Shettima: Nigeria’s $1 Trillion Economy Goal Driven by Enterprise, Investment, Reforms

Shettima: Nigeria’s $1 Trillion Economy Goal Driven by Enterprise, Investment, Reforms

Vice President Kashim Shettima has said Nigeria’s ambition of building a one-trillion-dollar economy is anchored on enterprise, investment and coordinated reforms across all levels of government, describing Lagos State as a model for sub-national economic transformation.

Speaking on Monday while declaring open the Invest Lagos 3.0 Summit at the Eko Hotel and Suites in Victoria Island, Lagos, the Vice President said Nigeria’s economic future depends on creating an environment where capital, innovation and productive enterprise can flourish.

Addressing policymakers, investors, entrepreneurs, development partners and business leaders, Shettima described Lagos State as Nigeria’s foremost economic gateway and one of Africa’s most influential centres for commerce and investment.

“Lagos is the livewire of our continent. Lagos is the furnace in which our ideas are tested against the discipline of execution. Lagos is the great doorway through which Nigeria continues to greet the future,” he said.

According to the Vice President, Lagos has consistently demonstrated that economic progress is achievable when visionary leadership is matched with institutional continuity, sound governance and private-sector confidence.

He credited the state’s development trajectory to sustained reforms and long-term planning since Nigeria’s return to democratic rule, praising President Bola Ahmed Tinubu for laying the foundation of what he described as the Lagos development model.

“President Bola Ahmed Tinubu planted the tree whose shade has sheltered a succession of leaders committed to futurist ideas, institutional continuity and disciplined governance,” Shettima stated.

The Vice President also commended Babajide Sanwo-Olu for sustaining the state’s growth momentum and strengthening its position as a leading destination for investment and business expansion.

Referring to the summit’s theme, “Lagos: The Business Gateway to Africa,” Shettima said cities are increasingly shaping global production systems, supply chains, innovation networks and investment flows, noting that Lagos continues to attract investors due to its market access, infrastructure, talent pool and financial opportunities.

He reaffirmed the Tinubu administration’s commitment to economic reforms, saying recent policy measures were designed to restore market confidence, improve fiscal sustainability and unlock private-sector investment.

“We have taken difficult decisions because we understand that the economy of our dream cannot be built on illusions. It must be built on productivity, discipline, competitiveness, and the courage to create a climate in which enterprise can breathe,” he said.

The Vice President highlighted Nigeria’s demographic advantages and strategic position under the African Continental Free Trade Area, noting that the country is well positioned to emerge as a leading production, logistics, innovation and investment hub on the continent.

He, however, stressed that economic transformation requires collaboration among federal, state and private-sector stakeholders.

Earlier, Governor Sanwo-Olu said the summit reinforces Lagos’ reputation as an investment-ready destination and a gateway for investors seeking opportunities across multiple sectors of the economy.

The governor acknowledged President Tinubu’s contributions to the development of Lagos and outlined his administration’s achievements in agriculture, transportation, healthcare, technology, energy, trade and human capital development.

Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said ongoing economic reforms have contributed to Lagos’ re-emergence as a leading centre of sub-national development and economic growth.

The Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada, assured investors that the state remains committed to providing a conducive environment for businesses and investments.

In separate goodwill messages, Shirley Botchwey, Chairman of the Commonwealth Enterprise and Investment Council, Lord Marland, Gainmore Zanamwe and Wamkele Mene highlighted Lagos’ growing importance as a centre for trade, innovation and investment in Africa.

The summit also featured a fireside discussion involving Governors Caleb Mutfwang, Abdullahi Sule, Hope Uzodinma, Babajide Sanwo-Olu and Alex Otti, who discussed strategies for driving investment and economic growth at the sub-national level.

The Invest Lagos 3.0 Summit brought together government officials, investors and development partners to explore opportunities for accelerating economic growth and strengthening Lagos’ role as a gateway to Africa’s emerging markets.

Shettima: Nigeria’s $1 Trillion Economy Goal Driven by Enterprise, Investment, Reforms