Economy
THE Lagos State Government and the Abuja Chamber of Commerce and Industry (ACCI) have called for sustained economic reforms, improved infrastructure and stronger public-private sector collaboration to consolidate Nigeria’s economic recovery and enhance competitiveness.
The stakeholders made the call during the second quarter 2026 WorldStage Business Forum and the public presentation of the WorldStage Nigeria Economic Report for the first quarter of 2026 held in Lagos.
The theme of the forum is: “Nigeria’s Corporate Culture and Global Standard”.
The Lagos State Commissioner for Economic Planning and Budget, Mr Mosopefoluwa George, said the state’s economy expanded from N33.1 trillion in 2022 to N43.1 trillion in 2023, representing a growth rate of 6.59 per cent.
George, represented by the Director of Budget, Mr Olufemi Orojimi, said Lagos also recorded a 30.2 per cent year-on-year expansion, contributing 18.73 per cent to Nigeria’s Gross Domestic Product (GDP).
He attributed the performance to the implementation of the Lagos State Development Plan (LSDP) and the state’s THEMES+ Agenda.
George, however, noted that the state had continued to grapple with the effects of fuel subsidy removal, exchange rate unification and global geopolitical tensions.
He said that, to consolidate the gains achieved so far in the state, public-private sector collaboration must be strengthened.
“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,” he said.
According to him, the increase in petrol prices has raised transportation and food costs, while exchange rate reforms have increased production costs for businesses dependent on imported goods.
George said that in spite of the challenges, the state government had implemented reforms across transportation, agriculture, education, healthcare and enterprise development to cushion the impact on residents and businesses.
He said Lagos had made significant investments in its rail transportation system through the Blue and Red Lines, while work was ongoing on the Green Line.
George noted that the state had expanded water transportation through the OMI-EKO project and introduced 5,000 smart taxis under the LAGRIDE initiative, including 1,000 electric vehicles.
On food security, he said the government had established food hubs, commissioned the 35-metric-tonne Lagos Rice Mill and partnered with Niger State under the “Produce for Lagos” initiative to guarantee food supply.
He said that over 51,000 residents had been trained in agribusiness, while more than 13 kilometres of farm access roads and 15 cottage processing centres had been developed.
George also highlighted support for businesses, saying the state disbursed N579.2 million in loans to 741 micro, small and medium enterprises (MSMEs) across the state, with women-owned businesses accounting for 63 per cent of beneficiaries.
According to him, 1,196 MSMEs also benefited from grants worth N270.9 million under the Lagos CARES programme, while 148 technology entrepreneurs and 51 startups received support through incubation and workspace initiatives.
Also, President of ACCI, Chief Emeka Obegolu, called for increased investment in infrastructure, improved security, expanded financing for SMEs, policy consistency and accelerated industrialisation to strengthen the economy.
He said Nigeria’s economic performance in the first quarter of 2026 reflected resilience despite prevailing macroeconomic challenges.
Referring to data from the National Bureau of Statistics (NBS), Obegolu said the country’s GDP grew by 3.89 per cent year-on-year in the first quarter of 2026, compared with 3.13 per cent in the corresponding period of 2025.
He noted that the non-oil sector accounted for more than 96 per cent of GDP, driven by information and communication technology, financial services, construction, agriculture and manufacturing.
Obegolu, however, identified inflation, high energy costs, insecurity, limited access to finance and continued dependence on crude oil exports as major constraints to sustainable growth.
“We remain firmly committed to promoting a business environment where enterprises can thrive and will continue to serve as a bridge between the private sector and government in advocating reforms,” he said.
Earlier, the President and Chief Executive Officer of WorldStage Ltd., Mr Segun Adeleye, unveiled the 196-page WorldStage Nigeria Economic Report Q1 2026, titled “Promising.”
Adeleye said the report provided a comprehensive analysis of Nigeria’s macroeconomic environment, including GDP, inflation, exchange rates, monetary policy and sectoral developments in banking, insurance, agriculture, manufacturing, oil and gas, and the capital market.
He said the report was designed to provide policymakers, investors and businesses with credible information to support investment decisions and economic planning.
Also, Prof. Lere Baale, Chief Executive Officer of Business School Netherlands International, urged Nigerian organisations to strengthen their corporate culture and align with global best practices to remain competitive in the global economy. (NAN)
A.I
July 2, 2026
Tags: ACCI Mr Mosopefoluwa George Mr Segun Adeleye Prof. Lere Baale WorldStage Ltd.