Lagos Future Economy Will Be Ocean-Powered — Sanwo-Olu

Lagos State Governor, Babajide Sanwo-Olu, has declared that the future of Lagos lies in harnessing its vast ocean resources to drive economic growth and sustainability.

The governor made the declaration on Thursday at the 2025 Lagos International Climate Change Summit held in Victoria Island.

The two-day event, themed “Blue Economy, Green Money: Financing Africa’s Coastal Resilience and Ocean Innovation,” brought together key stakeholders, including policymakers, innovators, financiers, and private-sector players, to discuss how to unlock the potential of Africa’s coastal economy.

Sanwo-Olu said Lagos was taking deliberate steps to explore the opportunities within its aquatic ecosystem by unlocking sustainable financing and developing innovative solutions to safeguard the oceans, strengthen the coasts, and ensure long-term prosperity for future generations.

“We are driving ocean innovation to reimagine commerce and mobility. And we are unlocking green and blue finance to power both. Lagos does not wait for the future; Lagos builds it. And this future is sustainable, inclusive and ocean-powered,” the governor said.

He explained that Lagos’s new focus on the Blue Economy would rest on three interconnected pillars — building resilience, driving innovation, and channelling financing into the aquatic ecosystem.

According to him, investing in Lagos’s coastal resilience is not philanthropy but “smart economics,” describing it as an investment in the stability of Africa’s most dynamic economy and the continent’s coastal future.

Sanwo-Olu said the summit also aimed to strengthen adaptation measures that promote environmental protection while creating a platform for innovators and investors to develop sustainable business models that do not disrupt the natural ecosystem.

“The blue economy is not just an economic concept; it is a lifeline for the planet. The green transition is not an obligation; it is an opportunity to rebuild better. We must seize this moment to finance the tides of resilience, to turn our blue waters into green wealth, and to leave behind not just a livable Lagos, but a thrivable one,” he said.

Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, said the summit offered participants a chance to reimagine their relationship with the ocean — not as a resource to be exploited but as a living system to be nurtured.

He said despite climate threats, Lagos’s ocean remains a vital artery of commerce and a source of livelihood for many residents.

“The Blue Economy represents more than just water-based industries; it embodies a new frontier for sustainable prosperity,” Wahab said.

“Our mission is clear: it is to unlock the capital that will help us build resilience, drive innovation, and protect our coastal future. Lagos isn’t just talking about this vision, we are taking concrete steps to bring it to life.”

Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, represented by the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, said the Federal Government was committed to developing Nigeria’s marine and blue economy through policy reforms that promote maritime governance and sustainability.

Oyetola identified Lagos as central to Nigeria’s Blue Economy vision, adding that the government would continue to collaborate with stakeholders to unlock maritime potential, enhance sea security, and ensure long-term economic benefits for the country’s coastal communities.