Vice President Kashim Shettima has described Lagos as the cradle of Nigeria’s business elite and the country’s foremost economic powerhouse, highlighting its role in producing and attracting some of Africa’s most successful entrepreneurs.
Speaking at the Invest Lagos 3.0 Summit in Victoria Island, Shettima praised the commercial significance of Lagos, noting that the city serves as a major destination for investment, innovation, and enterprise. He pointed to the presence of leading business figures whose companies have established headquarters and major operations in Lagos, reinforcing its position as Nigeria’s financial and commercial capital.
Among those referenced were Africa’s richest man, Aliko Dangote, and billionaire industrialist Abdul Samad Rabiu. Both are widely recognized for building some of Nigeria’s largest business conglomerates and maintaining significant corporate footprints in Lagos.
However, Shettima’s remarks generated debate online, with some commentators noting that both Dangote and Rabiu were born in Kano and began aspects of their business journeys there before expanding nationally and internationally. Critics argued that while Lagos serves as a major commercial center, the success stories of many Nigerian entrepreneurs reflect contributions from multiple regions of the country.
Supporters of the Vice President’s comments countered that his focus was on Lagos’s role as a business destination rather than the birthplace of individual entrepreneurs. They highlighted the city’s position as a gateway for investment into Nigeria and West Africa, citing its concentration of corporate headquarters, financial institutions, ports, and industrial infrastructure.
Economists generally agree that Lagos remains the largest contributor to Nigeria’s economy, accounting for a substantial share of national commercial activity, tax revenue, and private-sector investment. The city is home to the headquarters of numerous banks, telecommunications companies, manufacturing firms, and multinational corporations.
The Invest Lagos Summit itself was designed to attract investors and showcase opportunities across sectors such as infrastructure, technology, manufacturing, logistics, and real estate. Government officials used the platform to emphasize Lagos’s strategic importance to Nigeria’s economic growth agenda.
The discussion sparked by Shettima’s speech reflects a broader national conversation about regional contributions to economic development. While Lagos is widely regarded as Nigeria’s commercial nerve center, many observers note that entrepreneurship, talent, and wealth creation originate from every part of the country.
Ultimately, the Vice President’s comments underscore Lagos’s enduring status as a magnet for business and investment, while also highlighting the interconnected nature of Nigeria’s economic success stories across its diverse regions.
