Governor Babajide Sanwo-Olu of Lagos State on Monday urged the 56 member states of the Commonwealth to increase investment in Africa, particularly Lagos, describing the state as a leading destination for capital, innovation and strategic partnerships.
Sanwo-Olu said member nations should bring their capital, technology and expertise, assuring them they would find not only a large market and opportunities, but also lasting partnerships and productive relationships.
He stated that the Commonwealth’s greatest strength was not merely its shared language, laws or history, but its people, adding that nowhere is that advantage more visible and consequential than in Africa.
The governor spoke at the opening ceremony of the Commonwealth Trade and Investment Summit held at Mansion House, London, on Monday, where he delivered the keynote address.
The opening session was themed, “The Commonwealth’s Advantage.”
The event was attended by Chairman of the Commonwealth Enterprise and Investment Council, Lord Marland; Secretary-General of the Commonwealth, Shirley Botchwey; Deputy Prime Minister of Malta, Dr Ian Borg; Lady Mayor of the City of London Corporation, Dame Susan Langley; Heads of Government, Ministers, High Commissioners, captains of industry, global investors and business leaders.
Sanwo-Olu said Africa’s demographic growth places the continent at the centre of future global economic expansion.
“Africa is home to the world’s youngest population. By 2050, one in four people on this earth will be African. The Commonwealth already counts 56-member states with a combined population of 2.7 billion.
“A significant and growing share of that number lives on our continent. If the Commonwealth is to remain relevant — not merely as a sentimental compact, but as a genuine engine of global trade and investment — then Africa must be central to its strategy. And within Africa, Lagos must be part of that conversation.”
He said the current global environment of economic fragmentation, rising trade barriers and geopolitical uncertainty has made trusted economic networks increasingly important.
“We live in an age of fracturing – of retreating globalisation, of tariff walls rising like storm barricades, of geopolitical uncertainty that rattles supply chains and spooks investors. In such a moment, the Commonwealth offers something rare and valuable: a network built not on fear, but on trust.”
Sanwo-Olu added that the Commonwealth’s shared commitments to rule of law, democratic governance and open markets provide a solid platform for cross-border investment.
“Fifty-six nations that share foundational commitments — to the rule of law, to democratic governance, and to open markets — constitute a remarkable platform for doing business with confidence.
“The Commonwealth’s advantage will only be fully unlocked when we treat emerging markets not as recipients of investment but as partners in shaping the terms of it.”
He welcomed frameworks such as blended finance and the African Continental Free Trade Area, noting that AfCFTA has the potential to create the world’s largest single market by GDP coverage.
The governor said Lagos is already laying the foundations necessary to attract global capital through strategic infrastructure development.
“That is why Lagos is investing in its port, its airport, its rail corridors, and its technology infrastructure — because we understand that to attract global capital, you must first build the foundations that make capital feel at home.”
Highlighting progress under his administration’s THEMES+ development agenda, Sanwo-Olu described Lagos as Nigeria’s economic capital.
“Lagos is Nigeria’s economic capital. It generates roughly a third of Nigeria’s GDP, and, were it a standalone economy, it would rank among the top five in sub-Saharan Africa.
“In 2023, we were re-elected on a mandate to deepen what we had started – to transform Lagos into a twenty-first-century megacity that works for its people.”
He said the government is delivering on that mandate through key infrastructure and social investments.
“We are delivering on that mandate. Amongst many other things, our Blue Line and Red Line rail projects are now operational — the first metro rail system in West Africa. We are about to commission one of the continent’s largest children’s hospitals, and we are digitising our revenue and land administration systems.”
He added that the state has made significant investments in roads, water, security and social inclusion through strong public-private partnerships.
“Our T.H.E.M.E.S.+ Agenda — covering Transportation, Health, Education, the Economy, the Making of a 21st Century State, Entertainment and Tourism, Security, and critically, the ‘+’ of social inclusion, gender equity, and youth empowerment — is not a campaign document. It is a governance architecture. And I say to every investor in this room: that architecture is open for business.”
Sanwo-Olu also announced that Lagos State will host Invest in Lagos 3.0, its flagship investment summit, on June 8 and 9 at Eko Hotels and Suites, Victoria Island.
He said the summit would be organised in strategic partnership with the Commonwealth Enterprise and Investment Council.
“Invest in Lagos is not a conference. It is a transaction platform and the premier occasion through which Lagos State formally engages the global investment community—presenting the state’s economic potential, its enabling policy environment, and the specific, bankable opportunities available to domestic and foreign investors across every major sector of our economy.
“Invest in Lagos 3.0 represents a decisive step forward in scale and ambition. Our partnership with CWEIC means that for the first time, the summit will be actively positioned to attract international delegates and investors from across the Commonwealth – expanding its reach, deepening its impact, and firmly situating Lagos within the broader architecture of Commonwealth trade and investment.”
Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, also spoke during a plenary session titled, “Mobilising Capital for Growth in Emerging Markets,” where she outlined Lagos State’s investment priorities and areas requiring international collaboration.
