This article was produced with the support of Invest in Lagos 3.0
While macroeconomic volatility, currency fluctuations and fiscal deficits continue to challenge sub-Saharan Africa, Nigeria’s economic engine is executing a highly deliberate transformation. Recent fiscal disclosures reveal a sub-national economy actively decoupling from national dependencies, fuelled by structural reforms, aggressive technology deployment and monumental infrastructure projects.
At the centre of this transformation is the THEMES+ Agenda, spanning traffic management, education, technology, health and security. Under the leadership of Folashade Ambrose-Medebem, the state’s commissioner for commerce, co-ops, trade and investment, Lagos has unveiled an Investment Deal Book, a selection of fully de-risked, investment-ready projects profiled for commercial viability and swift execution.
Lagos is the only state in Nigeria capable of generating 65% of its budgetary allocation locally; at 60% its total public spending is skewed towards capital expenditure. Tax revenues surged by 54.2% from 678.13bn naira in 2023 to 1.04 trillion naira in 2024 and 1.44 trillion naira in 2025. The State has an extraordinary concentration of private wealth, hosting over 6,800 millionaires, 360 multi-millionaires and 4 billionaires within a melting-pot population of almost 30m people.
