News Investigators/ Vice-President Kashim Shettima on Monday highlighted Lagos’ role in Nigeria’s economy, saying the state remains a major driver of investment, innovation and economic growth.
Shettima who stated this on Monday while delivering the keynote address on behalf of President Bola Tinubu at the Invest Lagos 3.0 Summit in Lagos said the state contributes about 30 per cent of the nation’s Gross Domestic Product (GDP).
The vice-president, who delivered the keynote address on behalf of President Bola Tinubu, said Lagos had evolved into one of Africa’s most important economic centres through policy continuity and enterprise.
“Lagos is Nigeria. Lagos is Nigeria,” he said.
According to him, Lagos offers investors access to markets, capital, talent, infrastructure and opportunities, making it a strategic gateway to Africa.
“Lagos provides access to markets, capital, talent, infrastructure and opportunities,” Shettima said.
According to him, Lagos hosts five of Africa’s nine technology unicorns.
These, he added, underscore its position as the continent’s leading investment and innovation hub.
The vice-president said economic reforms by the Federal Government were restoring investor confidence and strengthening fiscal sustainability.
He also said that the nation’s foreign reserves had risen from about dollars to nearly 50 billion dollars.
“Nigeria is ready and open for business,” he said.
Shettima added that sustained national growth would require stronger collaboration between the Federal Government and state governments.
He commended Lagos for setting benchmarks that encourage other states to improve their investment climate.
Also, Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said state governments were increasingly shaping Nigeria’s economic future.
“The future of Nigeria’s growth story is being written in Lagos, Kano, Enugu, Uyo and other cities,” he said.
Oyedele noted that investors now focus on projects, industrial clusters and logistics corridors rather than countries alone.
He cited the recently commissioned hyperscale data centre in Lagos as evidence of successful public-private sector collaboration.
According to him, reforms undertaken by the Federal Government have improved predictability, competitiveness and profitability for investors.
He highlighted exchange-rate reforms, improved external reserves and fiscal restructuring as key measures supporting economic stability.
Oyedele said Nigeria’s economy grew by 3.89 per cent in the first quarter of 2026 and expanded by 11.2 per cent in dollar terms in 2025.
He also outlined tax reforms aimed at simplifying compliance and supporting business growth.
“Our goal is not to tax more; it is to tax smarter,” he said.
Oyedele announced plans to establish a Nigerian Deal Room to connect investors with bankable projects and unlock investment opportunities across the country.
He urged investors to explore opportunities in infrastructure, agriculture, energy, manufacturing, technology, tourism and housing.
“Nigeria remains one of the most compelling long-term investment destinations globally,” Oyedele said.
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