LASG Reiterates Commitment To Inclusive, Sustainable, Resilient Economic Growth
…As experts call for diversification, innovation, equity at 3rd Lagos Ecolnomic Roundtable
By BENJAMIN OMOIKE
LAGOS, Nigeria – The Lagos State Government on Wednesday reaffirmed its commitment to inclusive, sustainable, and resilient economic growth at the third Economic Roundtable Discourse in an effort to chart more pathways for greater prosperity in 2026. The Roundtable, organised by the Economic Intelligence Department under the Ministry of Economic Planning and Budget, was held at the Protea Hotel, CBD in Ikeja, with the theme “Building Forward: Unlocking Emerging Sectors for an Inclusive, Resilient, and Prosperous Lagos Economy”. The event gathered top government officials, business leaders, academics, and development partners to deliberate on strategies to reposition Lagos as Africa’s most dynamic and equitable sub-national economy. In his keynote address, Commissioner for Economic Planning and Budget, Mr. Ope George, reaffirmed the State Government’s resolve to implement data-driven and future-focused policies as it transitions into the 2026 fiscal cycle. “This is not just a time to build back, but to build forward — stronger, smarter, and more inclusive,” he said. He highlighted the State’s focus on urban regeneration, the creative economy, and the Omi-Eko Revolution, which seeks to transform Lagos’s waterways into a modern, resilient, and inclusive mode of transportation. In her opening remarks, Permanent Secretary, Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo, described the roundtable as “a strategic platform that sits at the intersection of evidence-based policymaking and Lagos State’s shared ambition for the future.” She said sustaining the state’s economic resilience amid global uncertainties requires deliberate innovation and cross-sector collaboration. “Sustaining resilience requires more than momentum; it demands intentional planning, policy innovation, and strong partnerships anchored in shared responsibility,” she said. According to her, insights from the engagement will guide Lagos State’s Medium-Term Expenditure Framework (MTEF), 2026 Budget, and future policy priorities. Special Adviser to Governor Babajide Sanwo-Olu on Blue Economy, Mr. Emmanuel Oluwadamilola, in his presentation titled “The Omi Eko Revolution” outlined the transformative impact of water-based transportation on Lagos’s economy. He said the Omi-Eko initiative will relieve road congestion, promote cleaner transport, and enhance social inclusion. “Lagos loses thousands of productive hours daily due to gridlock,” he noted.“Waterways offer immediate relief as an uncongested, underused transport asset.”
The Governor’s aide highlighted that although 22 percent of Lagos is covered by water, only a small fraction is utilized for transport.The initiative, he said, will deploy electric and hybrid ferries that support the Lagos Climate Action Plan, while improving safety and access for coastal communities.
He stressed the project’s strong backing by AFD, the European Union (EU), and the European Investment Bank (EIB). “Delaying would increase costs and weaken momentum. Now is the best window to accelerate implementation,” he urged. In other presentations by Economic experts and academics, the Lagos State government was urged to embrace true measures towards making a resilient economy by diversification, innovation, and investment in people. The Founder and Chief Consultant of B. Adedipe Associates, Prof. Biodun Adedipe who led the discussion, called for stronger attention to technology, real estate and financial services as he said are major thriving sectors. Prof. Adedipe said that the State government should take a core from California as it shares similar economic features which could help to bolster her growth rate. He added “Lagos with an estimated growth rate of 6.49 per cent in 2025, is well ahead of the annualized national GDP growth rate of 3.78 per cent, should look to incentivise sectors like Entertainment, Tourism, Agriculture and Manufacturing to drive further her economic growth.” He described it as ‘critical to Lagos’s prosperity’.“True measure of development lies in diversification, innovation, and sustainability,” Adedipe said, urging the continued strengthening of the T.H.E.M.E.S Plus Agenda of Governor Sanwo-Olu. On her part, Prof. Taibat Lawanson of the University of Lagos spoke on “Urban regeneration and inclusive development shaping a livable and competitive Lagos in 2026”, cautioning that urban regeneration efforts must not marginalize vulnerable communities. “True urban regeneration is a carefully planned revitalization of deprived areas to improve their economic, social, and environmental conditions,” Prof. Lawanson said.“We must co-learn, co-design and co-produce with all stakeholders to build a livable Lagos for all.”
A panel session was also held where a mutual call was made for shared commitment to build an economy driven by innovation, collaboration, and inclusivity. Panelists includes Commissioner for Physical Planning and Urban Development, Mr. Oluyinka Olumide; CEO, Chocolate City, Mr. Abuchi Peter Ugwu; Professor of Geography with a specialization in Transportation, Logistics and Spatial Planning, Prof. Samuel Iyiola Oni; Prof. Olufemi Shuaib and Dr. Amina Olohunlana, all from University of Lagos, UNILAG. Other speakers were Commissioner for Tourism, Arts and Culture, represented by the Permanent Secretary, Princess Adebopo Oyekan-Ismail; Special Adviser on Economic Planning and Budget, Mr. Lekan Balogun; Prof. Olusegun Vincent of Lagos Business School, Pan African University; CEO, Economic Associates, Dr. Ayo Teriba amongst other private sector actors. The event underscored the State Government’s dedication to positioning Lagos as a global model for sustainable urban growth, economic resilience, and inclusive governance.
