Nigeria: Lagos Can Become $1tn Economy Through Private-Sector Partnership

What the report says

Lagos State’s commerce, trade and investment commissioner, Folashade Kaosarat Bada Ambrose-Medebem, has urged closer collaboration between government and the private sector as the state seeks to expand into a $1 trillion economy by 2052. She made the remarks at the Julius Berger Luminary Soirée 2026 in Lagos, where the discussion focused on the city’s long-term economic transformation.

According to the report by This Day, Ambrose-Medebem said the Lagos State Development Plan 2052 sets out 447 initiatives across 21 sectors and is organized around four priorities: a stronger economy, people-centered development, modern infrastructure and effective governance. She said reaching the target of $800 billion to $1 trillion by 2052 will depend on policy consistency, disciplined implementation and what she described as a shift toward real co-creation with the private sector.

The commissioner also highlighted manufacturing as an important part of the growth strategy, saying it contributed 9.57% to real GDP in the first quarter of 2026. She said Lagos’ economy was estimated at about $259.75 billion in purchasing-power-parity terms in 2023, making it one of Africa’s largest city economies and a major contributor to Nigeria’s overall output.

The report added that the state government, under Governor Babajide Olusola Sanwo-Olu, is aiming to move beyond attracting interest to structuring bankable deals. Through Invest Lagos, it is linking global capital with a pipeline of opportunities worth more than N4 trillion across key sectors.