Lagos unveils seven economic priorities for 2027

The Lagos State Government has unveiled seven strategic economic priorities to guide its development planning and policy direction in 2027, with a focus on economic growth, job creation, infrastructure development, fiscal sustainability and improved living standards.

In a statement posted on the state’s X account on Friday, the priorities were announced by the Commissioner for Economic Planning and Budget, Mr Ope George, at the fourth edition of the Lagos Economic Roundtable held at Protea Hotel, Ikeja.

The event, themed “Development Pathways, Emerging Risks and Strategic Policy Priorities,” was organised by the Lagos State Ministry of Economic Planning and Budget through its Economic Intelligence Department.

It brought together policymakers, economic experts, private-sector leaders, development finance institutions and academics to examine emerging economic trends and identify strategies for sustainable growth and shared prosperity.

Speaking at the event, George said the state’s economic direction for 2027 would focus on translating economic growth into tangible improvements in the lives of residents while strengthening Lagos’ competitiveness and resilience.

“Our focus goes beyond economic projections to shaping policies that will strengthen competitiveness, promote inclusive growth and secure a sustainable future for Lagos State,” he stated.

The seven priority areas are fiscal sustainability and revenue mobilisation; infrastructure development and economic competitiveness; employment generation and human capital development; economic diversification and private-sector development; food security and resilient food systems; climate resilience and the green economy; and data and evidence-based governance.

On fiscal sustainability and revenue mobilisation, the Commissioner emphasised the need to strengthen internally generated revenue, improve expenditure efficiency and ensure responsible management of public resources.

He noted that disciplined financial management and value-driven public expenditure would remain critical to sustaining development and improving service delivery.

On infrastructure development, George highlighted the importance of integrated infrastructure investments, innovative financing mechanisms and public-private partnerships in accelerating project delivery.

He identified transportation, energy, water, housing, digital connectivity and logistics as critical sectors for improving productivity and economic competitiveness.

Addressing employment generation and human capital development, the Commissioner stressed the need to ensure that economic growth translates into decent jobs and improved livelihood opportunities, particularly for young people and women.

He also underscored the importance of strengthening the informal sector, given its significant contribution to economic activities and livelihoods across the state.

On economic diversification and private-sector development, George called for stronger support for emerging and productive sectors, enterprise development and investment attraction.

He noted that creating an enabling environment for businesses to expand, innovate and compete would be essential to broadening Lagos’ economic base and generating sustainable employment opportunities.

The Commissioner further identified food security and resilient food systems as important priorities for addressing rising food costs, strengthening supply chains and improving household welfare.

On climate resilience and the green economy, he observed that Lagos’ coastal location and rapid urbanisation made climate considerations central to development planning, particularly in tackling flooding and other environmental risks.

He also highlighted the importance of credible statistics, economic intelligence, digital governance and effective monitoring and evaluation in strengthening government decision-making.

According to him, initiatives such as EKO360 and the Lagos State Bureau of Statistics would support improved planning, budgeting, policy implementation and public service delivery.

Earlier, the Permanent Secretary of the Ministry of Economic Planning and Budget, Mrs Olayinka Ojo, explained that the Lagos Economic Outlook initiative was established about five years ago to provide a platform for researchers, policymakers and economic experts to examine emerging trends, share perspectives and develop projections to guide the state’s development planning.

She said the initiative was designed to ensure that economic research and forecasting translated into practical policy decisions rather than remaining academic exercises.

Ojo also noted that Lagos State’s emergence as Nigeria’s top-performing state in the 2025 State of States Performance Ranking reflected progress in revenue generation, fiscal sustainability, human capital development and public expenditure management.

She emphasised the importance of evidence-based research and economic analysis in shaping policies, guiding public expenditure and strengthening governance.

Beyond the seven priorities, George warned that Lagos must remain proactive in responding to emerging economic risks, including geopolitical tensions, inflation, climate-related shocks, technological disruptions and the pressures of rapid urbanisation.

“We must move beyond reactive responses to economic shocks by embracing scenario-based planning and strengthening our capacity to anticipate, adapt and recover. Economic resilience must therefore remain central to our planning and budgeting processes,” he said.

The government said the priorities would guide its economic planning and policy direction in 2027 as it seeks to strengthen the state’s competitiveness, promote inclusive growth and secure a sustainable future for residents.