Lagos State has unveiled a long-term development plan targeting an economy worth nearly $1 trillion by 2052, as it seeks to attract investment and strengthen its position as a globally competitive economic and financial hub.

Governor Babajide Sanwo-Olu disclosed this at the Lagos Executive Business Breakfast Meeting organised by the Nigerian-British Chamber of Commerce (NBCC) in Lekki, Lagos, on October 28, 2026.

The Lagos State Development Plan 2052 contains 447 initiatives across 21 strategic sectors, organised around four pillars: a thriving economy, a human-centred city, modern infrastructure and effective governance.

Lagos targets nearly $1 trillion economy by 2052

Sanwo-Olu said the plan was designed to position Lagos as Africa’s model megacity by attracting investment, supporting businesses and improving residents’ quality of life.

• Speaking at the meeting, themed “The Future of Lagos: Business, Investment and Global Competitiveness,” he highlighted the importance of infrastructure, technology and human capital to the state’s long-term economic ambitions.
• “Governor Sanwo-Olu said his administration is committed to the Lagos State Development Plan 2052 to promote sustainable growth and attract investment, adding that the state aims to grow its economy to nearly one trillion dollars by 2052,” the statement read in part.

The governor identified several areas expected to support the plan’s objectives:

• Improvements in port efficiency, technological innovation and investment to boost manufacturing, create jobs and strengthen economic activity.
• Development of the Blue and Red rail lines, electricity regulation and expanded digital connectivity.
• Investment in healthcare and education to improve public services and develop a skilled workforce.
• Growth of the Lekki Deep Sea Port, industrial developments, technology and creative sectors to support regional trade and economic activity.

Sanwo-Olu also highlighted support for small and medium-sized enterprises through financing and grants, alongside efforts to promote innovation and prepare workers for emerging industries.

He said Lagos needed sustained investment and business-friendly policies to strengthen its competitiveness and attract more domestic and international investors.

Lagos budget rises to N4.2 trillion

Sanwo-Olu disclosed that Lagos State’s budget had grown from about N700 billion in 2019 to N4.2 trillion in 2026, reflecting the state’s expanding investment needs and the importance of revenue generation in sustaining development.

• The governor said improvements in transportation, healthcare and education remained important to residents’ quality of life.
• Sanwo-Olu urged businesses to see Lagos as more than a large consumer market, describing it as a platform for production, innovation, regional trade and international investment.

In his remarks, NBCC President and Chairman Abimbola Olashore called for stronger collaboration among government, businesses and investors to improve the business environment and strengthen Lagos’ global competitiveness. He reaffirmed the chamber’s commitment to promoting trade and investment relations between Nigeria and the United Kingdom.

The budget increase provides a measure of the state’s expanding spending plans, although the development plan’s long-term economic target will depend on sustained investment and implementation across its strategic sectors.

Nigeria’s $1 trillion economy target faces hurdles

Lagos’ 2052 ambition comes against the backdrop of the Federal Government’s separate target of transforming Nigeria into a $1 trillion economy by 2030. President Bola Tinubu announced the national ambition at the Nigeria Economic Summit in 2023, during the first year of his administration.

However, the World Bank warned in its May 2025 Nigeria Development Update, titled Building Momentum for Inclusive Growth, that Nigeria’s economic growth rate would need to increase about fivefold to achieve the target by the end of the decade.

• The World Bank noted that Nigeria’s gross domestic product grew by 3.84% in the fourth quarter of 2024, but said the pace was insufficient to deliver the jobs, poverty reduction and shared prosperity needed to support the country’s ambitions.
• The institution said growth needed to become more inclusive, creating opportunities for low-income households, young people and low-skilled workers.
• It identified agriculture, manufacturing and services focused on domestic consumption as labour-intensive sectors that could expand employment and improve income distribution.
• Although it acknowledged reforms including petrol subsidy removal and foreign exchange rate unification, the World Bank warned that weak structural transformation and governance could limit their benefits.

The report also noted that growth in finance and information and communications technology (ICT) alone would not generate enough employment to meet the country’s broader development needs. Financial Derivatives Company Managing Director Bismarck Rewane has also questioned whether Nigeria could reach the national target within the administration’s five-to-six-year timeframe.