This article was produced with the support of Invest in Lagos 3.0
President Bola Tinubu has highlighted Lagos as Africa’s foremost destination for investment, innovation, and economic growth, describing the state as a strategic gateway to the continent’s economic future and a hub for global trade and investment opportunities.
The President made the assertion on Monday at the opening ceremony of Invest in Lagos 3.0, held at Eko Hotels and Suites, Victoria Island, Lagos.
The summit, themed “Lagos: Business Gateway to Africa, Powering Africa’s Next Era of Trade, Talent and Global Economic Leadership,” was organised by the Lagos State Government in partnership with the Commonwealth Enterprise and Investment Council (CWEIC).
Speaking through Vice President Kashim Shettima, Tinubu noted that Lagos has sustained its status as Africa’s commercial nerve centre through deliberate economic policies, strong institutions, and a business-friendly environment that continues to attract multinational corporations and foreign investments.
The President also reaffirmed the federal government’s commitment to working closely with state governments and the private sector to strengthen infrastructure, expand trade opportunities, and improve the ease of doing business across the country.
The event attracted top government officials, global and continental leaders, policymakers, investors, business executives, and development partners. It also provided a platform for the Federal Government and the governors of Lagos, Abia, Imo, Nasarawa, and Plateau states to showcase investment opportunities in their respective jurisdictions.
The leaders seized the opportunity provided by the forum to court both local and foreign investors, highlight opportunities in critical sectors of the economy and assure prospective investors of favourable returns and a conducive business environment.
In her speech, the Executive Vice President, African Export-Import Bank (Afreximbank), Mrs. Kanayo Awani, who was represented by Dr. Gainmore Zanamwe, the Director of Trade Facilitation and Investment Promotion, Afreximbank, said: “At Afreximbank, when we were approached by the Lagos State Government and the Commonwealth Secretariat to partner with and support this initiative, we did not need to think twice because this is our bread and butter. This is what we do – support investment across African countries. At Afreximbank, we believe in a unique and practical approach to promoting investment, and this is how we do it.”
Speaking further, she said: “At Afreximbank, we have always considered Nigeria – and Lagos in particular – to be Africa’s gateway. Since our inception, we have committed approximately US$83 billion to Nigeria. Of this amount, about US$56 billion has been funded, while the remaining US$27 billion is in unfunded commitments. Most of these investments have been directed to Lagos. Therefore, if any investor is still wondering whether it is possible to invest and make profitable returns in Lagos, I believe Afreximbank’s record provides compelling evidence.”
In his remarks, the Secretary General, AfCFTA, Wamkele Mene, noted that Africa’s subnational governments – including states, counties, and municipalities across our continent – have a critical role to play in promoting inclusive growth.
Recognising the importance of Lagos as a gateway, he said “few cities on our continent possess the advantages that Lagos enjoys – the scale of its market, the dynamism of its entrepreneurs, and the energy that stretches from the smallest trader to the largest business magnate. What we see in Nigeria’s entrepreneurial spirit is truly unmatched,” he added.
Mene said Lagos was well well-positioned and poised to attract investors seeking access to a market of over 1.4 billion people with a combined GDP of approximately $3.4 trillion.
“As we speak today, the AfCFTA is being implemented by 50 of the continent’s 55 countries. In 2026, intra-African trade reached $230 billion, representing a 10 percent increase over the previous year. Nigeria, Africa’s largest economy, can now proudly say that the African continent has become its largest export destination. This is a remarkable achievement.”
With Commonwealth countries currently accounting for about 22 percent of Nigeria’s inward foreign direct investment, participants were keen to hear from Lord Marland, the Chair, Commonwealth Enterprise and Investment Council who told the audience that, “Lagos and Nigeria are open for business. We want to understand what is happening in this country. We see the enormous potential that exists here, and we want to be here – to “smell the coffee,” as they say.
“We live in a world of great turmoil. Trust in trade has been eroded. Trust in aid has been undermined. This has placed many nations in a very difficult and uncertain position. Countries everywhere are examining their national resilience, and that resilience has been tested to its limit.”
Continuing he said “what will emerge from this period are leaders who can guide their countries and demonstrate solutions to these pressing challenges. Who better than this great country, Nigeria, and the beating heart of Nigeria, Lagos State, to provide that leadership?”
Concluding Lord Marland noted that “through the expert leadership within the Commonwealth and the collaboration among its member nations, we have an opportunity to demonstrate leadership across the 56 countries that make up our Commonwealth family. This is a tremendous responsibility.”