Lagos’ $259bn GDP built on inclusive economy – Gov

The governor of Lagos, Babajide Sanwo-Olu, has stated that the growth of the state’s Gross Domestic Product (GDP) is built on an inclusive economy. He stated this during the maiden edition of Oniru Business and Cultural Day, describing it as a model of how leadership can shape development responsibly. Daily Trust reports that as of […]

The governor of Lagos, Babajide Sanwo-Olu, has stated that the growth of the state’s Gross Domestic Product (GDP) is built on an inclusive economy.

He stated this during the maiden edition of Oniru Business and Cultural Day, describing it as a model of how leadership can shape development responsibly.

Daily Trust reports that as of March, 2025, the GDP of Lagos reached $259bn representing 22 per cent of the national GDP.

The governor, represented by his deputy, Dr. Obafemi Hamzat, said his administration has focused on strengthening the foundations of economic prosperity through the T.H.E.M.E.S+ development agenda.

“In Lagos, we have deliberately embraced the principle of an inclusive economy. The transformation of the Oniru axis itself tells a powerful story. What was once largely residential and underdeveloped has become a prime destination for hospitality, real estate, commerce, and creative enterprise. This did not happen by chance. It is the product of strategic planning, strong collaboration with the traditional institution, and investor confidence in the stability of Lagos.

“The Oniru Business and Cultural Day provides a model of how leadership can shape development responsibly. Kabiyesi has shown that when traditional institutions provide stability and clarity of vision, investors respond positively. Communities grow.

“Culture becomes an asset and prosperity is shared. Your stewardship affirms a timeless truth that tradition and progress are not opposing forces; they are complementary pillars upon which enduring and sustainable development is built,” he said.

The Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada-Ambrose, said the state was built on heritage, enterprise, innovation, and collaboration, with traditional institutions that remain a vital pillar in shaping community-driven development.

“The Oniru Business Network provides a platform for dialogue, alignment, and shared accountability because government cannot act in isolation. Traditional institutions cannot stand apart from economic transformation. The private sector cannot flourish without regulatory clarity and infrastructure support. When these pillars work together, progress becomes inevitable,” she said.

Oniru of Iru Kingdom, Oba Abdulwasiu Lawal described the event as an intervention development that benefits both host communities and investors.

“These recurring discussions point toward a clear solution; a partnership built on trust, engagement sustained by structure, and progress guided by accountability.

“That solution takes institutional form through the Oniru Business and Culture Day, guided by our enduring philosophy of Peace Through Partnership,” he said.