Seventy percent of startup companies in Lagos are established by young entrepreneurs, according to Sanwo-Olu

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Lagos State Governor, Babajide Sanwo-Olu, has said that young people account for about 70 percent of new businesses in Lagos State, describing them as a key driver of the state’s economic growth.

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He made the disclosure on Monday at the Abuja Dialogue, organised by the Office of the Vice President in collaboration with the Lagos State Government, themed “Scaling Excellence: Youth Leadership as Strategic Infrastructure for National Transformation.”

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The event, held in Abuja as a precursor to the Lagos Leadership Summit, brought together government officials, private sector stakeholders, and development partners.

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Sanwo-Olu said Lagos youths are playing a central role in shaping the state’s economy, both through entrepreneurship and innovation.

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“The results speak for themselves. Lagos youths contribute an estimated ₦4.5 trillion annually to our GDP, and 70% of new businesses in Lagos are youth-founded ventures,” he said.

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“These are not figures of potential; they are figures of performance. They show that when you invest in young people, they deliver,” he added.

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The governor highlighted the Lateef Jakande Leadership Academy as a key initiative aimed at building leadership capacity among young Nigerians through structured training, mentorship, and public sector exposure.

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He explained that the programme is designed to equip participants with practical governance and policy experience.

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Sanwo-Olu urged other states to adopt similar youth development systems and called for stronger collaboration between federal and state governments in building human capital.

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“If we can establish a national infrastructure fund for roads and bridges, then surely we can establish a national framework for building the human infrastructure that will design, manage, and sustain those roads and bridges for generations to come,” he said.

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Also speaking at the event, Deputy Chief of Staff to the President, Senator Hassan Hadejia, stressed the need for institutions to remain responsive to youth development.

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He said, “Youth development must go beyond rhetoric; it must focus on equipping young people with the capacity to navigate leadership and national complexity.”

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The Executive Secretary of the Lateef Jakande Leadership Academy, Ayisat Agbaje-Okunade, said the dialogue was aimed at strengthening collaboration among stakeholders.

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“We are bringing together key actors to ensure alignment in how we build and empower young leaders for national transformation,” she said.

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