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Julius Berger Nigeria Plc and the Lagos state government have outlined plans to unlock the state’s economic potential and move it towards a $1 trillion economy by 2052.
They made the submission at the 2026 Julius Berger Luminary Soirée, held recently at the Alliance Française de Lagos, Mike Adenuga Centre, Ikoyi, Lagos.
The event, which had the theme, “The Lagos Proposition: Unlocking Value in a City in Transformation,” brought together developers, architects, consultants, financiers, investors, policymakers and business leaders to discuss the future of Lagos and opportunities for long-term investment.
Speaking at the event, the Managing Director of Julius Berger Nigeria Plc, Engr. Dr Peer Lubasch, said the rapid growth of Lagos presented both major opportunities and challenges that required deliberate planning and quality execution.
He said the word “proposition” was deliberately chosen because turning Lagos’ potential into real economic value required more than ideas.
“We chose the word proposition deliberately because transforming potential into tangible value requires intention, strategy and execution. Potential alone does not build a city; execution does,” Lubasch said.
According to him, Lagos remains one of Africa’s most important urban economies, with a growing population, rising demand for housing and huge infrastructure needs.
He noted that the city’s expansion was no longer limited to traditional business districts, but was spreading along the Lekki-Epe corridor, Lagos-Ibadan axis and other emerging areas.
“The question is no longer whether Lagos will grow, but where growth is concentrated, how it can be sustained, and whether what is being built today will stand the test of time,” he said.
Lubasch said Julius Berger’s more than 60 years of operations in Nigeria had positioned the company to contribute significantly to the country’s infrastructure development through the construction of roads, bridges, airports, industrial facilities and landmark buildings.
He explained that the company’s strength went beyond construction to include engineering, logistics, procurement, manufacturing, specialist building solutions and facility management.
This, he said, allowed the company to handle projects from the planning stage through construction and operation while maintaining responsibility for delivery.
Lubasch also argued that infrastructure projects should not be judged only by their initial cost, but by the value they deliver throughout their lifespan.
“Many people say Julius Berger is expensive. But when you look at the lifecycle of an asset, you find that asset value is preserved. Our philosophy is not to optimise for the day of handover but to optimise for the lifetime of the asset,” he said.
He added that spending more on quality construction at the beginning could reduce maintenance costs, minimise downtime, improve durability and preserve the value of infrastructure over many years.
In her keynote address, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, described Julius Berger as an important partner in Lagos’ development and transformation.
She said Lagos’ economic transformation depended on the combination of strong leadership, infrastructure, investment, private-sector participation and effective execution.
“Julius Berger brings decades of engineering excellence and the capacity to turn bold ideas into tangible infrastructure, while Lagos State brings scale, ambition, enterprise, talent, and an extraordinary pipeline of opportunity,” she said.
The commissioner said Lagos had a GDP estimated at about $260 billion on a purchasing power parity basis, making it the second-largest city economy in Africa and accounting for more than 30 per cent of Nigeria’s economic output.
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She said the state’s long-term development strategy was anchored on the Lagos State Development Plan 2052, a 30-year plan aimed at transforming the state through economic growth, human development, modern infrastructure and improved governance.
The plan contains 447 initiatives across 21 strategic sectors and targets an economy valued between $800 billion and $1 trillion by 2052.
Ambrose-Medebem also highlighted the Lagos State Industrial Policy 2025-2030, which she said was designed to strengthen manufacturing, support small businesses, improve infrastructure and encourage innovation.
She disclosed that Lagos attracted about N50 billion in investments over the past year through domestic and foreign investment initiatives.
The commissioner cited the establishment of Twinings Ovaltine Nigeria’s first African production facility in Lagos as evidence of growing investor interest in the state.
She also said Lagos had emerged as Nigeria’s top-ranked state in ease-of-doing-business reforms, reflecting efforts to make the state more attractive to businesses and investors.
According to her, infrastructure remains central to the government’s economic plans, with projects such as the Lekki Deep Sea Port, Lagos Free Zone, Blue and Red Rail Lines and emerging industrial corridors expected to strengthen the state’s position as a major trade, logistics, manufacturing and investment hub.
She disclosed that the state’s 2026 budget provided N1.467 trillion for infrastructure development.
On housing, Ambrose-Medebem said Lagos had a housing deficit of about 3.4 million units and needed to build more than 227,000 homes every year to close the gap.
She estimated that about N6 trillion would be required annually to meet the housing investment needs.
“No government anywhere in the world can solve a six-trillion-naira annual housing challenge alone,” she said, calling for stronger partnerships between government and private-sector investors.
The commissioner stressed that solving Lagos’ infrastructure and housing challenges would require joint efforts rather than relying solely on government funding.
She urged businesses and investors to work with the state government to achieve its long-term development targets.
“We have published our plan to 2052, we have our industrial policy to 2030 and we have committed substantial resources to infrastructure. What we ask in return is the capacity, discipline and commitment to build at the speed the plan demands,” she said.
A panel discussion moderated by Ayo Mairo-Ese further examined the opportunities and challenges facing Lagos.
The panel featured Chairman of Alaro City and Rendeavour, Yomi Ademola; Chief Executive Officer of Arup Nigeria, Kunle Adebajo; and Chief Executive Officer of UPDC Plc, Odunayo Ojo.
The panelists discussed infrastructure development, housing, industrialisation and investment opportunities across Lagos.
The discussions reinforced the view that achieving the state’s long-term economic target would depend heavily on the quality of infrastructure, private investment, effective partnerships and the ability to execute development plans consistently.
The event also stressed the need for Lagos to focus on the long-term value of infrastructure rather than simply the cost of delivering individual projects, as the state continues to expand and attract more businesses and residents.
