President Bola Tinubu and Lagos State Governor Babajide Sanwo-Olu have highlighted the central role of technology, digital infrastructure, and innovation in positioning Lagos as Africa’s gateway to global capital and a leading destination for the continent’s digital economy.
Speaking at the opening of the third edition of the Invest Lagos Summit (Invest Lagos 3.0) in Lagos, President Tinubu projected Lagos as a strategic hub for business, innovation, technology-driven growth, and international investment.
The summit, themed “Lagos: Business Gateway to Africa, Powering Africa’s Next Era of Trade, Talent and Global Economic Leadership,” brought together policymakers, investors, technology leaders, development finance institutions, and business executives to explore investment opportunities across key sectors of the economy.
Represented by Vice President Kashim Shettima, Tinubu said Lagos has sustained its status as Africa’s commercial and innovation capital through deliberate policies, strong institutions, and a business-friendly environment that continues to attract multinational corporations and foreign investment.
He noted that Nigeria’s youthful population, entrepreneurial capacity, and expanding digital ecosystem place the country in a strong position to become one of the world’s largest economies by 2050, provided investments in innovation, infrastructure, and leadership are sustained.
Lagos Expands Digital Infrastructure
A major highlight of the summit was Governor Sanwo-Olu’s emphasis on technology infrastructure as a critical pillar of Lagos’ economic transformation strategy.
According to the governor, Lagos is accelerating investments in fibre-optic connectivity, digital infrastructure, and data centre development to support the state’s growing digital economy and attract hyperscale technology investments.
“Today, we are building what we call not just data centres, we are building fibre connectivity around the city. The future is technology,” Sanwo-Olu said.
He disclosed that Lagos is actively scaling up digital infrastructure to position itself as a leading technology hub in Africa while creating opportunities for private sector participation in data infrastructure, connectivity services, and emerging technology ecosystems.
“Lagos is already positioning itself as a technology hub, but requires more private capital to expand capacity. There are still huge opportunities in technology, data and infrastructure,” he added.
Industry observers note that growing investments in broadband infrastructure, cloud services, data centres, fintech, digital commerce, and innovation hubs are increasingly making Lagos a preferred destination for technology investors across Africa.
Digital Economy Key to Economic Growth
Sanwo-Olu stressed that digital infrastructure is as important as physical infrastructure in unlocking economic growth, improving productivity, and enhancing the ease of doing business.
He said investments in smart mobility systems, rail transportation, waterways, and technology-enabled urban services would significantly reduce travel time, improve operational efficiency, and boost economic activity across the state.
The governor reiterated Lagos State’s commitment to creating an enabling environment for startups, technology companies, innovators, and investors through supportive policies and strategic partnerships.
Federal Government Reaffirms Support for Digital Transformation
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, assured investors that ongoing economic reforms are aimed at strengthening investor confidence and creating a conducive environment for business growth.
Addressing more than 2,000 delegates and participants attending physically and virtually, Oyedele said the Federal Government’s economic agenda is focused on building a trillion-dollar economy through supportive fiscal and monetary policies that encourage investment and innovation.
The minister noted that improved investment conditions would create new opportunities for sub-national governments to drive economic growth through technology adoption, innovation, and digital transformation.
Commonwealth Calls for Innovation-Led Growth
The Secretary-General of the Commonwealth, Shirley Botchwey, urged African leaders to leverage innovation, technology, and talent development as drivers of job creation and sustainable economic growth.
She also emphasized the need for improved power infrastructure, logistics systems, and regional cooperation to accelerate digital transformation and strengthen Africa’s competitiveness in the global economy.
Similarly, Chairman of the Commonwealth Enterprise and Investment Council, Lord Marland, commended Nigeria’s entrepreneurial ecosystem, noting that increasing investor confidence and economic stability could accelerate investments in technology-driven sectors and digital innovation.
The summit reinforced Lagos’ ambition to become Africa’s leading digital economy hub by combining investments in connectivity infrastructure, data centres, innovation ecosystems, smart mobility, and technology-enabled services to attract global capital and drive sustainable growth.
