Governor Babajide Sanwo-Olu of Lagos has called on private investors to increase funding in key sectors of the state’s economy, including transportation, energy, water infrastructure, technology, agriculture and agro-processing, as part of efforts to accelerate development and close existing infrastructure gaps.
Speaking on Monday at the Invest Lagos 3.0 summit themed “Lagos: The Business Gateway to Africa,” the governor said the state is actively creating opportunities for private capital to play a stronger role in driving economic expansion.
According to him, Lagos still possesses vast untapped potential, particularly in infrastructure and public utilities, which require substantial private sector participation to achieve full development.
Sanwo-Olu noted that while the state has secured some financing support in certain areas, there remains significant room for additional investment, especially in water infrastructure.
“We have opportunity in waterways infrastructure, we are currently enjoying some credit facilities, but we still have a lot of opportunity. Just one thought of Lagos for water,” he said.
The governor also identified transportation as a critical sector for unlocking economic growth, stressing that efficient mobility systems would significantly improve productivity across the state.
He explained that investments in rail and water transport would reduce travel time, ease movement of goods and people, and enhance overall economic activity.
“If we solve transportation issues in Lagos, what we are doing is we are unlocking the economic potential. Travel time will be completely reduced. People can get to one point or the other easily, quicker, and faster,” he said.
Sanwo-Olu added that improved transport systems would not only enhance business operations but also increase disposable income and returns on investment for private sector players.
“It keeps money in their pocket, but they are able to do and transact better. And the private sector can indeed track their investment, because the numbers are there, the population is there. So, the numbers will show that you make the needed return on investment,” he added.
The governor further highlighted the growing importance of technology as a major investment frontier, noting that Lagos is expanding digital infrastructure to attract more data-driven enterprises.
According to him, the state is building fibre connectivity networks across the city to support data centres and emerging technologies, including artificial intelligence.
“Today, we’re building what we call not just data centres, we’re building fibre connectivity around the city. The future is technology. So what we are expecting from that is for the private sector to bring in more data centres because the future is AI,” he said.
Sanwo-Olu said Lagos is gradually positioning itself as a technology hub, but still has significant opportunities for further investment in digital infrastructure.
“We’ve opened one, but there’s still huge opportunities in technology, in data, and infrastructure,” he added.
On agriculture, the governor described the sector as a strategic area for investment, pointing to Lagos’ large population as a ready market for food production and agro-processing ventures.
“With 24, 25 million people, you know that this is a ready market,” he said.
He also stressed the importance of strengthening food supply chains and ensuring food security as part of the state’s long-term economic planning.
Sanwo-Olu reiterated that the government remains committed to creating an enabling environment that will attract private capital and drive sustainable growth across all sectors of the Lagos economy.
