Lagos needs industrialisation plan to sustain growth – NESG

By Babajide Komolafe

The Chief Executive Officer of the Nigeria Economic Summit Group (NESG), Tayo Aduloju, has urged the Lagos State Government to adopt a comprehensive industrialisation plan, warning that the state’s growth may not be sustainable without a stronger productive base.

Speaking at the launch of the Lagos Economic Development Update (LEDU) 2026, Aduloju said Lagos must shift from a service-driven economy to one anchored on productivity and industrial development.

“Lagos has already proven it can grow. The real challenge is whether that growth can be durable, productive and inclusive,” he said, stressing the need to link human capital, skills and industry.

He noted that growth must translate into higher productivity, job creation and improved living standards, especially for the bottom 40 per cent of the population. He also identified housing affordability and transportation costs as key barriers to inclusive growth.

“Industrialisation is no longer optional—it is a necessity,” he added.

In his remarks, Deputy Governor, Obafemi Hamzat, said Lagos has remained resilient due to deliberate policies, fiscal discipline and strategic planning.

He described LEDU as a critical tool for transparency and accountability, noting that the state has strengthened revenue generation and invested in infrastructure to support long-term growth.

Hamzat added that human capital development remains central, with ongoing efforts to train thousands of youths in digital and technical skills to drive a knowledge-based economy.

Also speaking, the Commissioner for Economic Planning and Budget, Ope George, said Lagos has sustained growth despite global and domestic challenges through disciplined fiscal management and strategic investments.

“Our progress is not accidental. It is the result of intentional governance and strong partnerships,” he said, adding that the state remains focused on economic diversification and private sector-led growth.

Similarly, Permanent Secretary, Olayinka Ojo, emphasised the role of data and collaboration in economic planning, urging stakeholders to actively engage with the report.

Speakers agreed that sustaining Lagos’ growth will depend on industrialisation, productivity and inclusive policies that translate economic gains into shared prosperity.

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