Lagos shapes Nigeria’s biggest business success stories

From l-r: Minister of Aviation and Aerospace Development, Mr. Festus Keyamo; Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele; Deputy Governor of Akwa Ibom State, Senator Dr. Akon Eyakenyi; Governor of Abia State, Dr. Alex Otti; First Lady of Lagos State, Dr. Ibijoke Sanwo-Olu; Governor Babajide Sanwo-Olu; Vice President Kashim Shettima; Governor of Imo State, Senator Hope Uzodimma; his counterparts, Mr. Caleb Mutfwang, Plateau State; Engr. Abdullahi Sule, Nasarawa State, and Deputy Governor of Enugu State, Mr. Ifeanyi Ossai

By Adebola Isimijola, Lagos

Vice President Kashim Shettima has described Lagos State as Africa’s economic powerhouse, saying the city has played a crucial role in shaping some of Nigeria’s most successful entrepreneurs and remains central to the nation’s economic future.

Speaking at the Invest Lagos Summit 3.0 on Monday, Shettima said Lagos has evolved into a hub where ideas are transformed into tangible achievements through effective leadership, institutional continuity and a thriving business environment.

The Vice President noted that the state’s economic ecosystem has produced some of Africa’s most prominent business figures, including Africa’s richest man, Aliko Dangote, and Chairman of BUA Group, Abdulsamad Rabiu.

“It was Lagos that gave Africa its richest man, not Kano. Aliko Dangote is a Lagos man,” Shettima said.

He added that Rabiu, regarded as Africa’s second-richest man, also emerged from the Lagos economic environment, underscoring the state’s influence on wealth creation across the continent.

According to him, Lagos has been instrumental in nurturing many of Nigeria’s leading entrepreneurs and professionals.

“Lagos made almost everybody who is who in Nigeria,” the Vice President said, adding, “I am also a Lagos boy.”

From right: Secretary to the Lagos State Government, Barr. ‘Bimbola Salu-Hundeyin; member, House of Representatives, Hon. Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Mr. Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Mr. Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs. Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Mr. Sam Egube and others

Describing Lagos as “the live wire of our continent,” Shettima said the city remains a critical driver of national development and economic growth.

“Lagos is the furnace in which our ideas are tested against the discipline of execution,” he said.

The Vice President praised the state’s governance model, saying Lagos has demonstrated that development can be sustained through visionary leadership and institutional stability.

He also credited President Bola Ahmed Tinubu with laying the foundation for the state’s transformation and continued progress.

According to Shettima, Tinubu “planted the tree whose shade has sheltered a succession of leaders committed to futurist ideas, institutional continuity, and disciplined governance.”

Reflecting on the city’s journey, the Vice President said Lagos had overcome numerous urban challenges through deliberate reforms and strategic planning to become one of Africa’s leading economic centres.

He noted that the state contributes significantly to Nigeria’s Gross Domestic Product and serves as the headquarters for many of the continent’s leading technology firms.

Highlighting Lagos’ growing influence in Africa’s innovation ecosystem, Shettima said five of the continent’s nine unicorn companies are based in Nigeria, all of them operating from Lagos.

“Of the nine unicorns in Africa, five are based in Nigeria, all in Lagos,” he said.

Shettima stressed that Lagos remains a model for economic resilience and governance, adding that the state’s continued growth offers valuable lessons for other parts of the country seeking sustainable development and investment.