Lagos State Governor, Babajide Sanwo-Olu, has restated his commitment to positioning the state as a leader in Nigeria’s drive to achieve a one trillion dollar economy by 2030. He said the government would rely on innovation, technology, and strategic collaborations to achieve this vision.

Speaking at the opening of the GITEX Nigeria Tech Expo and Future Economy Conference 2025, Sanwo-Olu described Lagos as a cornerstone of Africa’s digital transformation and a hub of opportunities for investors.

The governor explained that Lagos is already home to 23 of Nigeria’s fastest-growing companies, as identified by the Financial Times. According to him, this achievement is driven by a dynamic innovation ecosystem supported by progressive government policies, strong private sector investment, and an energetic startup culture.

“We’re not just showcasing technology today; we’re forging partnerships and igniting innovation to propel Nigeria toward its one trillion dollar economic target,” Sanwo-Olu said.

His remarks come as President Bola Tinubu continues to push the ambition of transforming Nigeria into a trillion-dollar economy within the decade.

Sanwo-Olu emphasised that Lagos is more than just a city, describing it as a movement. He urged innovators and stakeholders at the expo to seize opportunities, connect with global players, and help shape a future that would place Nigeria and Africa as leaders in the digital economy.

The GITEX Expo is organised by the Lagos State Government in collaboration with KAOUN International, the Federal Ministry of Communications, Innovation and Digital Economy, and the National Information Technology Development Agency. The event is regarded as one of the largest gatherings of global and local technology leaders. Participants at this year’s edition include IBM, Meta, MTN, AWS, Cisco, and a wide range of Nigerian startups.

Sanwo-Olu also commended the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, for advancing artificial intelligence infrastructure and driving inclusive digital solutions that continue to improve Nigeria’s global technology reputation.

In his remarks, Dr. Tijani said the rapid growth of Lagos, which attracts about 2,000 new residents every day, has made it urgent to expand digital infrastructure. He announced that a new government-backed programme will launch on October 1, funding 75 additional digital research projects. The minister explained that this initiative is aimed at strengthening collaboration between Nigerian researchers, entrepreneurs, and the diaspora community.

He further stressed the importance of partnerships between startups, corporates, and government to scale innovation and build resilience across Nigeria’s digital ecosystem.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the government’s commitment to modernising trade systems and boosting revenue as the Nigeria Customs Service (NCS) continues to exceed expectations.

At the 62nd meeting of the NCS Board in Abuja, the Minister disclosed that Customs generated ₦3.7 trillion in the first half of 2025, a figure that is 12.5 percent above budget and 25 percent higher than the same period last year. He described the achievement as commendable but added that more reforms are required to meet the administration’s ambitious revenue targets.

According to him, “The performance is commendable, but it is important to deepen reforms so that we can achieve the ambitious revenue goals of the administration.”

A major part of the reform agenda is the National Single Window Initiative, a digital trade platform expected to be fully rolled out in 2026. The platform is designed to simplify import and export processes, reduce costs, cut delays, and increase competitiveness, providing a stronger business environment for the private sector.

“The National Single Window will give Customs the speed and capacity to process trade more effectively, boosting revenue and positioning Nigeria as a more attractive hub for investment,” the Minister said.

The NCS Board also confirmed governance improvements within the Service, including senior appointments and promotions, aimed at upholding professional standards and strengthening institutional capacity.

Mr. Edun stated that these steps reflect President Bola Tinubu’s broader economic strategy, which is focused on stabilising inflation and exchange rates while building a transparent, technology-driven trade ecosystem that encourages private investment and drives long-term economic growth.

The Presidency has welcomed Nigeria’s latest revenue figures for January to August 2025, describing them as proof of unprecedented growth in non-oil collections. Officials said the results were driven by reforms aimed at strengthening fiscal performance, improving compliance, and digitising tax administration.

President Bola Tinubu, while addressing a delegation of the Buhari Organisation led by Senator Tanko Al-Makura, pointed to the positive trajectory in non-oil revenue mobilisation. Some sections of the media had earlier reported his remarks out of context.

From January to August 2025, total collections rose to N20.59 trillion, a 40.5 percent increase from N14.6 trillion in 2024. The President said this performance keeps the government on course to meet its annual non-oil revenue target. He also noted that the federal government has not borrowed from local banks this year, a sign of stronger fiscal stability.

Tinubu explained that while oil-related revenues remain under pressure due to falling crude prices, non-oil sources have grown strongly. He stressed that under his inclusive growth agenda, resources are being channelled closer to the people.

The President highlighted record Federation Accounts Allocation Committee disbursements. For the first time in Nigeria’s history, monthly allocations to states and local governments surpassed N2 trillion in July 2025. He said this gives subnational governments more space to fund food security, infrastructure, and social services.

Despite the progress, Tinubu admitted the revenue figures still fall short of his administration’s ambitions for education, healthcare, and infrastructure spending. He said reforms would continue to address these gaps.

Bayo Onanuga, spokesperson to the President, described the development as historic. “Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue. The combination of reforms, compliance, and digitisation powers a more resilient economy. The task ahead is to ensure that these gains are felt in the lives of our citizens and in better schools, hospitals, roads, and jobs,” he said.

Data shows non-oil revenue is now the main engine of fiscal growth. Of the N20.59 trillion collected, N15.69 trillion came from non-oil sources, accounting for three out of every four naira. Officials said the uplift is largely reform-driven, supported by digitised tax filings, Customs automation, stronger enforcement, and expanded compliance.

Customs also exceeded expectations. In the first half of 2025, it generated N3.68 trillion, N390 billion above target, already reaching 56 percent of the full-year goal. Authorities said this reflects systemic changes rather than one-off windfalls.

The Presidency added that revenues are ahead of pro-rata expectations and final validation will come from the Budget Office at year-end. It stressed that the priority now is ensuring revenue growth brings real relief to citizens, with more food security, jobs for young people, and investments in schools, hospitals, and roads.