Lagos Targets $100m Revenue From E1 Electric Powerboat Championship

The Lagos State Government has announced plans to generate at least $100 million from the upcoming E1 Electric Powerboat Championship, set to take place in Lagos next month.

The three-day event, branded the “E1 Lagos GP Series,” is expected to attract over 250 participants, particularly young people from across the globe.

Speaking at a press briefing yesterday, Mr. Sam Egube, Chairman of the Local Organising Committee (LOC) and Deputy Chief of Staff to the Lagos State Governor, described the event as a historic opportunity for the state.

“The E1 Lagos GP is more than a sporting event. It is history in motion. For the first time, the world’s only all-electric powerboat championship comes to African waters, placing Lagos alongside Monaco, Venice, and Jeddah as a global host city. The event is a major milestone for the sport and for Lagos’ role in global sustainability conversations,” Egube said.

He added that the race would drive massive investments into the state:
“The event will stimulate a significant amount of growth. The race alone will not add anything less than $100 million to investments in Lagos. Tourism plays a vital role in driving economic activities, promoting trade, sports, and facilitating cultural exchange.”

Also speaking, Mr. Rodi Basso, Chief Executive Officer of the E1 Series, said Lagos emerged ahead of several other world-class cities to secure hosting rights, noting that the championship would further position the state as a hub for international sport and entertainment investments.