The Nigeria Economic Summit Group (NESG) has urged the Lagos State Government to adopt a comprehensive industrialisation strategy, warning that the state’s current growth trajectory may not be sustainable without a stronger productive base.
Speaking at the launch of the Lagos Economic Development Update (LEDU) 2026, NESG Chief Executive Officer, Tayo Aduloju, said Lagos must transition from a service-driven economy to one anchored on industrial development and productivity.
“Lagos has already demonstrated its capacity for growth, but the real challenge is ensuring that growth is durable, inclusive, and productive,” he said.
Call for Inclusive and Productive Growth
Aduloju stressed that economic expansion must translate into job creation, improved productivity, and better living standards, particularly for the bottom 40 per cent of the population.
He identified housing affordability and high transportation costs as major obstacles limiting inclusive growth in the state.
“Industrialisation is no longer optional; it is essential for long-term sustainability,” he added.
Lagos Government Highlights Policy Efforts
In response, Deputy Governor Obafemi Hamzat said Lagos has remained resilient due to deliberate policies, fiscal discipline, and strategic planning.
He described the LEDU report as a critical tool for transparency and accountability, noting that the state has strengthened internally generated revenue and invested in infrastructure to support long-term development.
Focus on Human Capital Development
Hamzat also emphasised the importance of human capital development, revealing ongoing efforts to train thousands of youths in digital and technical skills to support a knowledge-based economy.
Similarly, Commissioner for Economic Planning and Budget, Ope George, said Lagos has sustained growth despite economic challenges through disciplined fiscal management and strategic investments.
“Our progress is intentional and driven by strong partnerships,” he said, reaffirming the state’s commitment to economic diversification and private sector-led growth.
Data-Driven Planning Key to Future Growth
Permanent Secretary, Olayinka Ojo, highlighted the role of data and stakeholder collaboration in shaping effective economic policies.
Stakeholders at the event agreed that sustaining Lagos’ growth will depend on industrialisation, productivity, and inclusive policies that ensure economic gains are widely shared.
