Babajide Sanwo-Olu has reaffirmed that Lagos remains the leading driver of Nigeria’s economic performance, contributing about 22 per cent to the nation’s Gross Domestic Product (GDP).
The governor made this known at the Business Council session of the Oniru Business and Cultural Day held on Saturday in Lagos. He noted that the state accounts for roughly one-fifth of Nigeria’s total economic output, describing it as the primary engine of national growth and productivity.
Sanwo-Olu attributed this achievement to deliberate policy decisions and sustained reforms under his administration’s THEMES+ development agenda, which he said has strengthened the foundation for long-term prosperity. He reassured investors and the wider business community that Lagos remains open and committed to fostering a conducive environment for growth, with continued focus on infrastructure development, job creation, youth empowerment and security.
Represented by his deputy, Dr Obafemi Hamzat, the governor emphasised that his administration would protect the progress already made by prioritising security, infrastructure and fiscal discipline. He added that the state has improved its internally generated revenue through responsible financial management without placing excessive burden on residents.
Sanwo-Olu urged members of the Business Council to remain actively involved in policy discussions, community investment and civic responsibility, stressing that their contributions extend beyond profit-making to nation-building.
He commended the Oniru of Iru Land, Abdulwasiu Lawal, for fostering a platform that connects enterprise with cultural heritage. The governor praised the traditional ruler’s leadership, noting that the kingdom has emerged as a model of structured growth, investment confidence and responsible urban transformation.
According to him, the transformation of the Oniru axis from a largely residential area into a major hub for hospitality, real estate, commerce and the creative industry reflects strategic planning, collaboration with traditional institutions and sustained investor confidence in Lagos.
Sanwo-Olu expressed optimism that such partnerships would deepen, positioning Lagos as a benchmark for visionary leadership and collaborative governance. He emphasised that tradition and progress are complementary pillars necessary for sustainable development.
He also highlighted Lagos’ growing reputation as Africa’s leading startup ecosystem, saying the state continues to build a dynamic digital economy that attracts global capital while empowering local talent.
“Lagos is not merely growing; it is evolving into a more inclusive, opportunity-driven economy that leaves no one behind,” he said.
Earlier, Abdulwasiu Lawal called for stronger collaboration among businesses, government and host communities to drive inclusive growth and shared prosperity. He stressed the importance of structured dialogue, coordinated development and accountability.
Lawal described the Oniru Business and Cultural Day as a platform where culture, commerce and community development intersect to reinforce one another. He announced plans to launch the Iru Business Network and formally establish the Oniru Business Council as permanent institutions to promote collaboration and accountability.
He explained that the Oniru Business Council would provide oversight and ensure commitments are monitored and progress measured transparently, while the Iru Business Network would connect enterprises across the kingdom, including artisans, entrepreneurs, professional firms, investors and corporate organisations.
According to him, the initiative aims to promote responsible investment, expand employment opportunities, strengthen small and medium-sized enterprises, deepen supply chain linkages and encourage local participation in large-scale commercial activities.
Lawal called on stakeholders to work together to position Iru Kingdom as a model of palace-public-private partnership, where peace, diversity and productivity are actively promoted.