Lagos Emerges as Continent’s Premier Investment Destination

The Nigerian government has declared Lagos State the leading destination for investment, innovation, and economic growth across Africa. President Bola Tinubu highlighted this during the opening ceremony of Invest in Lagos 3.0 on Monday at Eko Hotels, Victoria Island.

Speaking through Vice President Kashim Shettima, President Tinubu emphasized that Lagos serves as a strategic gateway to Africa’s future economy—a central hub for global trade and investment opportunities. He attributed this position to deliberate economic policies, strong institutions, and a business-friendly environment that consistently attracts multinational corporations and foreign capital.

The summit, organized by the Lagos State Government in partnership with the Commonwealth Enterprise and Investment Council (CWEIC), drew top government officials, continental leaders, investors, executives, and development partners from around the globe. Several state governors—including those from Abia, Imo, Nasarawa, and Plateau—joined to showcase investment prospects in their respective regions.

Strong Financial Backing for Lagos’ Investment Drive

The African Export-Import Bank (Afreximbank) reaffirmed its commitment to Nigeria, particularly Lagos, with approximately $83 billion invested since the bank’s inception. According to Mrs. Kanayo Awani, Executive Vice President of Afreximbank, who was represented by Dr. Gainmore Zanamwe: “We didn’t hesitate to partner because this aligns perfectly with our mission—supporting investment across Africa.”

Awani highlighted that Lagos has received over $56 billion of the total commitment, demonstrating its significance as an investment destination. She noted that Afreximbank considers Nigeria—and especially Lagos—to be Africa’s gateway, providing tangible evidence for investors seeking profitable returns in the region.

Strategic Advantages Position Lagos for Future Growth

Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), echoed this sentiment, emphasizing that subnational governments like Lagos play a crucial role in inclusive growth. He pointed to Lagos’ unique advantages—its market scale, entrepreneurial dynamism, and unmatched business energy.

Mene noted that with the AfCFTA now implemented by 50 of Africa’s 55 countries, Nigeria can proudly claim the continent as its largest export destination. This represents a significant shift toward intra-African trade and economic integration.

The summit concluded with participants expressing strong confidence in Lagos’ potential to attract investors seeking access to a market of over 1.4 billion people with a combined GDP of approximately $3.4 trillion.