Nigeria’s $1tn Economy Target Hinges on Investment, Reforms – Shettima

Vice President Kashim Shettima has said Nigeria’s quest to build a one-trillion-dollar economy will be driven by enterprise, investment and coordinated reforms at both the federal and subnational levels.

Speaking at the Invest Lagos 3.0 Summit in Lagos, Shettima told policymakers, investors and business leaders that sustainable economic growth would require strong collaboration among governments, businesses and development partners.

The Vice President highlighted Lagos State as a model of how effective subnational leadership can contribute to national economic transformation, describing the state as a centre of innovation, governance and economic execution.

“Lagos is the livewire of our continent. Lagos is the furnace in which our ideas are tested against the discipline of execution. Lagos is the great doorway through which Nigeria continues to greet the future,” he said.

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According to him, Lagos’ growth trajectory demonstrates the impact of visionary leadership, policy consistency and the confidence of private-sector investors.

Shettima also credited Bola Ahmed Tinubu for laying the foundation of the state’s development model during his tenure as governor, noting that Babajide Sanwo-Olu has sustained that legacy through ongoing reforms and policy initiatives.

The Vice President defended the economic measures introduced by the Tinubu administration, saying they were designed to restore investor confidence and create a more stable foundation for long-term growth.

He acknowledged that some of the reforms had come with challenges but insisted they were necessary to place the economy on a sustainable path.

“We have taken difficult decisions because we understand that the economy of our dream cannot be built on illusions,” he said.

Earlier, Sanwo-Olu reaffirmed Lagos State’s commitment to creating an investor-friendly environment, saying the state continues to strengthen its status as Africa’s leading commercial destination.

The governor noted that opportunities for investment are expanding across key sectors, including transportation, agriculture and technology.

Also speaking at the summit, Taiwo Oyedele said ongoing economic reforms have enhanced Lagos’ contribution to Nigeria’s economic performance.

The Secretary-General of the Commonwealth, Shirley Botchwey, described Lagos as a city that continues to demonstrate its potential through innovation, entrepreneurship and enterprise.

Representatives of the African Export-Import Bank and the African Continental Free Trade Area Secretariat also noted that Lagos is strategically positioned to play a leading role in shaping Africa’s future in trade and investment.