Lagos Aims for $1 Trillion Economy by 2052 and Plans 2027 Trade Fair

The Lagos State Government has announced plans to grow the local economy to between $800 billion and $1 trillion by the year 2052. This goal will be achieved through increased local manufacturing, adding value to products, and boosting international exports. Governor Babajide Sanwo-Olu shared this vision during the closing ceremony of the 40th Lagos International Trade Fair.

Sanwo-Olu, represented by the Secretary to the State Government, Mrs. Abimbola Salu-Hundeyin, emphasized that Lagos is shifting from mainly being a commercial hub to becoming a center for industrial production. The government is committed to improving infrastructure, providing affordable financing, and creating a better business environment.

The governor’s vision is based on the Lagos State Industrial Policy for 2025 to 2030. To support this transition, he mentioned the ongoing distribution of a financing facility worth N10 billion for micro enterprises, along with investments in electricity and public transport systems.

According to Sanwo-Olu, Lagos was recognized as Nigeria’s best-performing state in a recent assessment of the business environment. He noted that more efforts are needed to help local businesses take full advantage of opportunities from the African Continental Free Trade Area.

In addition to these economic goals, Lagos will host the Intra-African Trade Fair from November 5 to 11, 2027. The event is expected to draw over 100,000 visitors and 2,500 exhibitors from more than 100 countries, with an estimated $50 billion in trade and investment deals.

Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade and Investment, highlighted that Lagos attracted over N1 trillion in investments in 2025 across various sectors, including technology and healthcare. She also noted that the state accounted for 30 percent of Nigeria’s Gross Domestic Product in the first half of 2024.

The state government has partnered with the African Export-Import Bank to train more than 2,000 small and medium-sized businesses to seize opportunities in the continental market. Plans are also in place to send a group of local businesses to China to explore further trade options.