Vice President Kashim Shettima on Monday said Nigeria’s ambition of building a $1 trillion economy would be driven by enterprise, investment and coordinated reforms across all levels of government, describing Lagos State as the clearest example of how sub-national leadership can accelerate national economic transformation.
Speaking at the opening of the Invest Lagos 3.0 Summit at Eko Hotel and Suites, Victoria Island, Lagos, Shettima said Nigeria’s economic future depends on creating conditions that allow capital, innovation and productive enterprise to flourish.
Addressing policymakers, global investors, entrepreneurs, development institutions and business leaders, the Vice President described Lagos as Nigeria’s foremost economic gateway and one of Africa’s most influential centres for commerce and investment.
In a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said the state had evolved beyond being merely the nation’s commercial capital, serving instead as a testing ground for ideas, governance and economic execution.
‘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,’ Shettima said.
According to him, Lagos has consistently demonstrated that economic progress is achievable when vision is matched with competent leadership, institutional continuity and private sector confidence.
The Vice President attributed the state’s growth trajectory to sustained long-term planning and governance reforms since the return to democratic rule, while praising President Bola 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,’ he stated.
Shettima also commended Lagos State Governor Babajide Sanwo-Olu for sustaining the state’s growth momentum and strengthening its attractiveness as a destination for investment and business expansion.
Referring to the summit’s theme, ‘Lagos: The Business Gateway to Africa,’ he said the gathering reflected an emerging global reality in which cities increasingly shape production systems, supply chains, innovation networks and investment flows.
He noted that Lagos continues to attract investors because of its market access, infrastructure, talent pool and financial opportunities.
Reaffirming the economic agenda of the President Tinubu administration, the Vice President said recent macroeconomic reforms were deliberately designed to restore market confidence, improve fiscal sustainability and unlock large-scale private investment.
While acknowledging that some government decisions had been difficult, he maintained that sustainable prosperity could only be achieved through structural discipline and economic realism.
‘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.
Shettima further highlighted Nigeria’s demographic advantage and strategic position under the African Continental Free Trade Area (AfCFTA), saying both factors offer a unique platform for industrial expansion and regional competitiveness.
He noted that with projections placing Nigeria among the world’s most populous countries by 2050 and AfCFTA opening access to a market of more than 1.4 billion people, the country is well positioned to emerge as Africa’s leading production, logistics, innovation and investment hub.
The Vice President, however, stressed that the Federal Government could not deliver economic transformation in isolation, calling for stronger collaboration among governments, businesses and development partners.
Earlier, Governor Sanwo-Olu said the summit reinforced Lagos’ position as an investment-ready destination and a gateway through which investors could tap opportunities across multiple sectors of the economy.
He acknowledged the vision and foundation laid by President Tinubu in transforming Lagos and said the President’s continued support for rapid sub-national development remained unprecedented.
Sanwo-Olu also outlined achievements recorded by his administration in agriculture, healthcare, human capital development, transportation, energy, technology, trade and commerce, assuring investors that Lagos remained committed to creating an enabling environment for business growth.
Also speaking, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said one of the major gains of the Tinubu administration’s economic reforms was the re-emergence of Lagos as a shining example of sub-national development across critical sectors, including trade and commerce.
According to him, the Federal Government has over the past two years taken far-reaching measures to address structural weaknesses in the economy, adding that the resilience of the reforms was already becoming evident across sectors and states.
Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada, said the summit underscored the message that Lagos remained open for business, partnerships and investments, assuring stakeholders that the state would continue to provide a conducive environment for investments to thrive.
In separate goodwill messages, Commonwealth Secretary-General, Shirley Botchwey, described Lagos as a city of proof rather than mere potential, while Chairman of the Commonwealth Enterprise and Investment Council, Lord Marland, said Nigeria’s leadership had demonstrated the pragmatism needed to navigate current global economic challenges.
Representatives of the African Export-Import Bank and the African Continental Free Trade Area Secretariat also reaffirmed confidence in Nigeria’s economic prospects and pledged continued support for investments that would strengthen trade, infrastructure and entrepreneurship across the continent.
The summit’s opening session featured a fireside chat involving Governors Caleb Mutfwang, Abdullahi Sule, Hope Uzodinma, Babajide Sanwo-Olu and Alex Otti on strategies for driving investment-led growth at the sub-national level.