Lagos targets $1 trillion economy

Lagos State has set an ambitious target of growing its economy from an estimated $84 billion to between $800 billion and $1 trillion over the next 26 years, as the government unveiled a digital monitoring platform to track the implementation of 447 strategic initiatives contained in the Lagos State Development Plan (LSDP) 2052. The long-term blueprint also seeks to raise the state’s gross domestic product(GDP )per capita from $4,838, based on the 2020 estimate, to $20,000, improve Lagos’ global liveability index score from 31.2 to 55, reduce the average response time for government services from between three and six months to one week, and increase internally generated revenue from 1.9 per cent of GDP to five per cent. Speaking at a stakeholders’ engagement on the implementation of the Lagos State Development Plan 2052 initiatives in Lagos, the Commissioner for Economic Planning and Budget, Mr. Mosopefolu (Ope) George, who was represented by the Special Adviser to the Governor on Economic Planning and Budget, Mr. Olalekan Hafeez Balogun, said the state had moved beyond planning to execution, stressing that the success of the blueprint would depend on accountability and sustained implementation. George described the development plan as the state’s roadmap for transforming Lagos into Africa’s leading megacity over the next three decades. “The Lagos State Development Plan 2052 is more than a planning document. It is a collective vision of Lagos for the next three decades. It is our strategic commitment to building Africa’s model megacity—a city that is globally competitive, economically resilient, socially inclusive, environmentally sustainable and driven by effective governance,” he said. According to him, although the blueprint contains more than 400 strategic initiatives covering virtually every sector of the economy, implementation would determine whether the state’s long-term aspirations become reality. “The plan itself recognises that implementation is the true measure of success. While it sets out over 447 strategic initiatives, its impact depends on sustained financing, integration into government planning and budgeting, active stakeholder participation and robust monitoring,” George said. To strengthen implementation, the government launched the LSDP 2052 Tracking Dashboard, a digital platform designed to provide real-time monitoring of projects, identify implementation gaps, evaluate institutional performance and support evidence-based policy decisions. “Data-driven governance remains one of the strongest tools for improving public sector readiness. This platform reinforces our commitment to transparency, accountability and measurable development outcomes,” he said. The development plan projects a future in which Lagos, with an estimated population of 30.91 million, becomes one of Africa’s most competitive urban economies. It targets increasing internally generated revenue to five per cent of GDP, while ensuring Pay-As-You-Earn taxes contribute 40 per cent of total internally generated revenue in line with leading peer cities. The state also plans to expand the contribution of small and medium-sized enterprises by increasing their share of total enterprises from the current 0.3 per cent to 10 per cent, positioning Lagos among globally competitive business destinations. In the energy sector, the government intends to facilitate an additional 100 terawatt-hours of electricity, equivalent to about 12 gigawatts, by unlocking the state’s gas resources, leveraging independent power producers and investing in renewable energy to complement national grid supply. The blueprint also aims to position Lagos among the five safest cities in Africa, rank it within the top 20 emerging market cities on the local e-government index, establish the state as West Africa’s export hub for fast-moving consumer goods manufacturing under the African Continental Free Trade Area, and grow the technology ecosystem to contribute 10 per cent of state GDP. The government equally plans to create a resilient housing market by increasing the share of formal housing to 70 per cent while expanding investments in food and beverage manufacturing, financial services, logistics, shipping, healthcare, education, transport, power, technology, real estate, arts and entertainment, wholesale and retail trade, and water and sanitation. George stressed that annual budgets must remain aligned with the development plan if the state is to achieve its objectives. “Development priorities must be adequately reflected in our annual budgets. Projects must align with strategic objectives, resources must be allocated efficiently and performance must be measured consistently. Only then can we ensure value for public expenditure and deliver tangible improvements in the lives of our residents,” he said. He urged ministries, departments and agencies to improve collaboration, strengthen data quality and focus on measurable outcomes rather than activities. “We must strengthen inter-ministerial collaboration. We must improve data quality and reporting. We must eliminate implementation delays and continuously monitor outcomes rather than merely activities. Most importantly, we must embrace collective ownership of the development plan,” George said. The Permanent Secretary, Lagos State Ministry of Economic Planning and Budget, Mrs. Olayinka Modupe Ojo, urged ministries, departments and agencies (MDAs) to align their budgets, programmes and projects with the Lagos State Development Plan (LSDP) 2052, insisting that every government expenditure must contribute directly to the state’s long-term development goals. She said the plan provides a comprehensive roadmap for transforming Lagos into “Africa’s model megacity and a global economic and financial hub that is safe, secure, functional and productive.” She stressed that the success of the development plan depends largely on the commitment of permanent secretaries and heads of government agencies, describing them as the key drivers of implementation. “This meeting is your meeting because you are the stakeholders. Every dimension of the Lagos State Development Plan rests on your ability to deliver. The vision can only be achieved through your collective commitment and execution,” Ojo said. She noted that excellence must remain a continuous pursuit for the state, warning against complacency despite Lagos’ reputation as Nigeria’s leading economic centre. “When we say Lagos is the Centre of Excellence, excellence is not a destination where you arrive and remain. It is something you continue to aspire to so that you become even better. The moment you stop improving, others will catch up and overtake you,” she said. Ojo commended the Lagos Internal Revenue Service (LIRS) for its contribution to the state’s finances, noting that internally generated revenue remains the backbone of government spending. “We jointly celebrate the Lagos Internal Revenue Service, which generates more than 70 per cent of our internally generated revenue. About 75 per cent of Lagos State’s expenditure is financed through internally generated revenue, making the agency central to our development efforts,” she said. She also praised development partners, directors and staff of the Ministry of Economic Planning and Budget for their resilience and commitment to driving the state’s development agenda. “I sincerely appreciate the dedication of our directors, staff and development partners. Your resilience and commitment have placed the ministry in a class of its own, and your contributions remain invaluable to achieving our shared vision,” she said.