Governor Babajide Sanwo-Olu announced that youth-led ventures now account for 70% of new businesses in Lagos, contributing ₦4.5 trillion annually to the state’s economy.
Governor Babajide Sanwo-Olu has revealed that youths in Lagos State contribute an estimated ₦4.5 trillion annually to the state’s Gross Domestic Product (GDP). Speaking at the “Abuja Dialogue” on Monday, the Governor emphasized that this figure reflects the tangible performance of young Nigerians rather than mere potential. He further noted that 70% of all new businesses within the state are founded by young entrepreneurs, underscoring the demographic’s role as a strategic pillar for economic growth.
The Governor highlighted the Lateef Jakande Leadership Academy (LJLA) as a cornerstone for this success, providing young leaders with public sector immersion and mentorship. Sanwo-Olu argued that building “human infrastructure” is just as vital as physical projects like roads and bridges. He urged other states and the federal government to adopt similar structured leadership systems, calling for a national framework to manage and sustain the country’s future development through youth empowerment.
This economic revelation comes as Lagos continues to solidify its status as one of Africa’s leading economies, with a PPP-adjusted GDP reaching $259 billion. While the combined internally generated revenue (IGR) for all 36 states grew significantly in 2024, Lagos remains a dominant force. Officials at the dialogue maintained that equipping young individuals to navigate leadership complexities is essential for institutional responsiveness and long-term national transformation.