Lagos state's ability to attract and retain investment depends on resolving everyday business problems, including lengthy land registration processes, poor waste management, and unreliable public services. Governor Babajide Sanwo-Olu acknowledged these challenges at the Nigerian-British Chamber of Commerce's (NBCC) 2026 Meet the Governor Series. The event focused on the state's business environment, investment prospects, and global competitiveness, especially in Nigeria-United Kingdom (UK) relations.
Sanwo-Olu emphasized that Lagos must be understood and treated as a national economic asset, requiring sustained investment and stronger institutions. He noted that the state has significant opportunities in technology, manufacturing, financial services, trade, logistics, and real estate. However, investors need predictable policies, efficient public services, and institutions that honor their commitments.
Waste management emerged as a pressing concern, with participants raising questions about deteriorating conditions in parts of the state. Sanwo-Olu admitted to shortcomings in waste management, saying, "I'll be the first to accept that we dropped the ball." The government has ordered 160 compactor trucks and signed agreements for two material recovery facilities to address the issue.
Land administration was another concern, particularly delays in registering property titles and mortgages. A participant noted that the process could take five to six years, highlighting a barrier to property transactions and access to mortgage finance. Sanwo-Olu said the government was pursuing digitization, improved mapping, and measures to clear the backlog.
Sanwo-Olu also pointed to support for small businesses, saying the Lagos State Employment Trust Fund had supported close to 42,000 businesses. However, access to funding alone will not be enough if businesses continue to face administrative delays, inadequate public services, and uncertainty over policy implementation.
According to Sanwo-Olu, Lagos's long-term ambition is to build a productive, connected, and globally competitive economy. He stressed that development must continue beyond his administration, arguing that government is a continuum and that future leaders should build on existing plans.
Abimbola Olashore, president and chairman of the NBCC council, emphasized the importance of stronger partnerships between public institutions and businesses, particularly as Lagos approaches its role in shaping economic relations between Nigeria and the UK. The NBCC promotes trade and economic cooperation between Nigeria and the UK, with over 400 member organizations across different sectors.
Key points
- Lagos state must resolve business-critical bottlenecks to attract and retain investment.
- The state has significant opportunities in technology, manufacturing, financial services, trade, logistics, and real estate.
- Sanwo-Olu emphasized the importance of sustained investment and stronger institutions in Lagos.
