nigeria reports that the trade fair is themed “40 Years of Trade, Growth, and Global Connection.”
Sanwo-Olu said Lagos is striving to go beyond its role as a major hub for buying and selling and become a stronger center for production and exports.
He noted that more goods made locally would compete in African and international markets.
“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.
Sanwo-Olu stated that the government is widening access to affordable capital for cooperative-backed businesses via the N10bn Lagos State Micro Enterprise Cooperative financing arrangement.
He further noted that the state is investing in transportation, electricity reform, and other infrastructure in order to enhance the business environment.
The governor called Lagos’ emergence as Nigeria’s best-performing state in the 2025 Presidential Enabling Business Environment Council Subnational Ease of Doing Business assessment encouraging.
He noted, however, that more work still needed to be done.
He stated that the African Continental Free Trade Area (AfCFTA) presents enormous opportunities for Nigerian businesses, emphasizing the need for competitive products, dependable infrastructure, access to finance, and stronger business networks.
Sanwo-Olu called on the Lagos Chamber of Commerce and Industry to keep the trade fair going as a platform for export development, industrial partnerships, and investment in local production.
He also encouraged exhibitors and participating businesses to build on the connections made during the 10-day fair.
He said, “Its success should be measured by investments attracted, markets opened, businesses expanded, and jobs created.”
Earlier, Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade, and Investment, stated that over 50,000 participants, thousands of exhibitors, and business delegations from more than 20 countries were present at the 10-day fair.
She noted that the state, in collaboration with Afreximbank and other organizations, had trained over 2,000 Lagos-based Micro, Small, and Medium Enterprises (MSMEs) in export readiness and market access.
She explained that the training was intended to equip local businesses to benefit from the AfCFTA, which offers access to a continental market of at least 1.4 billion people.
According to the commissioner, Lagos would lead a delegation of local businesses to China under its Export Readiness Programme to explore international markets and forge partnerships.
She further announced that Lagos would host the Intra-African Trade Fair 2027 from Nov. 5 to Nov. 11, with projections of attracting over 100,000 visitors and 2,500 exhibitors from more than 100 countries.
She stated that the event is expected to generate ` $50bn in trade and investment deals.
Ambrose-Medebem revealed that Lagos drew more than N1tn in investments in 2025, with commitments in technology, healthcare, logistics, and port operations.
Citing the Lagos State Economic Development Update, she said the state accounted for 30 percent of Nigeria’s Gross Domestic Product in the first half of 2024.
The commissioner said the government was also investing in infrastructure, such as the Blue and Red rail lines, road network expansion, the Lekki Deep Sea Port, and the Lekki Free Zone.
She said this was intended to enhance connectivity and bolster manufacturing and trade.
She added that the ministry facilitated business-to-business matchmaking, backed MSMEs in search of new markets and displayed locally made products through the Lagos State Pavilion.
The commissioner called on Nigerian businesses to enhance product quality, adopt technology, and comply with international standards in order to compete effectively in African and global markets.
She praised the LCCI for keeping the trade fair going for 40 years, calling it a vital platform for businesses to build partnerships, draw investment, and explore new markets.
