Lagos Targets Ocean Economy to Drive Future Growth — Sanwo-Olu

Lagos State Governor, Babajide Sanwo-Olu, says the future economic strength of Lagos will be powered by the ocean, as the state moves to harness its vast aquatic resources to build a thriving and sustainable blue economy.

The governor spoke on Thursday at the opening of the 2025 Lagos International Climate Change Summit, themed “Blue Economy, Green Money: Financing Africa’s Coastal Resilience and Ocean Innovation.” The two-day summit brought together policymakers, global development partners, financial institutions, innovators, the private sector, and climate experts.

Sanwo-Olu said the state’s coastline — long valued mainly for tourism — will now be deliberately developed for deeper economic opportunities through ocean-based transportation, maritime commerce, aquaculture, clean energy, coastal protection, and marine technology.

The governor noted that the plan will be driven by three core pillars: coastal resilience, ocean innovation, and sustainable financing.

“We are driving ocean innovation to reimagine commerce and mobility. Lagos does not wait for the future; Lagos builds it. And this future is sustainable, inclusive, and ocean-powered,” Sanwo-Olu said.

He added that investing in Lagos’ coastal resilience is “not philanthropy, but smart economics,” stressing that the state is inviting global investors to participate in projects that will protect lives and livelihoods while fueling Africa’s biggest sub-national economy.

Sanwo-Olu also emphasized that Lagos aims to demonstrate that economic growth, climate adaptation, and decarbonisation can go hand in hand.

The summit featured panel sessions on financing coastal infrastructure, scaling green innovation, improving marine regulation, and strengthening collaboration across the Gulf of Guinea. Development partners, including the World Bank, African Development Bank, and UN agencies, participated in discussions on attracting climate financing.