Lagos targets $1 trillion economy by 2052 through private partnerships

Folashade Ambrose-Medebem, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, has advocated for strategic collaboration between the government and the private sector to achieve a $1 trillion economy for Lagos by 2052. Speaking at the Julius Berger Luminary Soirée 2026, she emphasized that reaching this target requires a model of “genuine co-creation” rather than simple government direction.

The Lagos State Development Plan 2052 outlines 447 initiatives across 21 strategic sectors. The plan is built upon four primary pillars: a thriving economy, modern infrastructure, effective governance, and a human-centric city. The state aims to grow its economy to a range between $800 billion and $1 trillion by 2052.

In the first quarter of 2026, manufacturing accounted for 9.57 percent of the state’s real Gross Domestic Product. As of 2023, Lagos’ GDP was approximately $259.75 billion on a purchasing power parity basis, making it Africa’s second-largest city economy and contributing over 30 percent of Nigeria’s total economic output.