By Olasunkanmi Akoni
The Lagos State Government has unveiled plans to grow the state’s economy to between $800 billion and $1 trillion by 2052, through increased local manufacturing, value addition and international exports.
Governor Babajide Sanwo-Olu announced the target on Sunday at the closing ceremony of the 40th Lagos International Trade Fair.
Sanwo-Olu, who was represented by the Secretary to the State Government, Mrs Abimbola Salu-Hundeyin, said Lagos was transitioning from a predominantly commercial hub for buying and selling into a major centre for industrial production.
He said the state government was committed to supporting businesses through improved infrastructure, access to affordable financing and a more conducive business environment.
According to him, the vision is anchored on the Lagos State Industrial Policy 2025–2030.
To support the transition, the governor highlighted the ongoing disbursement of the N10 billion Lagos State Micro Enterprise Cooperative financing facility, alongside investments in electricity reforms and mass transit infrastructure.
While noting that Lagos emerged as Nigeria’s top-performing state in the 2025 Presidential Enabling Business Environment Council (PEBEC) Subnational Ease of Doing Business assessment, Sanwo-Olu said more efforts were required to enable local businesses to take advantage of opportunities under the African Continental Free Trade Area (AfCFTA).
He urged the Lagos Chamber of Commerce and Industry (LCCI) and participating businesses to translate the 10-day trade fair into tangible economic benefits.
“The success of the fair should be measured by investments attracted, markets opened, businesses expanded, and jobs created,” he said.
Lagos to host 2027 Intra-African Trade Fair
Earlier, the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, announced that Lagos would host the Intra-African Trade Fair (IATF) from November 5 to 11, 2027.
She said the continental trade exhibition was expected to attract more than 100,000 visitors and 2,500 exhibitors from over 100 countries, with an estimated $50 billion in trade and investment deals projected.
Highlighting the state’s economic performance, Ambrose-Medebem said Lagos attracted more than N1 trillion in investments in 2025 across technology, healthcare, logistics and port operations.
She also cited the Lagos State Economic Development Update, which showed that the state accounted for 30 per cent of Nigeria’s Gross Domestic Product in the first half of 2024.
According to her, the state government, in partnership with the African Export-Import Bank (Afreximbank) and other institutions, has trained more than 2,000 Micro, Small and Medium Enterprises (MSMEs) to take advantage of opportunities in AfCFTA’s 1.4-billion-person market.
She added that plans were underway to lead a delegation of local businesses to China to explore further trade and investment opportunities.
The commissioner said major infrastructure projects, including the Blue and Red rail lines, expanded road networks, the Lekki Deep Sea Port and the Lekki Free Zone, were designed to strengthen industrial connectivity and support economic growth.
Commending the LCCI for sustaining the annual trade fair for four decades, she said this year’s edition attracted more than 50,000 participants and delegations from 20 countries.
She urged Nigerian entrepreneurs to prioritise product quality, technology adoption and compliance with international standards to improve their competitiveness in the global market.
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