He announced his bid on Sunday during a political rally held at City Hall, Lagos.
Sanwo-Olu is the Managing Director of Lagos State Development and Property Corporation, LSDPC, a parastatal under Lagos State Government.
There are strong indications that he has the backing of Mandate Movement, a group loyal to Bola Tinubu, national leader of the party.
Sanwo-Olu said he will make Lagos the "greatest, most vibrant city on the African continent, taking its rightful place in the comity of states around the globe".
His words: "I have a vision for a Lagos with modern and affordable transport system, impeccable public health facilities, world class educational institutions, where we succeed in educating and skilling our youth, especially our children.
"A vision for a Lagos where our children are educated and our youth are highly-skilled, healthy, free of hunger, illiteracy, disease and destitution.
"There's a lot of work to be done to achieve the Lagos of our dream."
Sanwo-Olu added that he, "will be a good party man and run an inclusive government".
