Renowned economist and Chief Consultant at B. Adedipe Associates Limited, Professor Biodun Adedipe, has urged Lagos State to aggressively deepen wealth creation to build an inclusive, resilient, and globally competitive economy.

Speaking at the Roundtable Discussion on Lagos Economic Outlook 2026, Adedipe emphasized that Lagos stands at a pivotal moment where deliberate policies, bold investments, and strategic innovation will shape its long-term economic future.

He noted that challenges such as infrastructure gaps, housing shortages, and funding pressures are universal. “What separates successful economies is how governments deploy policy tools to expand opportunities,” he said.

Adedipe stressed the importance of focusing on wealth creation as the primary driver of growth. “If I have to choose between job creation and wealth creation, I will choose wealth creation. When you create wealth, jobs follow naturally,” he explained.

Projecting Lagos’ economic performance, he said the state will close 2025 with a Gross State Product (GSP) of ₦66.47 trillion, representing 34.64% of Nigeria’s GDP, and a growth rate of 6.49%, nearly double the national average of 3.78%.

He argued that Lagos should benchmark itself not against African economies but against top-performing global sub-national economies. Citing California’s $3.37 trillion GSP, he noted that Lagos, Africa’s second-largest city economy after Cairo, must now emulate the most competitive global state economies.

Adedipe identified technology, real estate, finance, creative industries, clean energy, and innovation-driven manufacturing as critical sectors for Lagos’ competitiveness in the next decade. He also called for deeper investment in human capital, stronger infrastructure, and sustained collaboration between government and industry. “Everything will be fine in the end. If it is not fine, it is not the end. Lagos must keep improving daily,” he added.

Earlier, Commissioner for Economic Planning and Budget, Mr. Ope George, highlighted the need for smarter, data-driven planning as Lagos prepares for the 2026 economic cycle. He cited the proposed ₦4.2 trillion 2026 budget as evidence of the state’s bold economic ambitions.

Permanent Secretary of the Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo, reaffirmed Lagos’ commitment to evidence-based governance, noting that over 94% of resolutions from previous economic summits have been implemented. She praised the state’s researchers, analysts, and economic intelligence team for providing insights that continue to guide policy decisions.