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Vice President Kashim Shettima has described Lagos as the “live wire” of Africa, saying the city made Africa’s richest men, including Aliko Dangote and Abdul Samad Rabiu, not their home states of Kano.
Shettima spoke on Monday at the third edition of the Invest Lagos Summit, themed “Lagos: Business Gateway to Africa,” where he declared the summit open.
The event brought together Lagos State Governor Babajide Sanwo-Olu, ministers, global investors, development finance institutions and business leaders from across Africa, Europe, Asia and the Commonwealth.
‘Lagos made Dangote’
Shettima, who went down memory lane to list Nigeria’s leading industrialists, said Lagos transformed entrepreneurs into Africa’s wealthiest individuals.
“Lagos, not Kano, made Dangote the richest man. Lagos, not Kano, made Abdul Samad Rabiu the second richest man,” he said.
He added that Lagos donated its richest man to Africa, noting that Aliko Dangote is a Lagos man.
“Of the nine business icons in Africa, five are based in Nigeria, all in Lagos,” Shettima said.
Lagos as home to Nigeria’s leaders
The vice president lauded Lagos as a city with “a big heart,” noting that it is home to many of Nigeria’s prominent figures from other states.
He cited Minister of Aviation and Aerospace Development Festus Keyamo, who is from Delta State but “calls Lagos his home.”
“The Governor of Nasarawa State calls Lagos home. My friend and brother, Senator Hope Uzodimma, made all his money in Lagos before he remembered that he hails from Imo,” Shettima said.
He added that the performing governor of Abia State, Alex Otti, built his career and wealth in Lagos.
“So Lagos is home to Nigeria. Lagos made almost everybody who is who in Nigeria. And with all humility, I started my banking career in Lagos,” Shettima stated.
Lagos as model of transformation
Lagos, according to Shettima, is an example of visionary leadership, policy continuity, and economic transformation that other areas can follow.
He attributed the state’s steady growth and innovation over the previous 20 years to the successive administrations.
According to the vice president, Lagos has transformed from a city beset by serious urban problems into one of Africa’s most important hubs for business, technology, and enterprise.
He noted that the city contributes substantially to Nigeria’s Gross Domestic Product and hosts several of Africa’s leading technology companies.
Defence of economic reforms
Shettima also defended the administration’s ongoing economic reforms, such as the elimination of fuel subsidies and foreign exchange reforms.
He acknowledged that some reforms had been challenging, but he insisted that they were required to stabilise the economy, win back investor trust, and lay the groundwork for long-term growth.
Shettima stated, “We have taken difficult decisions because we understand that the economy of our dream cannot be built on illusions. It must be built on productivity, discipline, competitiveness, and the courage to create a climate in which enterprise can breathe.”
He reassured foreign and domestic investors that Nigeria remained committed to providing a stable, competitive, and transparent investment environment.
