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‎Vice President Kashim Shettima and Lagos State Governor Babajide Sanwo-Olu has projected Lagos as Africa’s foremost investment destination, describing the state as the continent’s gateway to global wealth, trade and economic opportunities.
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‎They spoke at the opening ceremony of Invest Lagos 3.0 held at Eko Hotels and Suites, Victoria Island, where policymakers, investors, development finance institutions and business leaders gathered to explore investment opportunities across key sectors of the economy.
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‎Speaking on the theme: “Lagos: The Business Gateway to Africa, Powering Africa’s Next Era of Trade, Talent and Global Economic Leadership,” Shettima said Lagos was increasingly emerging as Africa’s gateway to global wealth and a strategic hub for international investors seeking access to the continent’s expanding markets.
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‎According to him, Nigeria possesses the demographic strength, entrepreneurial talent and economic potential to rank among the world’s largest economies by 2050, provided the country continues to invest in innovation, infrastructure and effective leadership.
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‎He noted that Lagos had sustained its position as Africa’s commercial nerve centre through deliberate policies, strong institutions and a business-friendly environment that continues to attract multinational corporations and foreign investments.
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‎The Vice President also reaffirmed the Federal Government’s commitment to collaborating with states and the private sector to improve infrastructure, expand trade opportunities and strengthen the ease of doing business across the country.
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‎In his keynote address, Governor Sanwo-Olu said Lagos had evolved significantly since the inaugural edition of the summit in 2024 and was strategically positioned to leverage opportunities presented by the African Continental Free Trade Area (AfCFTA).
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‎He noted that with a population exceeding 23 million and a Gross Domestic Product (GDP) estimated at about $259 billion measured by purchasing power parity, Lagos remains the largest sub-national economy within the AfCFTA bloc.
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‎”We are announcing to the world that if you want to reach Africa and benefit from its boundless market and economic potential, Lagos offers the most viable and appealing route,” the governor said.
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‎Sanwo-Olu highlighted Lagos’ economic credentials, noting that the state handles about 70 per cent of Nigeria’s sea freight activities, hosts the country’s leading financial institutions and boasts one of Africa’s most vibrant startup ecosystems.
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‎The governor outlined major infrastructure projects undertaken by his administration, including the Blue and Red Rail Lines, the operationalisation of the Lekki Deep Sea Port, the ongoing construction of the Fourth Mainland Bridge and plans for the Lekki-Epe International Airport.
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‎He added that investments in agriculture, technology and logistics were transforming Lagos into a regional hub for food security and digital innovation.
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‎Sanwo-Olu pointed to the emergence of globally recognised technology firms such as Flutterwave, Moniepoint, Andela and Interswitch as evidence of Lagos’ growing influence in Africa’s digital economy.
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‎He also disclosed that the Lagos International Financial Centre (LIFC) project was progressing steadily and would serve as a major financial gateway connecting Africa to global capital markets.
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‎The governor further revealed that Lagos had secured hosting rights for the Creative Africa Nexus (CANEX) 2026 and the Intra-African Trade Fair (IATF) 2027, describing both developments as evidence of growing international confidence in the state.
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‎According to him, the summit’s deal rooms were deliberately designed to facilitate investment decisions and mobilise financing for critical projects.
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‎”The singular goal is to spotlight and mobilise financing for the most consequential investment decisions across the public and private sectors that Nigeria has ever seen,” he said.
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‎Sanwo-Olu added that the success of the summit would be measured not by attendance figures or speeches, but by investments capable of creating jobs and transforming lives.
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‎Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said ongoing fiscal and tax reforms were improving Nigeria’s investment climate, boosting investor confidence and creating new opportunities for economic growth across states.
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‎Also speaking, Commonwealth Secretary-General Shirley Botchwey called for stronger regional cooperation through improved power supply, efficient logistics systems and enhanced security across Africa.
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‎She urged African leaders to harness innovation and human capital as drivers of job creation and sustainable development.
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‎Delivering the welcome address, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, described the summit as a strong vote of confidence in Lagos and its economic potential.
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‎She said delegates, investors, business leaders and development partners from Nigeria, Africa, the Commonwealth and other parts of the world had gathered to explore opportunities in Africa’s largest commercial city.
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‎According to her, Lagos remains Nigeria’s economic powerhouse and one of the world’s fastest-growing megacities, accounting for a significant share of national GDP while attracting the highest volume of domestic and foreign investments.
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‎”Lagos is open for business, open for partnerships and open for investments. The opportunities are here, the market is here, the talent is here and the leadership is here,” she said.
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‎Chairman of the Commonwealth Enterprise and Investment Council (CWEIC), Lord Marland, described Nigeria as a country with immense entrepreneurial potential and a critical player in Africa’s economic future.
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‎He commended ongoing economic reforms and expressed optimism about Nigeria’s investment climate, noting that Lagos was well positioned to attract greater investment flows from across the Commonwealth and beyond.
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‎A major highlight of the summit was the Governors’ Investment Showcase, where governors from Lagos, Abia, Imo, Nasarawa and Plateau states presented investment opportunities in key sectors of their economies.
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‎The two-day summit was convened by the Lagos State Government in partnership with the Commonwealth Enterprise and Investment Council (CWEIC) to deepen investment partnerships and position Lagos as the preferred gateway to Africa’s next phase of economic growth.

The Centre for the Promotion of Private Enterprise [CPPE] yesterday expressed concerns over what it called the “growing advocacy for unbridled importation of petroleum products.”

The Chief Executive Officer of the CPPE, Dr. Muda Yusuf, noted that such advocacy is particularly of concern especially at this period when the country should be consolidating domestic refining capacity and accelerating its industrialisation journey.

According to him, prosperous economies are built on production, refining, manufacturing, value addition and the strengthening of domestic productive capacity, noting that countries that become excessively dependent on imports inevitably export jobs, weaken domestic industries, erode local investments and mortgage their economic sovereignty.

The CPPE boss warned that excessive import dependence was one of the major factors that pushed Nigeria’s foreign exchange market dangerously close to systemic distress before the recent reforms of the current administration restored stability and improved investor confidence. He therefore said it would be economically imprudent to recreate the very conditions that previously weakened the economy.

“This debate goes far beyond petroleum products. It speaks to the very architecture of Nigeria’s economic philosophy, the future of industrialisation, the resilience of the macroeconomy and, ultimately, the preservation of the country’s economic sovereignty. No nation has ever imported its way to industrial greatness. Nigeria must therefore avoid drifting into a policy regime that undermines domestic production in the name of competition or liberalization,” Dr. Yusuf warned.

Yusuf, an economist and financial analyst, said that import dependence carries profound economic consequences. He recalled that for decades, Nigeria’s dependence on imported petroleum products created deep distortions within the economy, exerting enormous pressure on foreign reserves, weakened the naira, accelerated the collapse of domestic refineries, entrenched a rent-seeking ecosystem, worsened FX illiquidity, fuelled corruption within the subsidy regime and imposed severe fiscal burdens on public finances.

At the height of the fuel subsidy era, he further argued, the country spent trillions of naira annually subsidising imported fuel, thereby effectively transferring national wealth, jobs, industrial opportunities and value creation to foreign economies and their local collaborators. “The country was also spending over $10 billion annually on petroleum product imports. The consequences were severe and far-reaching- persistent pressure on the exchange rate; widening trade deficits; weak industrial competitiveness; massive fiscal leakages; investor uncertainty and macroeconomic fragility,” he noted.

According to him, the current policy conversation around petroleum product imports appears fundamentally inconsistent with Nigeria’s industrial aspirations. Nigeria, he said, has just witnessed one of the most consequential industrial investments in Africa through the establishment of the Dangote Refinery, alongside growing investments in modular refineries across the country.

These investments, he argued, should ordinarily be strategically supported, celebrated and strengthened, instead of the mounting pressure for unrestricted importation of refined petroleum products- a policy orientation capable of undermining domestic refining investments and discouraging future industrial commitments.

“What message are we sending to investors if a multi-billion-dollar refinery investment of continental significance is confronted with regulatory uncertainty and policy headwinds? The pathway to competition is not the promotion of imports. The pathway to competition is the encouragement of additional domestic refining investments. A country that cannot refine its own petroleum products despite being a major crude oil producer exposes itself to profound economic vulnerability. Energy security is national security. A nation that persistently imports what it should ordinarily produce locally gradually weakens its productive base, destroys industrial capabilities and compromises long-term economic stability,” Dr. Yusuf argued.

Buttressing his position further, he noted that advocacy for fiscal protection of domestic refining is neither unusual nor extraordinary because every serious economy protects its strategic sectors. For instance, he cited the United States is deploying tariffs and industrial subsidies to support manufacturing competitiveness. China aggressively protects strategic industries. Europe is increasingly embracing industrial policy intervention. India continues to deepen domestic manufacturing through its “Made in India” agenda.

“Industrialisation has never been built on extreme liberalisation. No nation develops by turning itself into an attractive destination for imported goods. Self-reliance is not economic isolationism. It is economic pragmatism anchored on national interest. It is the deliberate strengthening of domestic productive capacity in order to reduce vulnerability to external shocks and reinforce long-term economic resilience,” the CPPE argued.

He noted that Nigeria already provides varying degrees of tariff and fiscal protection to several manufacturing subsectors under existing fiscal policy frameworks. For instance,there is currently an Import Adjustment Tax covering 192 tariff lines designed to support domestic industries, including: Pharmaceuticals, Textiles, Chemicals and allied products, Iron and steel, Cement, Ceramics and sanitary wares, Furniture, Food processing, Automobile assembly, Wires and cables, Soap and detergents and many more.

“The same strategic policy support should naturally extend to domestic refining because refining is not merely a commercial activity; it is a critical industrial, economic and national security investment,” Dr. Yusuf submitted.

The Lagos State Government has unveiled plans for the Third Edition of the Invest in Lagos Summit, positioning the gathering as a major platform to attract international investors.

The summit, the State Government said, will deepen economic partnerships and reinforce its status as Africa’s leading commercial hub.

The summit, with the theme: “Lagos Business Gateway to Africa: Where Innovation Meets Capital,” will take hold from June 8 to 9, 2026, with an additional industrial and infrastructure tour planned for June 10, 2026.

Unveiling the summit at a media briefing yesterday in Lagos, the organisers described “Invest in Lagos 3.” as a strategic economic intervention designed to unlock new investment opportunities, accelerate industrialisation and strengthen Lagos’ place in the global economic landscape.

The summit is put together by the State Government in collaboration with the Commonwealth Enterprise and Investment Council as well as several institutional and private sector partners.
Officials said the event would serve as a global meeting point for policymakers, multinational corporations, sovereign wealth funds, development finance institutions, innovators, entrepreneurs and investors seeking opportunities across key sectors of the Lagos economy.

They noted that the summit has evolved beyond a conventional conference into a strategic platform for policy dialogue, capital mobilisation, investment matchmaking and economic collaboration.
According to the organisers, the maiden edition, known as the Lagos Investment Roundtable, helped establish Lagos as a globally competitive economy with a clear reform agenda and investor-focused policies, while the second edition attracted international delegations and investment promotion agencies from Africa, Europe, Asia and the Middle East.

Co-chair of the summit’s Technical and Programmes Committee, Dr. Toyosi Akinyemi-Oshige, described the event as potentially “the defining investment convening for Africa in this decade.”
He disclosed that participants expected at the event will include at least 28,000 delegates from more than 50 Commonwealth countries, making it one of the largest investment gatherings on the continent.
Akinyemi-Oshige stated that unlike traditional conferences often limited to speeches and networking, Invest in Lagos 3.0 would prioritise measurable outcomes through technology-driven coordination and real-time engagement systems.

According to him, the summit will leverage digital dashboards, live intelligence systems and virtual engagement tools to improve participation and investment tracking throughout the event.
He added that youth entrepreneurship and innovation would form a central pillar of the summit, stressing that Lagos remains Africa’s leading startup ecosystem and a major hub for technology-driven businesses.

Officials disclosed that Invest in Lagos 2.0 generated curated investment portfolios valued at more than N800 billion across eight priority sectors and was projected to create approximately 80,000 jobs over a three-to-five-year period.

The previous edition also facilitated strategic memoranda of understanding, public-private partnerships and high-level deal room discussions on industrialisation, infrastructure financing, manufacturing, transportation, digital economy, logistics, sustainable urban development and the creative industry.

Speaking on the objectives of this year’s summit, organisers said Invest in Lagos 3.0 would build on those achievements with stronger implementation frameworks, deeper global engagement and more practical investment outcomes.

They described Lagos as the centre of Africa’s economic story, citing its population of over 23 million people, expanding transportation network, rapidly growing innovation ecosystem, industrial capacity and strategic maritime infrastructure as major attractions for investors.

According to them, Lagos remains uniquely positioned as the preferred destination for manufacturing, technology, finance, trade and enterprise development on the continent.

The summit will include executive roundtables, sector-focused investment dialogues, exhibitions, networking engagements and business-to-business meetings aimed at connecting investors directly with government institutions and private sector players.
One of the major highlights expected at the summit is the Governor’s Investment Showcase Panel, where state governors from across Nigeria will present targeted investment opportunities directly to international investors, development agencies and business leaders.
The session is expected to facilitate direct engagement between public officials and global capital providers on strategic projects capable of driving economic growth across the country.
The organisers confirmed that several high-profile international and local figures would participate in the summit, including the Chair of the Commonwealth Enterprise and Investment Council, Lord Marland, Governor Babajide Sanwo-Olu, Commonwealth Secretary-General Shirley Botchwey, Minister of Industry, Trade and Investment Jumoke Oduwole and the Secretary-General of the African Continental Free Trade Area.
Several leading corporations and investment institutions are also expected to participate, including Dangote Group, Julius Berger Nigeria, Olam Group, Alaro City and the Lekki Free Zone.
Organisers revealed that thematic discussions at the summit would focus on critical sectors considered essential to Lagos’ long-term economic growth. These include infrastructure and urban development, manufacturing and industrialisation, agriculture and food systems, technology and digital economy, blue economy, tourism, energy, logistics, financial services, real estate and SME development.
Special investment sessions will also spotlight emerging opportunities within Lagos’ economic zone agenda, including industrial parks, export-oriented manufacturing hubs, innovation districts and climate-focused infrastructure projects.
As part of efforts to integrate young people into the investment ecosystem, students from major tertiary institutions, including Lagos State University, will participate in managing digital command centres that will provide remote access to plenary sessions, keynote speeches and panel discussions for global audiences.
In another major innovation, organisers announced plans to introduce podcast studios and media engagement sections at the summit to amplify conversations around investment, tourism, culture and entrepreneurship in Lagos.
Beyond the conference sessions, foreign delegates are expected to embark on guided tours of major industrial and infrastructure projects across Lagos on June 10.
The tours will include visits to the Dangote Refinery, the Lekki Deep Sea Port, Lekki Free Trade Zone, the Blue and Red Rail Lines and the RussellSmith 3D Printing and Manufacturing Centre.
Organisers said the tours are intended to give international investors firsthand experience of Lagos’ ongoing transformation and infrastructural development.
Stakeholders at the briefing also emphasised the significance of the partnership between Lagos and the Commonwealth Enterprise and Investment Council, noting that it reflects growing international confidence in Nigeria and Africa as emerging investment frontiers.
They argued that the collaboration sends a strong signal to global investors that Lagos is increasingly becoming a strategic gateway into African markets.
The summit will also feature investment pavilions and sector-specific deal rooms where startups, businesses, state governments and investors can negotiate partnerships, showcase projects and secure financing opportunities.
According to the organisers, the pavilions will provide opportunities for companies, associations and institutions to host side events, display investment opportunities and interact directly with potential investors.
Special participation categories have also been created for startups, media organisations, strategic partners and sponsors.
Officials used the opportunity to call on residents, businesses, investors, diplomatic missions and members of the international community to participate actively in the summit, describing it as a collective effort to showcase Lagos as a modern, inclusive and future-ready smart city.
They expressed optimism that the summit would strengthen investor confidence, attract fresh domestic and foreign direct investments, facilitate strategic partnerships and generate employment opportunities capable of driving long-term prosperity in Lagos and across Nigeria.
“As a government, we remain fully committed to creating an enabling environment for businesses to thrive through reforms, infrastructure development, digital transformation and improved ease of doing business,” the organisers stated.
They added that under the leadership of Governor Sanwo-Olu, Lagos continues to pursue an ambitious economic agenda focused on resilience, innovation, industrial growth and global competitiveness.
Interested participants, investors and media organisations were advised to direct accreditation, enquiries and correspondence to the summit.
With expectations already building ahead of the summit, stakeholders believe Invest in Lagos 3.0 could become one of the most significant economic and investment gatherings ever hosted on the African continent, while further cementing Lagos’ reputation as the business gateway to Africa.