“Lagos must be understood and treated as a national economic asset,” Sanwo-Olu said, arguing that the state’s economic importance requires sustained investment and stronger institutions.

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For investors, ambition must translate into a business environment where policies are predictable, institutions honour their obligations and investments generate returns.

Reducing risks for businesses is essential to attracting capital, creating jobs and expanding economic opportunities.

Investors need more than promises

He noted that Lagos has significant opportunities in technology, manufacturing, financial services, trade, logistics and real estate.

But investors also need predictable policies, efficient public services and institutions that honour their commitments. The state’s ability to turn its economic potential into investment will depend on how effectively it addresses these everyday business concerns.

Waste crisis puts business environment in focus

Waste management emerged as a pressing concern, with participants raising questions about deteriorating conditions in parts of the state. Sanwo-Olu admitted the shortcomings, saying, “I’ll be the first to accept that we dropped the ball.”

He said the government had ordered 160 compactor trucks and signed agreements for two material recovery facilities. Lagos generates between 12,000 and 14,000 metric tonnes of waste daily, according to the governor, making efficient collection and processing essential to public health and the city’s attractiveness to businesses.

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Land registration delays tie up capital

Land administration was another concern, particularly delays in registering property titles and mortgages. A participant noted that the process could take five to six years, highlighting a barrier to property transactions and access to mortgage finance.

Sanwo-Olu said the government was pursuing digitisation, improved mapping and measures to clear the backlog. Faster processing would help reduce uncertainty for property investors and businesses seeking to use land as collateral.

Small businesses need a better operating climate

The governor also pointed to support for small businesses, saying the Lagos State Employment Trust Fund had supported close to 42,000 businesses.

But access to funding alone will not be enough if businesses continue to face administrative delays, inadequate public services and uncertainty over policy implementation.

A long-term vision requires measurable delivery

According to the governor, Lagos’s long-term ambition was to build a productive, connected and globally competitive economy.

He also stressed that development must continue beyond his administration, arguing that government is a continuum and that future leaders should build on existing plans.

“However, continuity should not mean protecting policies from scrutiny. It should mean retaining effective programmes, correcting weaknesses and measuring results against clear targets”, he said.

“For the NBCC, which promotes trade and economic cooperation between Nigeria and the United Kingdom (UK), with its membership which includes more than 400 organisations across different sectors, it is important to deepen engagement between government and the organised private sector and identify practical opportunities for investment and enterprise development”, Abimbola Olashore, president and chairman of council said.

He also stressed the importance of stronger partnerships between public institutions and businesses, particularly as Lagos approaches its role in shaping economic relations between Nigeria and the UK.