70% of new Lagos businesses driven by youths

The Governor of Lagos, Babajide Sanwo-Olu, has revealed that young people account for about 70 per cent of newly established businesses in the state, highlighting their growing influence on economic activity.

Speaking on the state’s entrepreneurial landscape, the governor noted that Lagos continues to witness a surge in youth-led ventures across various sectors, driven by innovation, resilience, and improved access to opportunities.

He explained that the state government has created an enabling environment to support startups and small businesses through policies, funding initiatives, and capacity-building programmes aimed at helping young entrepreneurs grow their ideas into viable enterprises.

Sanwo-Olu stressed that youth empowerment through entrepreneurship remains central to tackling unemployment and boosting economic growth, adding that the government will sustain efforts to support emerging business owners.

He also noted that Lagos has strengthened its position as a hub for business and innovation in Nigeria, attracting both local and international investors, while expressing confidence that youth-led enterprises will continue to thrive.