Sanwo-Olu In Washington DC: Africa’s Investment Future Will Be Won Or Lost In Its Cities

The Lagos State Governor, Mr. Babajide Sanwo-Olu, on Saturday 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 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.

Speaking on the theme, “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.

The Governor 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.

Citing innovation, Governor Sanwo-Olu noted that Lagos is ranked by Startup Genome as the number one startup ecosystem in sub-Saharan Africa, with an ecosystem valued at $8.6 billion, three active unicorns, and the strongest technology talent base in the region.

On infrastructure, the Governor highlighted the $1.5 billion Lekki Deep Sea Port, which overtook Apapa in 2025 to become Nigeria’s leading port by cargo throughput, handling about 40% of cargo in the country.

He also cited the 650,000-barrel-per-day Lekki Refinery as a shift from crude exports to refined petroleum production.

On transportation, he said the Blue Line rail – West Africa’s first electric urban railway —has moved over 8 million passengers, while new 8-car trains have been procured for the Red Line to move up to 500,000 passengers daily.

He added that the Omi Eko water transport project, backed by 410 million euros, will deliver 75 electric ferries, 25 terminals, and 15 routes.

“Lagos has set itself the goal of a one-trillion-dollar economy by 2052. In Lagos, there is a saying every child, market woman and bus conductor knows: Èkó ò ní bàjẹ́. Lagos will not spoil. It is a promise we make to ourselves every morning,” the Governor said.

Governor Sanwo-Olu argued that with Africa expected to add nearly one billion urban residents by 2050, cities must become central to the continent’s economic strategy.

He urged investors to look beyond “Africa” as a bloc and focus on individual cities and the quality of governance.

He received the award on behalf of over 25 million Lagosians and thanked the Asante Crown and the Millennium Excellence Foundation for the honour.