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Lagos, Nigeria – August 26, 2025 – In a bold declaration underscoring Lagos State’s economic dominance, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has reaffirmed the state’s position as Africa’s leading investment destination. Speaking during a high-profile meeting with a delegation from China’s Guangxi Province on Tuesday, Obasa highlighted Lagos’s booming economy, expansive population, and investor-friendly legislative framework as the cornerstones of its unrivaled appeal to global investors.
The delegation, led by Zhang Xiaoqin, Vice Chairman of the Standing Committee of the Guangxi People’s Congress, was warmly received at the Lagos State House of Assembly, where discussions centered on deepening economic and cultural ties between Lagos and Guangxi. The visit, a testament to the growing relationship between Nigeria and China, offered a platform for both parties to explore opportunities for collaboration in trade, tourism, infrastructure, and innovation. Obasa’s remarks painted a vivid picture of Lagos as not just a city but a dynamic engine of progress, poised to lead Africa’s economic transformation.
A Thriving Economic Powerhouse
“Lagos is more than a city. It represents a vision of progress,” Obasa declared, addressing the delegation in a session marked by optimism and mutual respect. He emphasized that Lagos, with an estimated population exceeding 20 million, has solidified its status as Africa’s fifth-largest economy, wielding significant geopolitical influence across the continent. The state’s economic vibrancy, coupled with its strategic location and progressive policies, has made it a magnet for foreign direct investment (FDI) and a hub for innovation and commerce.
Obasa’s assertion is backed by compelling economic indicators. Lagos, often described as Nigeria’s commercial capital, accounts for over 30% of the country’s GDP, despite occupying less than 0.4% of its landmass. The state’s economy, valued at over $130 billion, is driven by a diverse range of sectors, including finance, technology, manufacturing, real estate, and entertainment. Its bustling ports, such as Apapa and Tin Can Island, handle a significant portion of West Africa’s maritime trade, further cementing Lagos’s role as a regional economic powerhouse.
The Speaker highlighted the state’s population as a critical asset for investors. “We have the population,” he noted, referring to Lagos’s vast and youthful demographic, which offers both a robust consumer market and a dynamic workforce. With over 60% of its population under the age of 30, Lagos presents a unique opportunity for businesses seeking to tap into a growing, tech-savvy, and aspirational consumer base. This demographic advantage, combined with the state’s investment in education and skills development, positions Lagos as an ideal destination for industries ranging from technology to manufacturing.
Enabling Laws and Business-Friendly Policies
A key pillar of Lagos’s appeal, according to Obasa, is its progressive legislative framework, designed to facilitate ease of doing business. Over the past decade, the Lagos State government has implemented a series of reforms aimed at reducing bureaucratic bottlenecks, streamlining business registration processes, and enhancing transparency in governance. These efforts have not gone unnoticed. The World Bank’s Doing Business Index consistently ranks Lagos as one of the top destinations in Nigeria for starting and operating a business, a feat Obasa attributed to deliberate policy measures.
“We have enabling laws for ease of doing business,” Obasa told the delegation, pointing to initiatives such as the Lagos State Public-Private Partnership (PPP) Law, which encourages collaboration between the government and private sector to drive infrastructure development. The state’s tax reforms, including the digitization of tax collection and incentives for small and medium-sized enterprises (SMEs), have also created a conducive environment for businesses to thrive.
Obasa’s remarks come at a time when Lagos is intensifying efforts to attract global investors. The state government has prioritized infrastructure development, with mega-projects such as the Lagos-Badagry Expressway, the Fourth Mainland Bridge, and the Eko Atlantic City—a futuristic urban development project—underscoring its ambition to become a global city. These projects, many of which are being executed through PPPs, offer lucrative opportunities for foreign investors, particularly in construction, real estate, and urban planning.
Strengthening Nigeria-China Relations
The visit by the Guangxi delegation is a significant milestone in the growing partnership between Nigeria and China, two nations with a long history of economic and diplomatic cooperation. China has emerged as one of Nigeria’s largest trading partners, with bilateral trade volumes exceeding $20 billion annually. Chinese investments in Nigeria span infrastructure, energy, telecommunications, and agriculture, with Lagos serving as the epicenter of these activities.
Obasa praised the delegation for its interest in strengthening bilateral relations, describing Lagos as a “natural focal point” for collaboration. “Our economy is huge and vibrant, one of the biggest in Africa,” he said. “Whatever you invest here, you will recoup your investment.” His words reflect a deep confidence in Lagos’s ability to deliver returns on investment, underpinned by its track record of economic resilience and adaptability.
The Speaker’s remarks also highlighted the potential for collaboration in tourism, an area where Lagos is seeking to expand its footprint. The state boasts a rich cultural heritage, with attractions such as the Badagry Slave Route, the National Museum, and the vibrant Lagos Island waterfront drawing thousands of visitors annually. Additionally, Lagos’s thriving entertainment industry—often referred to as Nollywood—has positioned the state as a global hub for African cinema and music, offering untapped opportunities for cultural exchange and investment.
“We are still expanding in the area of tourism, and every idea is welcome to help us harness our potential,” Obasa said, inviting the Chinese delegation to explore partnerships in this sector. He pointed to initiatives such as the Lagos Tourism Masterplan, which aims to transform Lagos’s coastal areas into world-class tourist destinations, as evidence of the state’s commitment to diversifying its economy.
A Vision for Collaboration
The meeting between Obasa and the Guangxi delegation was more than a diplomatic courtesy; it was a strategic engagement aimed at unlocking new avenues for economic growth. Zhang Xiaoqin, the delegation’s leader, expressed admiration for Lagos’s rapid development and economic dynamism. He noted that Guangxi, a province known for its industrial output and strategic location in southern China, shares similarities with Lagos in terms of its ambition to drive regional growth.
“Guangxi and Lagos have much to learn from each other,” Zhang said, according to sources present at the meeting. He highlighted Guangxi’s expertise in manufacturing, renewable energy, and agricultural technology as areas where the province could collaborate with Lagos. The delegation also expressed interest in exploring opportunities in Lagos’s technology sector, which has seen exponential growth in recent years, driven by startups such as Flutterwave, Paystack, and Andela.
The discussions also touched on the potential for knowledge exchange and capacity building. Obasa emphasized Lagos’s commitment to fostering innovation through initiatives such as the Lagos Innovation Bill, which aims to support tech startups and create a conducive environment for research and development. He invited Chinese investors to participate in the state’s burgeoning tech ecosystem, citing the success of Lagos-based tech hubs like Co-Creation Hub (CcHub) and Lagos Startup Week.
Lagos’s Global Ambitions
Obasa’s declaration of Lagos as Africa’s leading investment destination is not mere rhetoric; it is a reflection of the state’s strategic vision to position itself as a global city. Under the leadership of Governor Babajide Sanwo-Olu, Lagos has pursued an aggressive development agenda, focusing on infrastructure, digital transformation, and sustainable growth. The state’s smart city initiatives, such as the deployment of fiber-optic networks and the development of smart transportation systems, have drawn comparisons to global metropolises like Dubai and Singapore.
The Speaker’s remarks also underscore Lagos’s role as a gateway to Africa. With the African Continental Free Trade Area (AfCFTA) agreement now in effect, Lagos is uniquely positioned to serve as a hub for intra-African trade and investment. The state’s proximity to major shipping routes, combined with its advanced logistics infrastructure, makes it an ideal entry point for businesses seeking to access Africa’s 1.4 billion-strong market.
However, Lagos’s ascent to economic prominence has not been without challenges. The state grapples with issues such as traffic congestion, urban sprawl, and the need for inclusive growth to address income inequality. Obasa acknowledged these challenges during the meeting, noting that the state government is actively working to address them through investments in public transportation, affordable housing, and social welfare programs.
A Call to Action
As the meeting drew to a close, Obasa issued a clarion call to the Guangxi delegation and, by extension, the global investment community. “Lagos is open for business,” he declared, urging investors to seize the opportunities presented by the state’s dynamic economy and forward-thinking policies. His message was clear: Lagos is not just a destination for investment; it is a partner in progress, ready to collaborate with the world to achieve shared prosperity.
The visit by the Guangxi delegation is likely to pave the way for further engagements between Lagos and Chinese investors. As both sides explore concrete partnerships, the spotlight remains on Lagos—a city that continues to defy expectations and redefine what is possible in Africa. With its vibrant economy, youthful population, and ambitious vision, Lagos is not just leading Africa; it is shaping the future of the continent.
In the words of Obasa, “Lagos is the best place to invest in Africa.” For investors looking to tap into the continent’s growth story, the message is unmistakable: the time to invest in Lagos is now.
