… Diversification, equity highlighted at 3rd Lagos economic roundtable
Development experts have cautioned the Lagos State government to tread carefully in its rapid takeover and redevelopment of urban spaces, warning that regeneration must not displace vulnerable communities without providing fair social benefits.
The experts stated this while delivering their presentations at the Lagos Economic Outlook 2026 Roundtable held in Ikeja.
The Roundtable, convened by the Lagos State Ministry of Economic Planning and Budget, brought together economists, policymakers, academics and industry leaders to shape the state’s economic direction for 2026.
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The event had the theme, “Building Forward: Unlocking Emerging Sectors for an Inclusive, Resilient, and Prosperous Lagos Economy.”
Delivering her paper titled “Urban regeneration and inclusive development shaping a liveable and competitive Lagos in 2026,” Taibat Lawanson, professor of urban management and governance, noted that true urban regeneration goes beyond demolitions, beautification, or aggressive private real estate expansion.
According to her, genuine renewal must prioritise egalitarian living, ensuring that low-income residents are not pushed out of their original neighbourhoods.
Speaking via Zoom, she stressed that in modern societies, the regeneration of deteriorated districts is specifically designed to address multi-dimensional poverty, not deepen it.
“Urban regeneration should lift deprived areas into equitable living conditions. It is not simply an aesthetic project; it is a social responsibility,” she stated.
Lawanson added that supporting local businesses is essential for sustainable urban renewal. “If local businesses are empowered rather than erased, the city will grow organically,” she said.
She also emphasised environmental integration as a key feature of global best practices, noting that thriving cities align redevelopment with environmental assets and community wellbeing.
Calling for planning, she said Lagos must adopt an inclusive model that protects livelihoods, respects community rights, and enhances the city’s landscape without sacrificing its social fabric.
“Urban regeneration must be deliberate, humane, and environmentally sensitive,” she concluded.
In his presentation titled “Building Forward: Unlocking Emerging Sectors for an Inclusive, Resilient and Prosperous Lagos Economy,” Professor Biodun Adedipe argued that to achieve inclusive growth and reduce poverty, the government must increase salaries and create structured job programmes, adding that wealth creation must be intentional.
“If we are to build bigger in future, we must be intentional about wealth creation,” he said.
Fadipe said Lagos must target major sector players in information technology, financial services and real estate, and persuade them to deepen investments in the state.
Other economic experts who spoke at the event urged the state to prioritise diversification, innovation and people-centred investment to build a resilient economy.
They also called for improved infrastructure, especially roads, to aid commerce and accelerate economic transformation in 2026.
Olufemi Shuaib, professor at the University of Lagos, advised the state government to check the conversion of lands originally designated for agriculture into residential developments.
According to him, “We cannot stop urbanisation, but we can integrate agriculture into it.”
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Similarly, Chocolate City CEO, Abuchi Ugwu, charged Lagos to scale up its creative infrastructure to match the size and ambition of its youth-driven economy.
In his keynote address, Commissioner for Economic Planning and Budget, Ope George, reaffirmed the state government’s resolve to implement data-driven and future-focused policies as it transitions into the 2026 fiscal cycle.
“This is not just a time to build back, but to build forward — stronger, smarter, and more inclusive,” he said.
He highlighted the state’s focus on urban regeneration, the creative economy, and the Omi-Eko Revolution, which seeks to transform Lagos’s waterways into a modern, resilient and inclusive mode of transportation.