ABUJA, Nigeria (VOICE OF NAIJA)- Lagos State Governor, Babajide Sanwo-Olu, on Tuesday unveiled the 2026 edition of the Lagos Economic Development Update, reiterating his administration’s dedication to promoting inclusive growth and ensuring that economic gains translate into real benefits for all residents.
The launch of this year’s outlook, held in Ikeja, offers a comprehensive review of the state’s economic trajectory, reflecting global, national, and local factors influencing Lagos’ growth prospects.
Represented by his deputy, Obafemi Hamzat, the governor described the report as more than a policy document, explaining that it serves as a strategic guide for shaping economic direction and enhancing decision-making.
He added that despite global economic challenges including post-pandemic recovery issues, inflationary pressures, and exchange rate volatility the state has remained resilient through intentional policies, fiscal discipline, and continuous 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.
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“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 noted that although the global economic environment remains uncertain, Lagos has stayed on track through “clarity, discipline, and foresight,” anchored on the T.H.E.M.E.S+ Agenda.
According to him, the state has strengthened its fiscal structure, enhanced revenue generation, and invested in infrastructure vital for long-term growth.
Sanwo-Olu further highlighted achievements since the introduction of LEDU, including the expansion of the state’s economic base through innovation, entrepreneurship, and digitalisation; improved efficiency in revenue systems; and ongoing infrastructure development across roads, ports, energy, and urban planning.
He stressed that sustained investment in human capital remains essential, noting that “people are the true engine of growth.”
Speaking on the theme of this year’s report, “Consolidating Resilience, Advancing Competitiveness, Delivering Shared Prosperity,” the governor said it reflects Lagos’ present economic priorities.
He explained that consolidating resilience entails strengthening institutions and maintaining fiscal discipline, while advancing competitiveness involves boosting productivity, innovation, and investment.
Delivering shared prosperity, he added, requires ensuring that growth leads to job creation, expanded opportunities, and improved living standards.
Looking ahead, he reaffirmed the administration’s focus on economic diversification, private sector-driven growth, data-driven governance, sustainable urban development, and social inclusion.
He also emphasised the importance of collaboration with the private sector, development partners, civil society, and the international community in achieving the state’s development objectives.
“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.
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Also speaking, the state Commissioner for Economic Planning and Budget, Ope George, said Lagos has shown strong resilience in managing both global and domestic economic challenges.
“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 strengthened the state’s standing as a leading subnational economy in Africa.
He added that the state will continue to prioritise economic diversification, private sector growth, sustainable urban development, and social inclusion, stressing that growth should be assessed not only by figures but also by its impact on people’s lives.
In his goodwill message, Chief Consultant at B. Adedipe Associates Limited, Biodun Adedipe, described the LEDU initiative as a reliable framework for monitoring economic performance and refining development strategies.
He noted that Lagos remains central to Nigeria’s economy, adding that its continued growth reflects broader national progress.
“If Lagos works, a significant share of Nigeria’s commerce works,” he said, expressing confidence in the state’s economic outlook.
Meanwhile, the Chief Executive Officer of the Nigerian Economic Summit Group, Tayo Adeloju, urged the state government to prioritise affordable housing as a key driver of shared prosperity.
He noted that high housing costs could hinder upward mobility for low-income earners, stressing that improving housing accessibility would boost living standards and support inclusive growth.
Adeloju added that sustained fiscal discipline, improved service delivery, and a broader productive base would further enhance Lagos’ position among Africa’s leading megacity economies.