Shettima Sparks Debate, Says Lagos Produced Africa’s Richest Billionaires, Dangote and Rabiu
- Vice President Kashim Shettima said Lagos was the key platform that helped build the fortunes of two of Africa’s richest men
- He said Lagos contributes about 30% of Nigeria’s GDP and is home to five of Africa’s nine unicorn startups, including Flutterwave and Moniepoint
- Governor Babajide Sanwo-Olu said that Lagos is strengthening its position as a major gateway for investment and trade in Africa
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Vice President Kashim Shettima has described Lagos as the driving force behind the success of Africa’s richest businessmen, saying the city’s economic environment helped shape the fortunes of both Aliko Dangote and Abdul Samad Rabiu.
Speaking at the opening of the Invest Lagos 3.0 Summit on Monday, June 8, 2026, Shettima argued that Lagos, rather than Kano, played the key role in nurturing the businesses that made the two entrepreneurs continental business icons.
Source: UGC
The VP said:
“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.”
According to him, the state’s vibrant commercial landscape has consistently created opportunities for wealth creation and enterprise growth.
Lagos dominates Nigeria’s economy and startup space
The vice president noted that Lagos contributes roughly 30 per cent of Nigeria’s Gross Domestic Product (GDP), reinforcing its position as the country’s leading economic centre.
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 said the concentration of successful startups in the city reflects its ability to attract talent, innovation and investment from across Nigeria and beyond.
The vice president 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. Among those he mentioned were Festus Keyamo and Hope Uzodimma.
Sanwo-Olu projects Lagos as Africa’s investment gateway
Also speaking at the summit, Lagos State Governor Babajide Sanwo-Olu said Lagos remains one of Africa’s most important economic centres, with a population exceeding 25 million people and a GDP approaching $300 billion.
He said the state is increasingly positioning itself as a gateway for investment into Africa, leveraging opportunities created by the African Continental Free Trade Area.
Source: UGC
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.
Source: Legit.ng
