LAGOS GOVT RECOMMITS TO BUILD STRONGER INCLUSIVITY, SUSTAINABLE ECONOMY

•Experts say diversification, innovation, equity crucial to a resilient Lagos 

•Budget Ministry hosts 3rd Lagos Economic Roundtable

L-R: Founder/Chief Consultant, B. Adedipe Associates Limited, Prof. Biodun Adedipe; Permanent Secretary, Ministry of Economic Planning and Budget (MEPB), Mrs. Olayinka Ojo; Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olamide; his counterpart for Economic Planning and Budget, Mr. Ope George and representative of the Tourism Commissioner, the Permanent Secretary, Princess Adebopo Oyekan-Ismail during the third edition of the Lagos Economic Roundtable: Economic Outlook 2026 Discourse, at the Protea Hotel, CBD, Ikeja, on Wednesday, December 3, 2025.

 

The Lagos State Government has reaffirmed its commitment to inclusive, sustainable, and a resilient economic growth at the third Economic Roundtable Discourse in an effort to chart more pathways for a greater prosperity in 2026.

Speaking at the event on Wednesday, Commissioner for Economic Planning and Budget, Mr. Ope George, said the State Government’s resolve to implement data-driven and future-focused policies as it transitions into the 2026 fiscal cycle was undeterred.

The Roundtable, organised by the Economic Intelligence Department under the Ministry, was held at the Protea Hotel, CBD in Ikeja, with the theme “Building Forward: Unlocking Emerging Sectors for an Inclusive, Resilient, and Prosperous Lagos Economy”.

The event gathered top government officials, business leaders, academics, and development partners to deliberate on strategies to reposition Lagos as Africa’s most dynamic and equitable sub-national economy.

 

L-R: Permanent Secretary, Ministry of Economic Planning and Budget (MEPB), Mrs. Olayinka Ojo; Founder/Chief Consultant, B. Adedipe Associates Limited, Prof. Biodun Adedipe; Director, Economic Intelligence Department, MEPB, Mr. Alao Akinkunmi; Commissioner for Economic Planning and Budget, Mr. Ope George; representative of the Tourism Commissioner, the Permanent Secretary, Princess Adebopo Oyekan-Ismail and the Special Adviser to the Governor on Blue Economy, Mr. Oluwadamilola Emmanuel during the third edition of the Lagos Economic Roundtable: Economic Outlook 2026 Discourse, at the Protea Hotel, CBD, Ikeja.

George said “As we draw the curtain on the 2025 fiscal year and prepare for the 2026 planning cycle, we are positioned at a point where reflection and repositioning are not just necessary, but urgent.”

He highlighted the State’s focus on urban regeneration, the creative economy, and the Omi-Eko Revolution, which seeks to transform Lagos’s waterways into a modern, resilient, and inclusive mode of transportation.

“It challenges us to build not just back, but forward—stronger, smarter, more innovative, and more inclusive,” he added.

In her opening remarks, Permanent Secretary, Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo, described the roundtable as “a strategic platform that sits at the intersection of evidence-based policymaking and Lagos State’s shared ambition for the future.”

She said sustaining the state’s economic resilience amid global uncertainties requires deliberate innovation and cross-sector collaboration.

“Sustaining resilience requires more than momentum; it demands intentional planning, policy innovation, and strong partnerships anchored in shared responsibility,” she said.

According to her, insights from the engagement will guide Lagos State’s Medium-Term Expenditure Framework (MTEF), 2026 Budget, and future policy priorities.

L-R: Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olamide; Professor of Geography with a specialization in Transportation, Logistics and Spatial Planning, UNILAG, Prof. Samuel Iyiola Oni and the CEO, Chocolate City, Mr. Abuchi Peter Ugwu during the panel session of the third edition, Lagos Economic Roundtable: Economic Outlook 2026 Discourse, at the Protea Hotel, CBD, Ikeja, on Wednesday, December 3, 2025.

Economic experts and academics that led the conversation urged the Lagos State government to embrace true measures towards making a resilient economy by diversification, innovation, and investment in people.

The Founder and Chief Consultant of B. Adedipe Associates, Prof. Biodun Adedipe who led the discussion, called for stronger attention to technology, real estate and financial services as he said are major thriving sectors.

Prof. Adedipe said that the State government should take a core from California as it shares similar economic features which could help to bolster her growth rate.

He added “Lagos with an estimated growth rate of 6.49 per cent in 2025, is well ahead of the annualized national GDP growth rate of 3.78 per cent, should look to incentivise sectors like Entertainment, Tourism, Agriculture and Manufacturing to drive further her economic growth.” 

He described it as ‘critical to Lagos’s prosperity’.

“True measure of development lies in diversification, innovation, and sustainability,” Adedipe said, urging the continued strengthening of the T.H.E.M.E.S Plus Agenda of Governor Sanwo-Olu.

On her part, Prof. Taibat Lawanson of the University of Lagos spoke on “Urban regeneration and inclusive development shaping a livable and competitive Lagos in 2026”, cautioned that urban regeneration efforts must not marginalize vulnerable communities.

“True urban regeneration is a carefully planned revitalization of deprived areas to improve their economic, social, and environmental conditions,” Prof. Lawanson said. “We must co-learn, co-design and co-produce with all stakeholders to build a livable Lagos for all.”

Special Adviser to Governor Babajide Sanwo-Olu on Blue Economy, Mr. Emmanuel Oluwadamilola, in his presentation titled “The Omi Eko Revolution” outlined the transformative impact of water-based transportation on Lagos’s economy.

He said the Omi-Eko initiative will relieve road congestion, promote cleaner transport, and enhance social inclusion.

“Lagos loses thousands of productive hours daily due to gridlock,” he noted. “Waterways offer immediate relief as an uncongested, underused transport asset.”

The Governor’s aide highlighted that although 22 percent of Lagos is covered by water, only a small fraction is utilized for transport. The initiative, he said, will deploy electric and hybrid ferries that support the Lagos Climate Action Plan, while improving safety and access for coastal communities.

He stressed the project’s strong backing by AFD, the European Union (EU), and the European Investment Bank (EIB).

L-R: Prof. Olufemi Shuaib of UNILAG; Lagos State Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olamide; Special Adviser on Economic Planning and Budget, Mr. Lekan Balogun; Professor of Geography with a specialization in Transportation, Logistics and Spatial Planning, UNILAG, Prof. Samuel Iyiola Oni; Dr. Amina Olohunlana of UNILAG; CEO, Chocolate City, Mr. Abuchi Peter Ugwu and the Director, Economic Intelligence Department, MEPB, Mr. Alao Akinkunmi during the third edition of the Lagos Economic Roundtable: Economic Outlook 2026 Discourse, at the Protea Hotel, CBD, Ikeja.

 

A panel session was also held where a mutual call was made for shared commitment to build an economy driven by innovation, collaboration, and inclusivity. Panelists includes Commissioner for Physical Planning and Urban Development, Mr. Oluyinka Olumide; CEO, Chocolate City, Mr. Abuchi Peter Ugwu; Professor of Geography with a specialization in Transportation, Logistics and Spatial Planning, Prof. Samuel Iyiola Oni; Prof. Olufemi Shuaib and Dr. Amina Olohunlana, all from University of Lagos, UNILAG.

Other speakers were Commissioner for Tourism, Arts and Culture, represented by the Permanent Secretary, Princess Adebopo Oyekan-Ismail; Special Adviser on Economic Planning and Budget, Mr. Lekan Balogun; Prof. Olusegun Vincent of Lagos Business School, Pan African University; CEO, Economic Associates, Dr. Ayo Teriba amongst other private sector actors.