Shettima, Sanwo-Olu, Oyedele pitch Lagos as top investment hub

Governor Alex Otti of Abia State has unveiled a bold strategy aimed at ensuring continuous 24/7 electricity supply across the state, emphasizing the critical role of reliable power in driving industrial growth and economic stability. Speaking at the Invest Lagos 3.0 summit in Lagos, Otti outlined how his administration has prioritized electricity as a cornerstone of development, particularly following observations that inadequate power supply hindered market efficiency. His remarks underscored the transformative impact of private sector involvement, notably the establishment of Geometric Power in Aba, which has enabled parts of the state—particularly the commercial hub of Aba—to achieve uninterrupted power supply. Otti further revealed plans to transfer Umuahia, the state capital, out of the jurisdiction of the Enugu Electricity Distribution Company (EEDC) and establish the Abia State Electricity Regulatory Agency to gain greater control over power distribution. This initiative aims to leverage the existing capacity of Geometric Power, which operates at a maximum of 188 megawatts, to meet the demands of Umuahia and other regions, ultimately aiming for nationwide 24-hour power availability.

Otti's vision extends beyond mere infrastructure improvements. He emphasized that consistent electricity supply is vital for manufacturers, whose operational costs are heavily influenced by energy expenses. With approximately 60 to 70 percent of production costs attributed to energy, he argued that securing reliable power is essential for fostering industrial activity and economic growth. In addition to addressing power challenges, Otti highlighted significant strides made in other developmental sectors. Over the past three years, his administration has constructed more than 400 kilometers of roads, significantly enhancing transportation networks and facilitating commerce. Furthermore, the state has introduced 20 electric buses, with an additional 20 expected from China, marking a step toward sustainable urban mobility. These developments aim to create a conducive environment for both local and external businesses, reinforcing Abia's position as a burgeoning economic center.

In the healthcare sector, Otti showcased substantial investments, noting that 15 percent of the state’s annual budget has been allocated to healthcare. This funding has led to the refurbishment of over 277 primary health care centers, with 135 now fully operational. Additionally, the administration has recruited around 800 healthcare professionals, including specialists from abroad, and is currently reconstructing 70 hospitals. These efforts have earned Abia recognition as the most health-prepared state in Nigeria according to the SBM 2025 report. Otti also announced plans to develop a world-class medical city, requiring an estimated $1.3 billion investment, which could potentially reduce medical tourism by providing high-quality healthcare services locally.

While Otti's focus on power and infrastructure has garnered attention, other states such as Borno have also sought to attract investment through similar strategies. The Private Sector Economic Development Association (PEBEC) has urged Borno to implement deeper business reforms to enhance its appeal to investors. Meanwhile, Lagos, which hosted the Invest Lagos 3.0 summit, has positioned itself as a key player in Nigeria’s economic landscape. Governor Babajide Sanwo-Olu reiterated Lagos' ambitions to become Africa’s premier investment destination, targeting a $300 billion GDP. His administration has invested heavily in infrastructure, including the Blue and Red Rail Lines, digital connectivity, and the planned Green Line, all contributing to Lagos’ status as a regional economic hub. The summit brought together prominent figures such as Vice President Kashim Shettima and Minister of Finance Taiwo Oyedele, who emphasized the importance of public-private partnerships and continued reforms to sustain Nigeria’s economic momentum.

Looking ahead, the success of these initiatives will depend on sustained investment, effective governance, and the ability to translate policy commitments into tangible outcomes. As states like Abia and Lagos continue to push for economic transformation, the broader implications for Nigeria’s economic trajectory will likely hinge on the effectiveness of these localized efforts and their scalability across the nation.