Lagos State Governor Babajide Sanwo-Olu has urged the private sector to deepen investment in critical sectors of the state’s economy, identifying transportation, energy, water infrastructure, technology, agriculture and agro-processing as key areas with strong growth potential.
Speaking on Monday at Invest Lagos 3.0, themed “Lagos: The Business Gateway to Africa,” the governor said the state was creating opportunities for investors to help close infrastructure gaps and accelerate economic development.
According to Sanwo-Olu, Lagos still has vast untapped opportunities, particularly in infrastructure and utilities, which require increased private capital to unlock their full potential.
He pointed to the water sector as one area where significant investment opportunities remain despite existing financing support.
“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 identified transportation as a major driver of future economic growth, stressing that improvements in mobility would unlock productivity and create value across the state’s economy.
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He highlighted rail and water transportation as critical components of Lagos’ long-term development strategy, noting that reducing travel time would improve the movement of people and goods.
“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 efficient transport systems would not only improve the ease of doing business but also boost household incomes and increase returns on private investments.
“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 said.
The governor also called for greater investment in Lagos’ growing technology sector, particularly in digital infrastructure and data services.
According to him, the state is expanding fibre connectivity and developing infrastructure needed to attract more large-scale data centre investments.
“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.
While noting that Lagos has already made progress in positioning itself as a technology hub, Sanwo-Olu said there remains substantial room for additional investment.
“We’ve opened one, but there’s still huge opportunities in technology, in data, and infrastructure,” he added.
The governor further identified agriculture and agro-processing as strategic sectors for investors, citing Lagos’ large population as a ready-made market for agricultural products and services.
“With 24, 25 million people, you know that this is a ready market,” he said.
He added that strengthening food security and improving supply chain logistics remain major priorities for the state government.
