Lagos Records $2.73bn Capital Inflows in Three Months – Sanwo-Olu

The Governor of Lagos State, Babajide Sanwo-Olu, has revealed that the state attracted $2.73bn in capital inflows in the third quarter of 2025, highlighting Lagos’ rising profile as a leading investment destination in Africa.

Sanwo-Olu disclosed this while speaking at the John F. Kennedy Jr. Forum on Africa’s Urban Future held at the Harvard Kennedy School Institute of Politics in Boston, Massachusetts.

He described Lagos as a key driver of Africa’s urban transformation, noting that the city reflects the rapid growth and opportunities emerging across the continent’s urban centres.

According to the governor, the $2.73bn recorded during the period accounted for approximately 45 per cent of Nigeria’s total capital inflows, reinforcing Lagos’ dominance in attracting investment.

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Sanwo-Olu also pointed out that the state’s Internally Generated Revenue contributed about 35 per cent of Nigeria’s total IGR, amounting to $821.9m (N1.26tn) in 2024.

He explained that although Lagos represents roughly 10 per cent of the country’s population, nearly 40 per cent of its residents are young people between the ages of 15 and 34, a demographic advantage that continues to fuel innovation and economic activity.

The governor further noted that Lagos has become a major hub for technology and entrepreneurship, with more than 2,000 startups operating in the state and five fintech unicorns valued at over $1bn each.

In addition, he highlighted the presence of 26 tertiary institutions across the state, which contribute significantly to talent development and skills growth.

Sanwo-Olu attributed Lagos’ strong economic performance to sustained investments in infrastructure and strategic policies aimed at boosting key sectors of the economy.

He referenced the state government’s THEMES+ development agenda, which focuses on critical areas such as transportation, technology, tourism, security, and social inclusion to drive long-term growth.

The governor also highlighted major transportation projects, including the Blue and Red rail lines, which are designed to improve mobility and support economic productivity within the state.

According to him, Lagos’ expanding technology ecosystem has earned global recognition, with the city recently ranked as the fastest-growing tech ecosystem in the world.

He stressed that Lagos’ development journey reflects the broader progress taking place across Africa and emphasised the importance of sustained investment and collaboration in shaping the continent’s urban future.

Meanwhile, the Lagos State House of Assembly recently approved a N4.44tn budget for the 2026 fiscal year, tagged the “Budget of Shared Prosperity.”

The budget allocates N2.185tn for capital projects and N2.052tn for recurrent expenditure, demonstrating the government’s commitment to infrastructure development and economic growth.

Revenue projections for the year stand at N3.99tn, with N3.12tn expected from internally generated revenue and N874bn from federal allocations.

The budget also outlines a deficit financing plan of about N243bn, which the state government intends to cover through approved borrowing and other financing options.