Vice President Kashim Shettima has described Lagos as Africa’s foremost wealth-creation hub, arguing that the state’s economic ecosystem played a crucial role in the rise of the continent’s richest individuals, including Aliko Dangote and Abdul Samad Rabiu.
Gatekeepers News reports that Shettima, while speaking on Monday at the opening ceremony of the Invest Lagos 3.0 Summit in Lagos, said the state’s business environment has consistently attracted capital, talent and enterprise, making it Nigeria’s undisputed commercial centre.
“It was Lagos that gave Africa its richest man, not Kano. Aliko Dangote is a Lagos man. Again, it was not Kano, but Lagos that gave Africa its second richest man, Abdulsamad Ishaq Rabiu,” the vice president said.
Shettima noted that Lagos contributes about 30 per cent of Nigeria’s Gross Domestic Product (GDP), underscoring its importance to the nation’s economy.
He also highlighted Lagos’ dominance in Africa’s technology ecosystem, stating that five of the continent’s nine unicorns are headquartered in the state.
“Of the nine unicorns in Africa, five are based in Nigeria, all in Lagos — Flutterwave, Opay, Moniepoint, Interswitch, and Andela,” he said.
According to the vice president, the concentration of high-growth startups in Lagos reflects the city’s openness to innovation and its ability to attract skilled professionals from across the country.
He further cited examples of prominent Nigerians who built successful careers and businesses in Lagos before returning to their home states for public service.
“Festus Keyamo does not call Ughelli home, he calls Lagos home,” Shettima said.
“My friend, my brother, Senator Hope Uzodimma, made all his money in Lagos before he went back to Imo.”
The vice president maintained that Lagos remains Nigeria’s leading destination for investment, talent and business opportunities, serving as the country’s primary centre for economic activity.
Also speaking at the summit, Lagos State Governor Babajide Sanwo-Olu said the state continues to strengthen its position as one of Africa’s most strategic economic hubs.
Sanwo-Olu noted that Lagos, with a population exceeding 25 million people and a gross domestic product approaching $300 billion, is increasingly serving as a gateway to African markets and global capital.
He said the state is leveraging opportunities under the African Continental Free Trade Area (AfCFTA) to expand its role in regional and international trade.
According to the governor, Lagos remains the most attractive investment destination within the AfCFTA framework and retains its status as Africa’s largest sub-national economy.
Sanwo-Olu added that the state’s large population, market size and connectivity continue to strengthen its competitiveness and appeal to investors.
