Renowned economist and Chief Consultant at B. Adedipe Associates Limited, Professor Biodun Adedipe, has said Lagos State must aggressively deepen wealth creation if it aims to build an inclusive, resilient, and globally competitive economy.
Speaking yesterday at the Roundtable Discussion on Lagos Economic Outlook 2026, Adedipe stressed that the state stands at a pivotal moment where deliberate policies, bold investments, and strategic innovation will determine its long-term economic future.
Adedipe noted that global challenges such as infrastructure gaps, housing shortages, and funding pressures are universal, adding that what separates successful economies is how governments deploy policy tools to expand opportunities.
According to him, Lagos must focus on producing quality jobs, expanding enterprise opportunities, and stimulating sustained wealth generation. "If I have to choose between job creation and wealth creation, I will choose wealth creation. When you create wealth, jobs follow naturally," he said.
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He projected that Lagos will close 2025 with a Gross State Product of ¦ 66.47 trillion, representing 34.64% of Nigeria's GDP. With a growth rate of 6.49%, Lagos is expanding at nearly twice the national average of 3.78%.
He argued that Lagos should no longer benchmark itself against African economies but against top-performing global sub-national economies. Citing California's $3.37 trillion GSP, he noted that Lagos, already Africa's second-largest city economy after Cairo, must now model the most competitive global state economies.
Adedipe identified technology, real estate, finance, creative industries, clean energy, and innovation-led manufacturing as critical sectors that will determine Lagos' competitiveness in the next decade. He called for deeper investment in human capital, stronger infrastructure, and sustained collaboration between government and major industry actors. "Everything will be fine in the end. If it is not fine, it is not the end. Lagos must keep improving daily," he added.
Earlier, Commissioner for Economic Planning and Budget, Mr. Ope George, said Lagos has reached a defining point in its development journey and must adopt smarter, more data-driven planning as it prepares for the 2026 economic cycle. He highlighted the proposed ¦ 4.2 trillion 2026 budget as evidence of Lagos' bold economic ambition.
Also speaking, Permanent Secretary, Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo, reaffirmed the state's commitment to evidence-based governance, noting that Lagos has implemented over 94 percent of resolutions from previous economic summits. She commended researchers, analysts, and the state's economic intelligence team for the insights that continue to shape policy direction.
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