Lagos targets $1tn economy by 2052 – Sanwo-Olu

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Governor Babajide Sanwo-Olu says Lagos State is targeting an economy worth up to $1tn by 2052, driven by increased manufacturing, exports, and investment. Read More:…

Governor Babajide Sanwo-Olu of Lagos State says the state is targeting an economy worth between $800bn and $1tn by 2052.

He said the target would be driven by increased manufacturing, value addition, exports and investment.

Sanwo-Olu, represented by the Secretary to the State Government, Mrs Abimbola Salu-Hundeyin, said this at the closing of the 40th Lagos International Trade Fair on Sunday in Lagos.

The News Agency of Nigeria reports that the trade fair has the theme, “40 Years of Trade, Growth and Global Connection.”

Sanwo-Olu said Lagos was working to move beyond being a major centre for buying and selling to becoming a stronger hub for production and exports.

He said more locally made products would compete in African and international markets.

“The state is committed to supporting businesses through improved infrastructure, access to affordable finance and a better business environment.

“The commitment informed the Lagos State Industrial Policy 2025–2030 and other initiatives aimed at promoting enterprise development,” the governor said.

Sanwo-Olu said the government was expanding access to affordable capital for cooperative-backed businesses through the N10bn Lagos State Micro Enterprise Cooperative financing arrangement.

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