The Lagos State Government has proposed a N3.005 trillion budget for 2025, emphasizing sustainable development and growth across key sectors that directly impact small businesses. Tagged the “Budget of Sustainability,” the plan includes a 32.5% increase from the 2024 budget of N2.3 trillion, reflecting the state’s commitment to fostering economic opportunities.
A significant N908.7 billion has been allocated to capital projects in areas like transportation, agriculture, tourism, and infrastructure—sectors that are vital to small business growth.
Governor Babajide Sanwo-Olu highlighted several initiatives aimed at creating an enabling environment for businesses:
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- Infrastructure boost: Over 30 road projects have been completed and are set for commissioning, which will improve logistics and ease of doing business.
- Green Line development: A partnership with the Federal Government will bring the 68-km Green Line rail project to life, connecting Marina to the Lekki Free Trade Zone, boosting access to commercial hubs.
The budget also emphasizes economic diversification and human capital development, presenting opportunities for small businesses to benefit from state-led initiatives in tourism, agriculture, and environmental sustainability.
“This budget is a blueprint for resilience and shared prosperity for all Lagosians, including small business owners who drive our local economy,” Sanwo-Olu stated.
The proposed budget reflects Lagos’ dedication to creating opportunities that empower entrepreneurs and small businesses, ensuring their contribution to the state’s sustainable growth.
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