L-R: Oniru of Iru Kingdom, HRM, Oba Abdulwasiu Omogbolahan Lawal; his wife, Olori Mariam Lawal; Lagos State Deputy Governor, Dr. Kadri Obafemi Hamzat, and Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada-Ambrose at the Business Council Session of the Oniru Business and Cultural Day (OBCD) hosted by HRM Oba Abdulwasiu Omogbolahan Lawal, OON, the Oniru of Iru Kingdom, and held at the Oniru Palace, Oniru, Lagos, on Saturday.
By Our Reporter
Lagos State Governor, Mr. Babajide Sanwo-Olu, has assured investors and the business community that the state will remain open, stable, and forward-looking, highlighting Lagos’ role as a national economic engine, contributing 22 per cent of Nigeria’s Gross Domestic Product (GDP).
Governor Sanwo-Olu gave the assurance at the Business Council Session of the Oniru Business and Cultural Day (OBCD) hosted by HRM Oba Abdulwasiu Omogbolahan Lawal, OON, the Oniru of Iru Kingdom, and which held on Saturday at the Oniru Palace, Oniru, Lagos.
The governor, who was represented by the Deputy Governor, Dr. Kadri Obafemi Hamzat, noted that Lagos contributes roughly one-fifth of the nation’s GDP, hosts the largest concentration of SMEs in West Africa, and serves as a gateway for foreign direct investment.
“Lagos is central to Nigeria's prosperity and competitiveness. Recent economic data indicate that Lagos contributes roughly one-fifth of Nigeria's total GDP with about 22 per cent. This is affirming our state position as a primary engine of national growth and productivity.
"It hosts the largest concentration of SMEs in West Africa, and serves as the gateway for foreign direct investment. These statistics are the result of deliberate governance choices and sustained reforms,” he stated.
Governor Sanwo-Olu stated that his administration had focused on strengthening the foundations of economic prosperity through the THEMES+ development agenda by expanding the modes of transportation, technology and innovation, among others.
He said l Lagos had through this development agenda reinforced its position as Africa's leading startup ecosystems, noting that through policy support, infrastructure investment, and regulatory reforms, the state government ws building a digital economy that attracts global capital while empowering local talent.
Sanwo-Olu further emphasized Lagos’ commitment to inclusive economic development, stressing that targeted programs support SMEs, digital entrepreneurship, the creative economy, and vocational training.
Speaking further, the governor highlighted that empowering the state’s youthful population with skills, mentorship, and access to markets and capital is central to ensuring that growth is broad-based and sustainable, leaving no one behind as Lagos continues to evolve into a globally competitive, opportunity-driven economy.
He, therefore, reiterated his administration's commitment to protecting past gains while prioritizing infrastructure development, job creation, youth empowerment, and security, underscoring that continuity of vision and collaborative governance were essential for sustaining Lagos’ growth trajectory.
"Lagos is not merely growing; Lagos is evolving into a more inclusive, opportunity-driven economy that leaves no one behind. We are positioning ourselves as a subnational economy that can compete globally.
"We are strengthening public-private partnerships. We are modernizing regulatory frameworks. We are investing in environmental sustainability, and urban planning that protects future generations. But none of this can be sustained without continuity of vision and partnership," he stated.
Governor Sanwo-Olu, while commending Oba Abdulwasiu Lawal for his visionary leadership, noted that under his reign, Iru Kingdom had preserved its rich cultural heritage and becomes a model of structured growth, investment confidence, and responsible urban transformation, emphasizing that Lagos’ development demonstrates how tradition and progress can work hand in hand to build sustainable prosperity.
"The Oniru Business and Cultural Day provides a model of how leadership can shape development responsibly. Kabiyesi has shown that when traditional institutions provide stability and clarity of vision, investors respond positively. Communities grow. Culture becomes an asset and prosperity is shared," the governor said.
He, therefore, called on members of the Business Council to remain actively engaged in policy dialogue, community investment, and civic responsibility, emphasizing that their role extended beyond profit to nation-building.
In his Welcome Address, the Oniru of Iru Kingdom, HRM, Oba Lawal, unveiled Oniru Business and Culture Day as a structured platform designed to drive inclusive growth, strengthen investor confidence and position Iru Kingdom as a model of sustainable palace–public–private partnership.
The monarch emphasized that growth within Iru Kingdom must be coordinated, dialogue structured, and prosperity inclusive, noting that years of engagement with business owners, residents, investors, expatriates and artisans across Iru Land consistently revealed the need for a formal mechanism that ensures that development benefits both host communities and enterprises operating within the Kingdom.
The Oniru of Iru Kingdom, while highlighting the launch of the Iru Business Network and the establishment of the Oniru Business Council as permanent structures for collaboration and accountability, explained that the Iru Business Network would serve as a coordinated ecosystem linking local enterprises, artisans, investors and corporate institutions to deepen supply chains, expand employment opportunities and promote responsible investment.
The royal father added that the Oniru Business Council will function as a standing advisory body to track commitments, address regulatory and infrastructural bottlenecks, and ensure that dialogue translates into measurable outcomes through structured engagement with relevant government agencies.
"Today's gathering is strategic. It institutionalises a structured dialogue platform where businesses, investors, expatriates, residents, the Palace and relevant government institutions engage directly on issues that affect the ease of doing business in Iru Land.
"It is the beginning of a sustained engagement mechanism. In deliberate partnership with the Lagos State Government, particularly through the Ministry of Commerce, Cooperatives, Trade and Investment, outcomes from these engagements will be formally documented and integrated into the State's private-sector development agenda,” he said.
Oba Lawal concluded that the event marked the transition from informal conversations to structured collaboration, stressing that Iru Kingdom is organised, forward-looking and ready to lead by example, “where peace is preserved, enterprise is encouraged, and prosperity is shared by all."
In her goodwill message, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, who was represented by the Special Adviser to the Minister of Trade and Investment, Efe Barber, noted that Nigeria’s economic diversification drive had entered a new phase of implementation as her ministry intensifies efforts to expand the country’s productive base under the President Bola Ahmed Tinubu’s eight-point agenda.
She stated that the mandate of the ministry focuses on strengthening local production, deepening value chains, boosting non-oil exports and mobilising both foreign and domestic capital, adding that delivery would be anchored on structured national engagements designed to improve the ease of doing business, localise value chains, attract investment and strengthen state ownership of trade and industrial outcomes.
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