Business

Lagos Pushes Urban Agriculture Agenda, Sensitises Key Stakeholders

Published

13 hours ago

June 23, 2025

The Lagos State Government, through the State Agricultural Development Authority (LSADA), has called for the adoption of integrated urban farming solutions to address food insecurity and promote sustainable food systems across the state.

This call was made during a one-day Stakeholders’ Workshop on Urban Agriculture held at the Fresh Food Hub, Idi-Oro, Mushin. The workshop aimed to sensitise Heads of Agriculture Units from the 57 Local Government and Local Council Development Areas (LCDAs), as well as environmental health officers, on the strategic importance of urban agriculture.

Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya—represented by Dr. Rasheed Macaulay, Director of Veterinary Services—stressed the urgency of promoting urban agricultural land use and increasing grassroots awareness. She said that cascading this knowledge with the right education and technical support was vital for building a sustainable food future.

“Integrating agriculture into urban landscapes reduces reliance on external food sources, cuts down transportation costs, and improves access to fresh, nutritious produce,” Olusanya said. “The Lagos State Government, through the Ministry of Agriculture and Food Systems and its agencies, is fully committed to this vision. We are developing enabling policies, strengthening extension services, supporting innovation, and partnering with local councils to scale up urban farming across the state.”

She also noted that urban agriculture must evolve from small pilot schemes to being embedded in schools, homes, markets, and faith-based institutions.

LSADA Programme Manager, Mr. Alade Aliru, highlighted the benefits of cultivating food close to where it is consumed. He explained that this approach reduces the environmental impact of food transportation while fostering greener, healthier cities.

“This workshop is designed to engage stakeholders on the opportunities and practical strategies for implementing urban agriculture in their local communities,” Aliru said. “From backyard gardens to vertical farms and container planting, urban agriculture is becoming a key part of our evolving food ecosystem.”

Also speaking at the event, the Permanent Secretary of the Ministry, Emmanuel Fatai Audu—represented by Director of Fisheries, Mr. Daisi Agarrey—emphasized that rapid urbanisation has placed immense pressure on land and food systems. He described urban farming as a strategic response.

“Urban agriculture is no longer a choice—it is a necessity,” Audu stated. “It’s not just about growing food; it’s about building healthier communities, greener environments, and resilient livelihoods.”

The workshop forms part of Lagos State’s broader commitment to sustainable development and environmental resilience through innovative agricultural practices.

Business

Sanwo-Olu Gets EU Nod for €410m ‘Omi Eko’ Urban Water Initiative

Published

3 weeks ago

May 31, 2025

Eko plus

Lagos State Governor, Babajide Sanwo-Olu, on Thursday hosted the European Union (EU) Ambassador to Nigeria and ECOWAS, Mr. Gautier Mignot, for a high-level meeting focused on strengthening Lagos-EU cooperation and multilateral business relations.

The meeting, held at the State House in Marina, centred around the landmark ‘Omi Eko’ initiative — a transformative project aimed at upgrading Lagos’ inland waterways into a world-class transportation system.

Estimated at €410 million, the ‘Omi Eko’ project is being co-financed through public-private partnerships involving the EU, French Development Agency (AFD), European Investment Bank (EIB), and the Lagos State Government. All partners will jointly oversee its execution.

Governor Sanwo-Olu expressed satisfaction with the project’s progress following the completion of feasibility studies and confirmed that construction is slated to begin next month.

“With the ‘Omi Eko’ project, we are poised to expand our transportation infrastructure and provide residents with faster, more efficient travel options. This initiative includes the construction of new terminals, deployment of high-capacity electric boats, and enhanced safety systems on our waterways,” Sanwo-Olu stated.

“This is a legacy project that aligns with our vision of an integrated and sustainable urban mobility network. We aim to begin implementation promptly and make visible progress within our administration’s tenure.”

Sanwo-Olu endorses LASU/PSSDC diploma

The Governor added that the project would unlock the economic potential of Lagos’ aquatic resources, boost tourism, attract foreign investment, and create jobs. He urged all stakeholders to ensure the timely release of funds and expedite the procurement of construction materials.

Sanwo-Olu also lauded the EU-owned Infrastructure Development Bank’s plans to enter Nigeria’s financial ecosystem, describing it as a welcome development that would further stimulate economic growth.

Ambassador Mignot, leading the EU delegation from Abuja, confirmed the EU’s full commitment to the project. “We bring good news from the EIB and AFD — we are ready to sign the necessary agreements to launch the €410 million ‘Omi Eko’ project. A formal groundbreaking ceremony is scheduled for the end of June,” he announced.

He praised Lagos State’s dedication to its EU partnership, noting that a significant share of European economic activity in Nigeria is concentrated in Lagos. Mignot also revealed plans to strengthen economic ties through a revitalized European Chamber of Commerce and more strategic investment partnerships, especially in the tech sector, where German agency GIZ is already active.

Business

Lagos’ GDP Soars to $259B, Becomes Africa’s 2nd Largest City Economy

Published

3 months ago

March 12, 2025

Eko plus

Lagos State has solidified its status as one of Africa’s top economic powerhouses, with its Gross Domestic Product (GDP) reaching an impressive $259 billion based on Purchasing Power Parity (PPP). This milestone places Lagos as the second-largest city economy on the continent, following Cairo, Egypt.

The announcement was made during the official launch of the Lagos Economic Development Update (LEDU) 2025 on Wednesday. According to the report, Lagos State’s GDP stood at $259.75 billion in 2023, reinforcing its role as Nigeria’s commercial and financial hub.

Lagos Economic Growth in 2024

Lagos recorded significant economic growth in the first half of 2024, expanding to ₦27.38 trillion, up from ₦19.65 trillion in 2023. This strong performance underscores the state’s resilience amid economic reforms and ongoing infrastructure development.

Despite this expansion, Lagos’ tax-to-GDP ratio remains low at 2.3%, highlighting the need for improved revenue generation strategies.

Key Lagos 2025 Budget Projections

Looking ahead, Lagos State is poised for further economic expansion in 2025, with the following key projections:

GDP Growth: Expected to increase from ₦54.77 trillion in 2024 to ₦66.47 trillion in 2025, with real GDP growth estimated between 5.02% and 6.49%.
Sectoral Growth: The services sector will continue leading growth, supported by agriculture and industrial production. Stability in fuel prices and exchange rates is expected to enhance economic performance.
Inflation Forecast: Headline inflation is projected at 34.2%, while food inflation may rise slightly to 34.9%.
Revenue Projections: The Lagos State Government aims to generate ₦2.79 trillion in revenue for 2025, emphasizing fiscal discipline and revenue diversification.

Investment & Business Opportunities in Lagos

As Nigeria’s largest economy, Lagos remains a prime destination for investors, particularly in infrastructure, technology, real estate, and manufacturing. However, challenges such as inflation, forex volatility, and infrastructure gaps must be addressed to ensure long-term growth.

Sanwo-Olu Grants Approval for Construction of First Bank’s New Headquarters

Upcoming Changes: Nigeria’s GDP Rebasing

The National Bureau of Statistics (NBS) is set to rebase Nigeria’s GDP in 2025, shifting the base year from 2010 to 2019. This update will enhance economic measurement by incorporating:

Digital economy growth (e-commerce, fintech, and online services).
Emerging industries (modular refineries, pension funds, and quarrying).
Social sector activities (NHIS and NSITF programs).

Lagos’ economic trajectory remains strong, positioning it as a key player in Africa’s evolving financial landscape.

Business

Sanwo-Olu Grants Approval for Construction of First Bank’s New Headquarters

Published

4 months ago

March 6, 2025

Eko plus

Lagos State Governor, Babajide Sanwo-Olu (second left), presents the Certificate of Authorization to First Bank Holdings Board Chairman, Femi Otedola (second right), and First Bank Group MD/CEO, Olusegun Alebiosu (left), during the groundbreaking ceremony for the bank’s headquarters at Eko Atlantic City, Victoria Island, on March 5, 2025. Also present is Special Adviser on e-GIS & Urban Development, Dr. Olajide Babatunde.

Lagos State Governor, Babajide Sanwo-Olu, on Wednesday, presented a Certificate of Approval to FirstBank Group for the construction of its iconic 43-storey eco-friendly headquarters in Eko Atlantic City.

Accompanied by his Special Adviser on eGIS and Urban Development, Dr. Olajide Abiodun Babatunde, and General Manager of the Lagos State Building Control Agency (LABSCA), Arc. Gbolahan Oki, Governor Sanwo-Olu handed over the certificate to FirstHoldCo Chairman, Femi Otedola, and FirstBank Group CEO, Olusegun Alebiosu, during the project’s groundbreaking ceremony.

A Landmark Skyscraper for Nigeria’s Financial Sector

Governor Sanwo-Olu praised FirstBank Group for its vision and leadership, commending its audacity to construct a 43-storey skyscraper, which will become Nigeria’s tallest building.

He also lauded the development of Eko Atlantic City, describing it as a model for Africa and attributing its transformation to the bold initiatives of President Bola Tinubu during his tenure as Lagos State Governor.

“I have seen several investments come into Eko Atlantic City, but I believe this FirstBank headquarters is the investment that will redefine its future,” Sanwo-Olu stated.

Eko Atlantic: Africa’s Answer to Dubai

Lagos: Africa’s Financial and Investment Hub

The Governor highlighted the significance of this project in aligning with the state’s vision for Lagos as Africa’s premier financial hub.

“Just yesterday, we laid the foundation for the Lagos International Financial Centre. Our goal is to position Lagos as a global leader in finance and commerce. This city will be a safe, secure, and thriving mega city, setting the pace for financial innovation across Africa,” he said.

Lagos State to Launch International Financial Centre to Boost Capital Market Growth

Sanwo-Olu also encouraged other financial institutions to follow FirstBank’s lead by investing in Eko Atlantic City, pledging to provide a supportive business environment for investors.

“FirstBank has always been a pioneer. Now, it is time for other financial institutions to follow suit. I am ready to facilitate more groundbreaking projects and ensure an enabling environment for investments in Eko Atlantic City,” he added.

Lagos State Deputy Governor, Dr. Obafemi Hamzat; Governor Babajide Sanwo-Olu; Vice President, Senator Kashim Shettima; Ogun State Governor, Prince Dapo Abiodun; First Bank Holdings Board Chairman, Femi Otedola; and First Bank Group MD/CEO, Olusegun Alebiosu, at the groundbreaking ceremony for First Bank’s headquarters tower at Eko Atlantic City, Victoria Island, on March 5, 2025.

High-Profile Attendance at the Groundbreaking Event

The event was attended by Vice President Kashim Shettima, Governors Dapo Abiodun (Ogun) and Lucky Aiyedatiwa (Ondo), Lagos State Deputy Governor Dr. Obafemi Hamzat, and former Senate President Dr. Bukola Saraki.

Other notable figures included business moguls Alhaji Aliko Dangote, Femi Otedola, Dr. Deji Adeleke, Alhaji Mohammed Indimi, Senator Daisy Danjuma, and Gilbert and Roland Chagoury.