Sanwo-Olu Unveils 2026 Lagos Economic Dev’t Update ‘LEDU’

…says Govt’ll continue to Diversify Economy

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Tuesday, unveiled the Third Edition of the Lagos Economic Development Update (LEDU 2026) and reassures of his government’s willingness to continue to diversify the economy.

From left: Chairman, Lagos State House of Assembly committee of Finance, Hon. Olufemi Saheed; CEO, Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju; Lagos Commissioner for Economic Planning and Budget, Mr Ope George; Deputy Governor of Lagos State, Dr. Obafemi Hamzat; Chairman, House committee on Economic Planning and Budget, Hon. Saad Lukman and Deputy Chief of Staff to Governor Sanwo-Olu, Mr Sam Egube during the launch of Lagos Economic Development Update, LEDU 2026 at the Marriot Hotel, Ikeja, on Tuesday.

Speaking at the launch organized by the State’s Ministry of Economic Planning and Budget held at the Marriott Hotel, Ikeja, Sanwo-Olu said LEDU has evolved beyond a mere policy document, describing the initiative as a compass guiding the state’s economic direction, shaping decisions, and reinforcing the state government’s commitment to a resilient, inclusive, and prosperous Lagos.

The Governor, represented by his Deputy, Dr. Obafemi Hamzat, stated that the government will continue to drive economic diversification, ensure that Lagos is not dependent on a narrow set of sectors; support private sector-led growth, and recognize that enterprise is the backbone of economic expansion.”

Reaffirming his administration’s commitment to building a robust, inclusive, and globally competitive economy within the state, Sanwo-Olu added that deepening data-driven governance to ensure policies are responsive and impactful, pursuing sustainable urban development, balancing growth with environmental stewardship, and promoting social inclusion, ensuring no one is left behind.

From left: Deputy Chief of Staff to Governor Sanwo-Olu, Mr Sam Egube; Deputy Governor of Lagos State, Dr. Obafemi Hamzat; Commissioner for Economic Planning and Budget, Mr Ope George and Chairman, House committee on Economic Planning and Budget, Hon. Saad Lukman during the launch of Lagos Economic Development Update, LEDU 2026 at the Marriot Hotel, Ikeja, on Tuesday.

While highlighting the strides recorded by the initiative across key sectors such as economic expansion, improved revenue systems, infrastructure development, and investment in human capital, Sanwo-Olu said its outcomes were products of intentional governance, strategic planning, and the enduring resilience of Lagos residents.

Speaking on the theme, “Consolidating Resilience, Advancing Competitiveness, Delivering Shared Prosperity,” the governor noted that it reflects his administration’s focus on strengthening the state’s current economic position, explaining that consolidating resilience involves fortifying institutions, policies, and fiscal discipline that sustain progress.

“Advancing competitiveness calls on us to unlock new productivity, deepen innovation, and create an enabling environment where businesses and investments can thrive. Delivering shared prosperity reminds us that growth must be inclusive, reflected not only in macroeconomic indicators but also in jobs created, businesses empowered, and opportunities expanded for all Lagosians,” he added.

Deputy Governor of Lagos State, Dr. Obafemi Hamzat during the launch of Lagos Economic Development Update, LEDU 2026 at the Marriot Hotel, Ikeja, on Tuesday.

He further acknowledged challenges posed by the global economic climate, including post-pandemic recovery pressures, inflation, and fluctuating exchange rates, but emphasised that Lagos has remained resilient through deliberate planning and disciplined governance under the T.H.E.M.E.S+ Agenda.

“As we launch this edition of LEDU, I call on all stakeholders to engage actively, strengthen collaboration, and align with our shared vision. Lagos stands at a pivotal point in its economic journey. We have built resilience; now we must translate it into sustained competitiveness and ensure that growth delivers tangible prosperity for every Lagosian,” he concluded.

In his goodwill message, the Chairman, House Committee on Economic Planning and Budget, Hon. Olumoh Saad Lukman, reiterated that the government prioritizes the use of data, both primary and secondary sources, to ensure that it is not just giving anything to Lagosians, but the best and what is appropriate at every time of its development.

He added that “The different infrastructures seen today are done based on the needs of the citizens, for instance, the red lines, blue lines, and the open line coming up, these are based on the need of negotiations, based on the evidence of data that we have generated over time.”

Deputy Governor of Lagos State, Dr. Obafemi Hamzat, flanked by Commissioner for Economic Planning and Budget, Mr Ope George (left) Permanent Secretray of the Minstry, Mrs Olayinka Ojo (right) and members of staff during the launch of Lagos Economic Development Update, LEDU 2026 at the Marriot Hotel, Ikeja, on Tuesday.

In his welcome address, the Commissioner of the Ministry of Economic Planning and Budget, Mr. Ope George, noted that through deliberate policies, disciplined fiscal management, and strategic investments, the state has strengthened its economic foundation and reinforced its position as a leading subnational economy in Africa.

“From post-pandemic recovery pressures to inflationary challenges and structural adjustments, Lagos has remained steady and forward-looking. Lagos is not just responding to economic shocks—we are building systems that make us stronger because of them,” said the Commissioner.

In his remarks, the Chairman, South West Development Commission, Senator Olubunmi Adetunmbi applauded Lagos State for providing Nigeria with a sustainable model for sub-national governance, noting that while many states remain preoccupied with the politics of representation, Lagos has distinguished itself by focusing on managing a vibrant and expanding economy, a deliberate approach that continues to drive national growth, strengthen economic resilience, and set a compelling benchmark for other states to emulate.

“Lagos economy is huge relative to the rest of the country or to any other state in the federation. But when you look at the population of Lagos internationally, and you compare the economic output of such jurisdictions, and you find out that yes, Lagos is setting the blaze out of Nigeria,” he noted.

In his keynote address, Chief Executive Officer (CEO), Nigerian Economic Summit Group, Dr. Tayo Aduloju stated that Lagos State's resilience and steady growth trajectory have continued to position itself as a leading subnational economy in Africa, adding that the state continues to attract investors, tourists, and migrants, reinforcing its status as a dynamic economic hub comparable to global cities experiencing similar expansion pressures.

He highlighted the need for a strategic shift toward shared prosperity, noting that growth must positively impact the bottom 40 per cent of the population, in line with global development benchmarks. He opined that as Lagos looks to the future, there is a need for disciplined execution of policies, expansion of social safety nets, and sustained investment in human capital development.

According to him, “Ultimately, achieving shared prosperity will depend on the state’s ability to translate its economic growth into tangible improvements in the quality of life for all residents. We need to identify boosting productivity through tradable sectors, strengthening industrialization, and enhancing workforce skills to match investment demands. Additionally, strong state capacity, predictable regulations, and credible fiscal management were praised as critical factors underpinning Lagos’ attractiveness to investors.”