“Lagos’ future economy is Ocean-driven” — Sanwo-Olu announces at Blue economy summit

Lagos is set to dive deeply into its oceanic resources, with plans to tap into the treasures of its waters. The State is shifting its focus towards leveraging the vast opportunities within the Blue Economy.

Governor Babajide Sanwo-Olu stated that this initiative seeks to establish sustainable financing and develop innovative strategies to protect Lagos’ oceans, fortify its coastlines, and cultivate prosperity for future generations.

He made these remarks during the 2025 Lagos International Climate Change Summit at the Lagos Intercontinental Hotel in Victoria Island, centered around the theme: “Blue Economy, Green Money: Financing Africa’s Coastal Resilience and Ocean Innovation.”

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The two-day event attracted a diverse range of stakeholders from both the public and private sectors, including visionaries, innovators, investors, and policymakers.

Historically, Lagos’ Atlantic coastline has been mainly utilized for recreational tourism, while economic exploitation of its vital aquatic ecosystems has been minimal.

Sanwo-Olu emphasized that now is the time for Lagos to transform its blue waters into green wealth by fully leveraging water resources to develop a future economy.

He described the creation of this ocean-centric economy as reliant on three interconnected pillars: building resilience, fostering innovation, and directing investments into the aquatic ecosystem.

He stated, “We are pioneering ocean innovation to redefine commerce and mobility. We are unlocking green and blue finance to fuel both. Lagos is not waiting for the future; we are actively creating it, ensuring it is sustainable, inclusive, and ocean-driven.”

“Our strategy for harnessing our aquatic ecosystem revolves around resilience, innovation, and financing. We are enhancing coastal resilience to protect lives and livelihoods.”

The Governor called on global investors, asserting that investing in Lagos’ resilience is a smart economic decision rather than mere philanthropy, promising stability for one of Africa’s most dynamic economies and security for the continent’s coastal regions.

Sanwo-Olu remarked that the summit is focused not only on bolstering adaptation measures for planetary security but also on creating a platform for innovators, policymakers, and investors to establish sustainable business models that respect environmental conditions.

Through this summit, Lagos aims to spearhead Africa’s quest for greener alternatives in building a sustainable economy, demonstrating that development can coexist with decarbonization.

“The blue economy is more than an economic concept; it is a vital resource for our planet. Transitioning to green practices is not a burden; it is an opportunity to improve. We must act to generate resilience, convert our blue waters into green wealth, and ensure we leave behind a flourishing, not just survivable, Lagos,” Sanwo-Olu stated.

The Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, expressed that the summit allows participants to rethink their relationship with the ocean as a living system to be cared for rather than merely exploited.

Wahab acknowledged that despite the climate challenges facing the State, the ocean remains a crucial avenue for commerce and a source of numerous livelihoods.

He noted, “The Blue Economy is more than just marine industries; it’s a new frontier for sustainable prosperity. This summit bridges the gap between visionary climate action and the necessary sustainable financing to bring it to fruition.”

“Our mission is clear: we’re here to unlock the capital that will build resilience, spur innovation, and safeguard our coastal future. Lagos is not just discussing this vision; we are taking tangible steps to implement it.”

The Minister for Marine and Blue Economy, Mr. Gboyega Oyetola, reaffirmed the Federal Government’s commitment to advancing the country’s marine sector, mentioning reforms aimed at improving maritime governance and fostering environmental sustainability.

Oyetola, represented by Dr. Dayo Mobereola, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), stated that the Government intends to position Nigeria as a leading player in Africa’s Blue Economy.

“Lagos State plays a crucial role in realizing this vision, with comprehensive strategies focused on marine conservation, innovation, and sustainable utilization of ocean resources,” the Minister noted.

He added that the Federal Government is committed to collaborating with public and private sector stakeholders to unlock the country’s maritime potential, enhance maritime security, and ensure long-term benefits for Nigeria’s economy and coastal communities.