Lagos targets more jobs, investments in 2027

The Lagos State Government has identified job creation, increased private sector investment, infrastructure development and food security as key priorities in its economic agenda for 2027.

The Commissioner for Economic Planning and Budget, Ope George, disclosed this at the fourth edition of the Lagos Economic Roundtable on Wednesday, where he outlined seven priority areas to guide the state’s economic planning and policy direction.

George said the state was determined to ensure that economic growth translated into employment opportunities, stronger businesses, improved household welfare and better living standards for residents.

He said, “For us in Lagos, the priority is to ensure that economic growth translates into employment, stronger businesses, improved household welfare and better living standards.”

The commissioner explained that the state’s economic priorities included strengthening revenue generation, improving infrastructure, creating decent jobs, diversifying the economy, ensuring food security, promoting climate resilience and improving the use of data in governance.

He said investment in transportation, energy, water, housing, digital connectivity and logistics remained essential to boosting productivity and economic growth.

According to him, the state will sustain integrated infrastructure development while exploring innovative financing options and public-private partnerships to accelerate project delivery.

On employment, George said the government would focus on vocational training, industry-relevant skills, entrepreneurship support and improved employability, particularly among young people and women.

He also stressed the need to strengthen the informal sector, describing it as a major contributor to economic activities and livelihoods.

“A resilient economy requires a diversified productive base. We must deepen opportunities in manufacturing, agriculture, technology, creative industries, tourism and trade while supporting MSMEs through improved access to finance, innovation and a business-friendly environment,” he said.

The commissioner added that the government would strengthen partnerships with producers and neighbouring states, improve storage and processing facilities, and develop efficient food supply chains to address rising food costs and disruptions.

He noted that Lagos, as a coastal and rapidly urbanising state, also needed to integrate climate resilience into its development planning and infrastructure investments.

George said the government would continue to pursue the objectives of the Lagos State Development Plan 2052 through effective resource mobilisation, institutional reforms and strategic partnerships.

He, however, identified inflation, exchange rate uncertainties, rising energy costs, infrastructure deficits, geopolitical tensions and climate-related shocks as some of the challenges requiring proactive economic planning.

“As we look towards 2027, the Economic Outlook presents Lagos State with an opportunity to consolidate its achievements, address structural challenges and strengthen its position as a competitive and resilient economy,” he said.

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Also speaking, the Permanent Secretary, Ministry of Economic Planning and Budget, Olayinka Ojo, said the state’s economic realities required forward-looking planning, prudent fiscal management, investment promotion and policies that would stimulate productivity and improve residents’ welfare.

She said the roundtable provided an opportunity for stakeholders to exchange ideas and develop practical recommendations to guide the state’s development priorities.

“As we look towards 2027, our discussions must go beyond identifying economic challenges to exploring actionable solutions that will strengthen our fiscal capacity, attract investment, support businesses, create employment opportunities and advance the objectives of the Lagos State Development Plan 2052,” Ojo said.

Ojo urged participants to focus on solutions that would strengthen the state’s fiscal capacity, attract investment, support businesses and create employment opportunities.

Representing the Managing Director of the Bank of Industry, Olasupo Olusi, and the General Manager, BOI MD/CEO’s Office, Isa Omagu, said economic development should be measured by improvements in the living and working conditions of residents and businesses.

Omagu noted that Lagos’s position as a leading commercial, trade and innovation centre should be matched by policies that improve productivity and reduce the cost of doing business.

“Not only by the size of the economy or the volume of public spending, but also by improvements that businesses and residents can feel, more reliable power, faster movements, clearer approvals, better protection against fraud, visible and viable firms, and stronger jobs and investments that remain productive after completion,” he added.

Also speaking, the Executive Secretary of the Lagos State Employment Trust Fund, Folasayo Alayande, highlighted the role of access to finance, skills development, markets, technology and business premises in promoting employment and economic resilience.

Alayande said the fund’s interventions were designed to support businesses, create jobs and expand economic opportunities.

She explained that providing loans to businesses helped them grow, employ more people and contribute to the state’s revenue through taxes.

Alayande said, “People who trade get jobs and pay taxes. Businesses reformalise, grow and hire more people. And honestly, it makes you see how that loop continues.”

She said investments in businesses should be viewed as a means of generating economic output rather than merely public expenditure, adding that the resulting growth could strengthen the state’s revenue base and provide more resources for development.