Lagos State Governor, Babajide Sanwo-Olu, has declared that young people are at the heart of the state’s economic expansion, revealing that they account for about 70 percent of new businesses in Lagos. He described this demographic as a critical force shaping the future of Nigeria’s commercial capital.
Sanwo-Olu made this known on Monday while speaking at the Abuja Dialogue, an event organised by the Office of the Vice President in collaboration with the Lagos State Government. The gathering, themed “Scaling Excellence: Youth Leadership as Strategic Infrastructure for National Transformation,” served as a precursor to the anticipated Lagos Leadership Summit.
Held in Abuja, the event brought together a diverse mix of stakeholders, including government officials, private sector leaders, and development partners, all united by a shared interest in harnessing youth potential as a driver of national progress.
In his address, Sanwo-Olu emphasized that Lagos youths are not merely participants in the economy but active architects of its growth. According to him, their entrepreneurial drive and innovative capacity have significantly contributed to the state’s reputation as a hub of creativity, commerce, and opportunity.
“Young people in Lagos are doing remarkable things. They are building businesses, creating jobs, and introducing new ideas that are transforming our economy,” the governor said. “They represent about 70 percent of new businesses in the state, and that tells you where the future lies.”
He noted that the rise of youth-led enterprises has been instrumental in diversifying the state’s economy beyond traditional sectors, with young entrepreneurs making strides in technology, creative industries, retail, and services. Their contributions, he said, have not only boosted economic activity but also enhanced Lagos’ competitiveness on both national and global stages.
Sanwo-Olu further highlighted the importance of creating an enabling environment that supports young innovators. He pointed to ongoing government initiatives aimed at improving access to funding, skills development, and infrastructure as part of a broader strategy to sustain youth-driven growth.
The governor stressed that investing in youth leadership is essential for long-term national transformation, describing it as “strategic infrastructure” that must be deliberately nurtured. He argued that empowering young people with the right tools and opportunities would yield dividends not only for Lagos but for Nigeria as a whole.
Participants at the dialogue echoed similar sentiments, noting that Nigeria’s youthful population presents a unique advantage if properly harnessed. Several speakers called for stronger collaboration between the public and private sectors to create pathways for young entrepreneurs to thrive.
Development partners at the event also underscored the need for policies that encourage innovation and reduce barriers to entry for startups, particularly in areas such as financing, regulation, and market access.
The Abuja Dialogue served as a platform for exchanging ideas and forging partnerships ahead of the Lagos Leadership Summit, which is expected to further deepen conversations around youth empowerment and leadership development.
For many attendees, the governor’s remarks reinforced a growing recognition that young people are not just the leaders of tomorrow but the drivers of today’s economy. Their energy, creativity, and resilience continue to redefine the business landscape in Lagos, positioning the state as a beacon of opportunity in an increasingly competitive world.
As Lagos continues to evolve, the role of its youth remains central. With the right support systems in place, stakeholders believe that the 70 percent figure cited by Sanwo-Olu could translate into even greater economic impact, unlocking new possibilities for growth, innovation, and inclusive development.
