Govt Alone Cannot Deliver Economic Transformation — Shettima

Vice President Kashim Shettima on Monday said Nigeria’s ambition to build a $1tn economy will depend largely on private sector investment, strategic reforms and stronger collaboration among all levels of government, describing Lagos State as a model for subnational economic transformation and investment-driven growth.

Speaking at the opening of the Invest Lagos 3.0 Summit held at Eko Hotel and Suites, Victoria Island, Lagos, Shettima said the country’s economic future lies in creating a conducive environment for businesses to thrive, innovation to flourish and investors to deploy capital with confidence.

The Vice President noted that while the Federal Government has embarked on far-reaching economic reforms to restore macroeconomic stability and attract investment, sustainable growth can only be achieved through productive partnerships between government and the private sector.

“Nigeria’s journey to a $1tn economy will not be driven by government alone. It will be powered by enterprise, innovation, investment and the collective determination of stakeholders across the public and private sectors,” he said.

Shettima identified Lagos as the clearest example of how visionary leadership, policy consistency and institutional continuity can transform a subnational economy into a globally competitive investment destination.

Describing the state as Nigeria’s economic nerve centre, he said Lagos has become a reference point for governance and development across Africa.

“Lagos is the livewire of our continent. Lagos is the furnace in which our ideas are tested against the discipline of execution. Lagos is the great doorway through which Nigeria continues to greet the future,” he said.

According to the Vice President, the economic foundations of modern Lagos were laid during the administration of President Bola Ahmed Tinubu as governor of the state, with successive administrations building on those reforms to sustain growth and attract investment.

He said the Lagos development model demonstrates the importance of long-term planning, policy stability and effective governance in driving economic prosperity.

Shettima also commended Governor Babajide Sanwo-Olu for consolidating previous gains and strengthening the state’s attractiveness to local and foreign investors through investments in infrastructure, technology, transportation and business-friendly policies.

The Vice President used the summit to defend the Tinubu administration’s economic reforms, stressing that recent policy measures were designed to address structural distortions, improve fiscal sustainability and unlock private capital for productive investments.
He acknowledged the temporary hardships associated with some of the reforms but maintained that difficult decisions were necessary to secure long-term economic stability and growth.

“We have taken difficult decisions because we understand that the economy of our dream cannot be built on illusions. It must be built on productivity, discipline, competitiveness and the courage to create a climate in which enterprise can breathe,” he said.

Shettima expressed optimism about Nigeria’s long-term economic prospects, citing the country’s growing population, entrepreneurial capacity and strategic positioning under the African Continental Free Trade Area (AfCFTA) as major advantages.

He noted that Nigeria is projected to become one of the world’s most populous countries by 2050 and is well positioned to leverage access to the AfCFTA market of more than 1.4 billion people to emerge as a leading hub for manufacturing, logistics, innovation and trade on the continent.

However, he stressed that achieving these ambitions would require greater cooperation among federal and state governments, development institutions and the private sector.

“The Federal Government cannot deliver economic transformation in isolation. We must work together to build the infrastructure, institutions and investment climate necessary to unlock Nigeria’s full potential,” he said.

Earlier, Lagos State Governor Babajide Sanwo-Olu reaffirmed Lagos’ position as Africa’s leading investment destination, saying the summit underscored the state’s readiness to attract capital and foster strategic partnerships across key sectors of the economy.

Sanwo-Olu credited President Tinubu with laying the foundation for the state’s modern economic architecture and praised his continued support for subnational development initiatives.

The governor highlighted achievements recorded by his administration in transportation, healthcare, agriculture, energy, technology, trade and human capital development, noting that Lagos remains committed to providing a stable and predictable environment for investors.

Also speaking, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said recent economic reforms introduced by the Federal Government were beginning to yield positive outcomes, with Lagos emerging as a leading example of subnational competitiveness and resilience.

Oyedele said efforts to remove structural bottlenecks, improve fiscal management and strengthen investor confidence were gradually translating into increased economic activity across sectors.

In her remarks, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said the summit demonstrated Lagos’ commitment to fostering investment, partnerships and sustainable economic growth.

The event also attracted support from international development and trade institutions.

Secretary-General of the Commonwealth, Shirley Botchwey, described Lagos as a city that has moved beyond promise to proven economic performance.

“Lagos is not merely a city of potential; it is a city of proof,” she said.

Chairman of the Commonwealth Enterprise and Investment Council, Lord Marland, called for pragmatic leadership in addressing global economic challenges, while representatives of Afreximbank and the AfCFTA Secretariat reaffirmed their commitment to supporting investments capable of accelerating Nigeria’s economic growth and regional trade ambitions.

The summit’s opening session concluded with a high-level discussion involving Governors Babajide Sanwo-Olu of Lagos, Alex Otti of Abia, Caleb Mutfwang of Plateau, Abdullahi Sule of Nasarawa and Hope Uzodimma of Imo states, who examined the role of subnational governments in driving investment-led growth and economic transformation across Nigeria.