The Lagos State Government and Abuja Chamber of Commerce and Industry (ACCI) have shared their perspectives on the country’s economic recovery at WorldStage Business Forum Q2 2026.
The WorldStage Business Forum Q2 2026, which brought together economic experts and the media, was held on Tuesday in Lagos.
Lagos State, a vibrant economic hub in Nigeria and a major centre for finance, commerce, and industry, driving growth in sectors like technology, entertainment, and manufacturing said its economy has demonstrated significant growth, expanding from ₦33.1 trillion in 2022 to ₦43.1 trillion in 2023, reflecting a 6.59 percent growth rate.
The Lagos State Commissioner for Economic Planning and Budget, Hon. Mosopefoluwa George, in his address at the WorldStage Business Forum Q2 2026 and Public Presentation of the WorldStage Nigeria Economic Report Q1 2026 on June 30, 2026, said Lagos State’s development is guided by the Lagos State Development Plan (LSDP), a comprehensive 30-year roadmap and had recorded a 30.2 percent year-on-year expansion, contributing 18.73 percent to Nigeria’s national GDP.
He spoke as the ACCI expressed commitment to working with the government, development partners, and private sector to build a more resilient, competitive, and globally aligned Nigerian economy.
George, who was represented by Olufemi Orojimi, the Director Budget, said: “Under this plan, the current administration’s economic agenda has been encapsulated in the “THEMES+ Agenda.”
He listed economic challenges, reforms, and impact on residents to include impact of national policies and global uncertainties, fuel subsidy removal, and exchange rate unification.
He said: “The Lagos economy is influenced by national policies such as the removal of the fuel subsidy and the unification of exchange rates.
“It is also affected by global events, including the Russia-Ukraine war, instability in the Middle East, and geopolitical tensions.
“The removal of the fuel subsidy has led to a significant rise in the price of Premium Motor Spirit (PMS), which has increased household expenses (particularly food and transportation costs) and raised production costs for businesses.
“Lagos, being the hub for many of Nigeria’s economic activities, has been impacted by the unification of foreign exchange rates.
“Firms involved in the importation of goods and production inputs have experienced cost pressures due to the need for foreign currency.”
Despite the challenges, George said the state had achieved tremendous successes in the transport sector, human capital development, education sector, and health sector.
He added: “To mitigate these challenges, the Lagos State Government has implemented a series of impactful reforms across various sectors, demonstrating leadership, and innovation.
“The government has embraced an integrated transport system to enhance mobility across the state.
“Significant investments have been made in the Lagos rail mass transit system, including the development of the blue, red, and planned green metro lines.
“This remains a major win and achievement for the State.
“Efforts to expand inland water transport have been robust, particularly through the ‘OMI-EKO’ project.
“This initiative includes the commissioning of the Ilashe Jetty and the establishment of 16 new terminals/jetties to boost water transportation.
“The introduction of 5,000 new smart taxis under the LAGRIDE initiative, which includes 1,000 electric vehicles, represents a $260 million investment in the state’s economy.
“This initiative reduces dependence on fossil fuels and lowers the state’s carbon footprint.
“These developments have significantly reduced travel time across Lagos, improving economic efficiency and positioning the state as a model for innovation and sustainable growth for other regions in Nigeria.”
On food security in Lagos State, George said the government had launched several key initiatives, including the establishment of food hubs and commissioning of a 35-metric-tonne Lagos Rice Mill.
He said: “Additionally, efforts to empower farmers within the agricultural value chain are ongoing, along with the construction of a state-of-the-art central food logistics hub.
“We have partnered with Niger State under the ‘Produce for Lagos’ initiative, which aims to ensure a steady supply of food to the state.
“Moreover, the government has constructed 13.16 kilometers of farm access roads, established 15 cottage processing centers for farmers, and trained 51,476 Lagos residents in agripreneurship across various departments, agencies, and agricultural value chains.”
George also spoke on the support that the government gave to businesses, saying: “Our government has introduced structured interventions to support businesses, particularly small and medium-sized enterprises (SMEs), and promote economic resilience.”
He listed some of the government interventions to include loans worth ₦579.2 million to 741 MSMEs across all Local Government Areas (LGAs), with 63% of the recipients being female-led businesses; total of 2,493 young people received vocational training, with 1,566 successfully placed in jobs; 1,196 MSMEs benefited from grants totalling ₦270.9 million under the Lagos CARES initiative, providing much-needed financial relief; support for the tech sector includes assistance to 148 techpreneurs with access to well-equipped workspaces and incubation of 51 early-stage startups; mobilized 10,981 individuals through grassroots engagement programs and offered business support services to over 10,000 entrepreneurs, strengthening the local economy and fostering entrepreneurship across the state.
“These interventions have mitigated the adverse effects of exchange rate unification and rising costs on individuals and businesses, promoting economic stability and growth in Lagos State,” George said.
On his part, Chief Emeka Obegolu, the President of ACCI, said the Chamber remained firmly committed to promoting a business environment where enterprise can thrive.
