Lagos intensifies campaign to become Africa's gateway for global investment
via Punch Nigeria3 min read
Lagos is intensifying its efforts to position itself as Africa's leading destination for global capital, with President Bola Tinubu, represented by Vice President Kashim Shettima, declaring the state an emerging gateway to international wealth, investment, and enterprise. Speaking at Invest Lagos 2026, Shettima stated that Lagos has evolved into a strategic hub for investors seeking access to Africa鈥檚 expanding markets, attributing its appeal to deliberate economic policies, strong institutions, and a favorable business environment. He added that Nigeria possesses the demographic advantage, entrepreneurial capacity, and economic potential to rank among the world's largest economies by 2050 with sustained investments. Governor Babajide Sanwo-Olu affirmed Lagos's focus on building a resilient economy through infrastructure expansion, regulatory reforms, and support for innovation. Commonwealth Secretary-General Shirley Botchwey highlighted Lagos as a city well-positioned to meet investors' increasing focus on trust, talent, regulatory certainty, and long-term growth potential, citing Nigerian technology companies like Flutterwave, Paystack, and OPay as proof of its capacity. She also emphasized the Commonwealth's economic advantage and the need for reliable electricity, efficient logistics, improved security, and skills development. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, noted that ongoing fiscal and tax reforms are improving investor confi
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Lagos emergency responders successfully contained two separate fire incidents on Thursday, preventing major disasters and recording no casualties. In Ikotun, a gas-laden tanker caught fire after striking a road bump, causing the driver to lose control and a tire to burst. The Lagos State Emergency Management Agency LASEMA, Lagos State Fire and Rescue Service, Lagos State Traffic Management Authority, Federal Road Safety Corps, and Nigeria Police collaborated to extinguish the blaze and manage traffic. LASEMA Permanent Secretary Olufemi Oke-Osanyintolu urged motorists to obey speed limits. Separately, the Lagos State Fire and Rescue Service confirmed a fire at the electronics section of a Justrite Superstore in Egbeda-Akowonjo. Controller General Margaret Adeseye reported that firefighters quickly contained the fire, which preliminary findings suggest originated from an alternative power source, specifically the building's solar inverter system. Both incidents were brought under control with no loss of life or injuries.
The Abia State Police Command has confirmed the mysterious death of five members of the same family in Umuimo, Osisioma Ngwa Local Government Area. The victims, identified as Mr Kachi Nnabugwu, his wife, Chinaza, and their three children, were found dead inside their residence on Tuesday. The incident was reported to the Osisioma Divisional Police Headquarters on July 22, 2026, by the deceased's brother after he was unable to reach them. Upon forcing entry into the house, the lifeless and decomposing bodies were discovered. Police Public Relations Officer, DSP Maureen Chinaka, stated that detectives visited the scene, conducted a preliminary visual inspection, and took photographs. The bodies have been deposited at the morgue for preservation and autopsy, with investigations ongoing. Residents reported the family was last seen on Saturday, July 18, and neighbors forced entry after repeated failed attempts to contact them. Containers of leftover food and a generator were reportedly found in the building. The circumstances surrounding the deaths remain unclear.
Credit extended to Nigeria's private sector reached N83.3tn in June 2026, marking a 2.8 percent increase from N81tn in May. This data comes from the Central Bank of Nigeria's latest Money and Credit Statistics. Conversely, credit to the government saw a 0.99 percent decline, falling to N40tn in June from N40.4tn in May. Consequently, net domestic credit grew by 1.5 percent to N123.3tn in June, up from N121.42tn the previous month. This rise in private sector lending indicates that banks are continuing to provide credit to businesses and households, even with the Central Bank of Nigeria's high-interest rate policy. Analysts suggest that sustained credit growth could foster business expansion, investment, and overall economic activity. However, there is also a concern that if credit growth outpaces the economy's productive capacity, it could lead to increased inflationary pressures. The figures highlight a persistent demand for financing despite the Central Bank of Nigeria's tight monetary policy, which aims to control inflation and stabilize prices.