Lagos State has attracted investments worth over ₦1 trillion in the past year, further cementing its position as a leading hub for business and economic development in Nigeria and across Africa.
The disclosure was made by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose, during her Ministry’s account of stewardship at the ongoing ministerial press briefing commemorating the second anniversary of Governor Babajide Sanwo-Olu’s second term in office, held at Alausa, Ikeja.
Ambrose revealed that a significant portion of the investment was derived from strategic deals valued at approximately $600 million, spanning key sectors such as Information and Communications Technology (ICT), digital innovation, healthcare, logistics, and port operations.
Highlighting major milestones, she noted that the Lagos State Government, through her Ministry, successfully concluded a $200 million investment agreement with Abu Dhabi Ports to stimulate growth in the Lekki Free Trade Zone. Additionally, the State secured a $50 million investment from the International Finance Corporation (IFC), the private sector arm of the World Bank Group, into the Lagos Free Zone.
“These and other inflows underscore the immense potential of Lagos, its conducive business environment, and the high returns on investment that continue to attract investors,” the Commissioner said.
She also emphasised the importance of a recently signed Memorandum of Understanding (MoU) between Lagos State and the Commonwealth Enterprise and Investment Council (CWEIC), a leading international organisation promoting trade and investment across Commonwealth nations.
According to Ambrose, the partnership with CWEIC represents a significant step in strengthening economic relations within the Commonwealth, positioning Lagos as a key gateway for Commonwealth trade and investment on the African continent.
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“The MoU is another major milestone in our journey towards economic transformation and global relevance,” she remarked. “The Commonwealth, comprising 56 nations with a combined GDP exceeding $13 trillion, offers Lagos a platform to engage with global businesses, attract further investment, and stimulate economic activity that will create jobs and improve living standards.”
The Commissioner attributed the State’s economic achievements to the focused leadership of Governor Sanwo-Olu and Deputy Governor Dr Obafemi Hamzat, which she said enabled the Ministry to intensify engagements with potential investors under the ‘Making Lagos a 21st Century Economy’ pillar of the T.H.E.M.E.S+ Development Agenda.
“Our goal remains to sustain and improve the business environment in Lagos. We are committed to supporting and scaling businesses, removing operational bottlenecks, and driving transformational development across commerce, cooperatives, trade and investment,” she stated.
Ambrose also projected that the various investment initiatives underway are expected to create over 50,000 jobs in the short term, with more employment opportunities to follow as the businesses expand.
