Future of African investment depends on cities with infrastructure, economic opportunities – Sanwo-Olu

Lagos state governor, Babajide Sanwo-Olu, has declared that the future of African investment will be determined not just at the continental or national level, but in cities where infrastructure, businesses and economic opportunities are created.

Governor Sanwo-Olu stated this Monday while delivering a keynote address at a dinner in Washington DC, after receiving the 2026 Global Transformation and Good Governance Prize by the Millennium Excellence Award, USA.

The award ceremony, held at the Warner Theatre, Washington DC, was the highlight of the 2026 Africa Business Investment Summit organized by the Millennium Excellence Foundation at the MGM National Harbor, Oxon Hill, Maryland.

A statement signed by his  adviser on Media and Publicity the governor spoke on “Lagos and the Future of African Investment,” Governor Sanwo-Olu positioned Lagos as a practical example of how strong urban governance, infrastructure, and private-sector partnerships can drive Africa’s economic transformation.

He  said Lagos, despite occupying less than 0.5% of Nigeria’s landmass, has a population larger than the Netherlands and contributes over a quarter of Nigeria’s economic output.

“Measured by purchasing power, our economy is worth around $259 billion – the second-largest city economy on the continent. Our budget this year is N4.4 trillion and more than half of it is capital spending. Lagos does not wait for the oil price to find out whether it can pay its teachers. Our internally generated revenue this year is projected above N3 trillion,” he said.