Investment, Enterprise Will Drive Nigeria’s $1trn Economy Target -VP
Vice President Kashim Shettima has said Nigeria’s ambition to build $1 trillion economy is driven by enterprise, investment, and coordinated reforms across all levels of government.
He particularly identified Lagos State as the clearest demonstration of how subnational leadership can accelerate national economic transformation.
Speaking on Monday when he declared open the Invest Lagos 3.0 Summit held at Eko Hotel and Suites, Victoria Island, Lagos, the Vice President said the country’s economic future depends on creating conditions that allow capital, innovation and productive enterprise to thrive.
Addressing an audience of policymakers, global investors, entrepreneurs, development institutions and business leaders, VP Shettima said Lagos has continued to distinguish itself as Nigeria’s foremost economic gateway and one of Africa’s most influential centres for commerce and investment.
He described the state as more than a commercial capital, noting that the city remains a testing ground for ideas, governance and economic execution.
“Lagos is the livewire of our continent. Lagos is the furnace in which our ideas are tested against the discipline of execution. Lagos is the great doorway through which Nigeria continues to greet the future,” the Vice President said.
According to him, Lagos has repeatedly shown that economic progress is achievable when vision is matched with competent leadership, institutional continuity, and private sector confidence.
The Vice President credited the former nation’s capital’s growth trajectory to leadership that has sustained long-term planning and governance reforms since Nigeria’s return to democratic rule.
He praised President Bola Ahmed Tinubu for laying the foundation of the Lagos development model, describing it as a governance tradition that has created continuity and positioned the state as a continental economic force.
“President Bola Ahmed Tinubu planted the tree whose shade has sheltered a succession of leaders committed to futurist ideas, institutional continuity and disciplined governance,” he stated.
VP Shettima also commended Governor Babajide Sanwo-Olu for sustaining Lagos’ growth momentum and strengthening its attractiveness as a destination for investment and business expansion.
Referring to the summit’s theme, “Lagos: The Business Gateway to Africa,” the Vice President said the gathering reflects an emerging global reality where cities increasingly shape production systems, supply chains, innovation networks, and investment flows.
He noted that Lagos has continued to attract investors because of its access to markets, infrastructure, talent and financial opportunities.
The Vice President reaffirmed the Tinubu administration’s economic agenda, stating that recent macroeconomic reforms were deliberately designed to restore market confidence, improve fiscal sustainability and unlock large-scale private investment.
He acknowledged that some of the decisions undertaken by government have been difficult, maintaining, however, that sustainable prosperity requires structural discipline and economic realism.
“We have taken difficult decisions because we understand that the economy of our dream cannot be built on illusions. It must be built on productivity, discipline, competitiveness, and the courage to create a climate in which enterprise can breathe,” he said.
Highlighting Nigeria’s long-term opportunity, VP Shettima said the country’s demographic profile and strategic position under the African Continental Free Trade Area present a unique platform for industrial expansion and regional competitiveness.
With projections placing Nigeria among the world’s largest populations by 2050 and AfCFTA creating access to a market of more than 1.4 billion people, he said the country is positioned to emerge as Africa’s leading production, logistics, innovation and investment hub.
The Vice President, however, stressed that the Federal Government cannot deliver economic transformation in isolation.
Earlier, Governor Sanwo-Olu said the forum was reinforcing Lagos’ status as an investment-ready destination that offers a veritable gateway and platform for investors to tap from the abundant resources across different sectors.
Acknowledging the contribution, vision and foundation for a new Lagos laid by President Tinubu some years ago, Governor Sanwo-Olu said the President’s continuous support for and commitment to rapid sub-national development remained unprecedented.
He also outlined the achievements of his administration in agriculture, health, human capital development, transport, energy, technology, trade and commerce, assuring investors of the emerging shift to sub-national growth that is anchored by the Federal Government, which, according to him, Lagos represents.
In his remarks, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said one of the gains of the Tinubu administration’s audacious reforms was the re-emergence of Lagos as the shining light of sub-national development across critical sectors, including trade and commerce.
He said the Federal Government, under the leadership of President Tinubu, has over the past two years taken far-reaching decisions to dismantle structural deficiencies in Nigeria’s economy, noting that the resilience of the economy was already manifesting across different sectors and in the sub-nationals.
For her part, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mr Folashade Bada, stated that the investment summit resonates with the notion that Lagos is open for business, partnership and investment, assuring that the city will keeps to its promises of a conducive environment for the investments to thrive.
In his goodwill message, the Secretary General of the Commonwealth, Shirley Botchwey, justified the nomenclature of Lagos as the continent’s business gateway, noting that while the state is setting the pace for technology, culture and enterprise development, it is not just a city of potential but one of proof.
For his part, Chairman of the Commonwealth Enterprise and Investment Council, Mr Lord Marland, observed that at a time when the world is plagued by environmental, economic and health challenges, proactive and pragmatic leadership is required to show that the country is ready to lead amidst the emerging issues.
He acknowledged that President Tinubu, supported by the Vice President and other leaders at the sub-national level, have demonstrated purposeful leadership.
In his goodwill, the representative of the President of the Afrexim Bank, Dr Gainmore Zanamwe, said the bank’s commitment to supporting viable investments in Lagos and Nigeria remains unwavering and demonstrates the confidence the bank has in the country’s capabilities of powering Africa’s new era of trade, talent and global economic leadership.
On his part, Secretary General of AfCTA Secretariat, Mr. Wamkele Mene, said projected growth and development across Africa will depend largely on the quantum of collaborations and investment in infrastructure and entrepreneurship across the continent, noting that Lagos State is well positioned to actualise the African vision.
The opening session also featured a fireside chat with Governors Caleb Mutfwang of Plateau State; Abdullahi Sule of Nasarawa State; Hope Uzodinma of Imo State; Babajide Sanwo-Olu of Lagos; and Alex Otti of Abia State. FG Seeks Stronger Stakeholder Participation In Agro-Processing Zones
