Sanwo-Olu unveils 2026 economic blueprint, vows inclusive growth
Lagos State Governor, Babajide Sanwo-Olu, hasunveiled the 2026 edition of the Lagos Economic Development Update (LEDU), reaffirming his administration’s commitment to driving inclusive growth and ensuring that economic progress translates
- By Zainab Olufemi
Lagos State Governor, Babajide Sanwo-Olu, hasunveiled the 2026 edition of the Lagos Economic Development Update (LEDU), reaffirming his administration’s commitment to driving inclusive growth and ensuring that economic progress translates into tangible benefits for residents.
The unveiling, held in Ikeja, provided an in-depth analysis of the state’s economic trajectory, capturing global, national and local trends shaping Lagos’ growth outlook.
Represented by his deputy, Obafemi Hamzat, Sanwo-Olu described the report as more than a policy document, noting that it serves as a strategic compass for guiding economic direction and strengthening decision-making.
He said despite global economic headwinds, including post-pandemic recovery challenges, inflationary pressures and exchange rate fluctuations, Lagos has remained resilient through deliberate policies, fiscal discipline and sustained investment in critical infrastructure.
“It is with a deep sense of responsibility and optimism that I join you today to officially launch the third edition of the Lagos Economic Development Update — LEDU 2026.
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“This platform has evolved beyond a mere policy document; it has become a compass guiding our economic direction, shaping decisions and reinforcing our commitment to building a resilient, inclusive and prosperous Lagos,” he said.
The governor noted that while the global economic environment remains unpredictable, the state has stayed on course through “clarity, discipline and foresight,” anchored on the T.H.E.M.E.S+ Agenda.
According to him, Lagos has strengthened its fiscal framework, improved revenue generation and invested in infrastructure critical to long-term growth.
Sanwo-Olu highlighted progress recorded since the inception of LEDU, including expansion of the state’s economic base driven by innovation, entrepreneurship and digitalisation; improved efficiency in revenue systems; and sustained infrastructure development across roads, ports, energy and urban planning.
He added that continued investment in human capital remains central, stressing that people are the true engine of growth.
Speaking on the theme of this year’s report, “Consolidating Resilience, Advancing Competitiveness, Delivering Shared Prosperity,” the governor said it reflects Lagos’ current economic priorities.
He explained that consolidating resilience involves strengthening institutions and fiscal discipline, while advancing competitiveness requires boosting productivity, innovation and investment.
Delivering shared prosperity, he added, means ensuring that growth translates into jobs, expanded opportunities and improved livelihoods for residents.
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Looking ahead, Sanwo-Olu reaffirmed the administration’s commitment to economic diversification, private sector-led growth, data-driven governance, sustainable urban development and social inclusion.
He also stressed the importance of partnerships with the private sector, development institutions, civil society and the international community in achieving the state’s development goals.
“As we launch this edition of LEDU, I urge all stakeholders to engage actively, strengthen collaboration and align with our shared vision.
“We have built resilience; now we must translate it into sustained competitiveness and ensure that growth delivers tangible prosperity for every Lagosian,” he said.
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Also speaking, the Commissioner for Economic Planning and Budget, Ope George, said Lagos has demonstrated resilience in navigating both global and domestic economic challenges.
“Lagos is not just responding to economic shocks — we are building systems that make us stronger because of them,” he said, noting that deliberate policies, disciplined fiscal management and strategic investments have reinforced the state’s position as a leading subnational economy in Africa.
He added that the state would continue to prioritise economic diversification, private sector growth, sustainable urban development and social inclusion, stressing that growth must be measured not only by economic indicators but also by its impact on people’s lives.
The Chief Executive Officer of the Nigerian Economic Summit Group, Tayo Adeloju, urged the state government to prioritise affordable housing as a critical driver of shared prosperity.
He noted that high housing costs could limit upward mobility for low-income earners, stressing that making housing more accessible would enhance living standards and support inclusive growth.
Adeloju added that sustained fiscal discipline, improved service delivery and a broader productive base would further strengthen Lagos’ position among Africa’s leading megacity economies.
