Vice President Kashim Shettima has sparked debate by stating that Lagos, not Kano, was the platform that produced Africa's richest billionaires, Aliko Dangote and Abdul Samad Rabiu. Speaking at the Invest Lagos 3.0 Summit on June 8, 2026, Shettima emphasized the city's role in nurturing their fortunes.
Shettima's Remarks on Lagos and Kano
Shettima declared, "It was Lagos that gave Africa its richest man, not Kano. Aliko Dangote is a Lagos man. Again, it was not Kano, but Lagos that gave Africa its second richest man, Abdulsamad Ishaq Rabiu." He argued that Lagos's vibrant commercial landscape consistently creates opportunities for wealth creation and enterprise growth.
Lagos's Economic Dominance
The vice president noted that Lagos contributes roughly 30% of Nigeria's Gross Domestic Product (GDP), reinforcing its position as the country's leading economic center. He also highlighted the state's dominance in Africa's technology sector, pointing out that five of the continent's nine unicorn startups are headquartered in Lagos. These include Flutterwave, OPay, Moniepoint, Interswitch, and Andela.
Shettima stated that the concentration of successful startups in the city reflects its ability to attract talent, innovation, and investment from across Nigeria and beyond. He further observed that several prominent Nigerians built their careers and fortunes in Lagos before returning to their home states to take up public service roles, mentioning Festus Keyamo and Hope Uzodimma as examples.
Sanwo-Olu Projects Lagos as Investment Gateway
Also speaking at the summit, Lagos State Governor Babajide Sanwo-Olu said Lagos remains one of Africa's most important economic centers, with a population exceeding 25 million people and a GDP approaching $300 billion. He stated that the state is increasingly positioning itself as a gateway for investment into Africa, leveraging opportunities created by the African Continental Free Trade Area.
According to the governor, Lagos remains Africa's largest sub-national economy and one of the most attractive destinations for businesses seeking access to the continent's expanding markets. Sanwo-Olu added that the state's large consumer market, strategic location, and strong connectivity continue to strengthen its competitiveness and appeal to investors.
