Lagos State Governor Babajide Sanwo-Olu on Tuesday launched the 2026 edition of the Lagos Economic Development Update, reinforcing his administration’s commitment to achieving inclusive growth and ensuring that economic progress translates into meaningful benefits for all state citizens.
The announcement of this year’s outlook, held in Ikeja, provides an in-depth study of the state’s economic trajectory, incorporating global, national, and local trends influencing Lagos’ growth prospects.
The governor, accompanied by his deputy, Obafemi Hamzat, described the study as more than a policy document, stating that it acts as a strategic compass for guiding economic direction and strengthening decision-making.
He went on to say that despite global economic headwinds such as post-pandemic recovery issues, inflationary pressures, and exchange rate fluctuations, the state has remained resilient thanks to strategic policies, fiscal discipline, and ongoing investment in key infrastructure.
“It is with a deep sense of responsibility and optimism that I join you today to officially launch the third edition of the Lagos Economic Development Update—LEDU 2026.
“This platform has evolved beyond a mere policy document; it has become a compass guiding our economic direction, shaping decisions, and reinforcing our commitment to building a resilient, inclusive, and prosperous Lagos,” he said.
He mentioned that while the global economic environment has remained unpredictable, Lagos has stayed on course through “clarity, discipline, and foresight,” anchored on the T.H.E.M.E.S+ Agenda.
He claimed that the state has reinforced its budgetary framework, increased revenue collection, and invested in infrastructure necessary for long-term growth.
Sanwo-Olu also highlighted progress made since the inception of LEDU, such as the expansion of the state’s economic base through innovation, entrepreneurship, and digitalization; improved revenue system efficiency; and sustained infrastructure development in roads, ports, energy, and urban planning.
He noted that continuing investment in human capital is critical, as “people are the true engine of growth.”
The governor commented on the theme of this year’s report, “Consolidating Resilience, Advancing Competitiveness, Delivering Shared Prosperity,” saying it reflects Lagos’ present economic priorities.
He noted that consolidating resilience entails improving institutions and maintaining budgetary discipline, whereas expanding competitiveness necessitates increasing productivity, innovation, and investment.
Delivering shared prosperity, he added, entails ensuring that growth creates jobs, expands opportunities, and improves communities’ livelihoods.
Looking ahead, he underlined the administration’s commitment to economic diversification, private sector-led growth, data-driven governance, long-term urban development, and social inclusion.
He also emphasized the importance of partnerships with the private sector, development institutions, civil society, and the international community in achieving the state’s development goals.
“As we launch this edition of LEDU, I urge all stakeholders to engage actively, strengthen collaboration, and align with our shared vision.
“We have built resilience; now we must translate it into sustained competitiveness and ensure that growth delivers tangible prosperity for every Lagosian,” he said.
Also speaking, Ope George, the state commissioner for economic planning and budget, stated that Lagos has exhibited exceptional resilience in dealing with both global and domestic economic issues.
“Lagos is not just responding to economic shocks — we are building systems that make us stronger because of them,” he said, noting that deliberate policies, disciplined fiscal management, and strategic investments have reinforced the state’s position as a leading subnational economy in Africa.
He went on to say that the state would continue to promote economic diversification, private sector growth, sustainable urban development, and social inclusion, emphasizing that growth should be assessed not only by numbers but also by its impact on people’s lives.
In a goodwill letter, Biodun Adedipe, Chief Consultant at B. Adedipe Associates Limited, hailed the LEDU program as a legitimate framework for tracking economic performance and revising development initiatives.
He emphasized that Lagos is crucial to Nigeria’s economy and that its sustained prosperity indicates greater national progress.
“If Lagos works, a significant share of Nigeria’s commerce works,” he said, expressing optimism about the state’s economic future.
Meanwhile, Tayo Adeloju, CEO of the Nigerian Economic Summit Group, advised the state government to promote affordable housing as a key driver of shared prosperity.
He observed that high housing costs could hinder low-income earners’ upward mobility, emphasizing that making housing more affordable would improve living standards and promote inclusive growth.
Adeloju went on to say that continuous fiscal discipline, enhanced service delivery, and a bigger productive base would help Lagos cement its status as one of Africa’s premier megacity economies.
