Lagos State is emerging as a strategic hub for economic growth, with Governor Babajide Sanwo-Olu reaffirming the state’s vital role in driving opportunities presented by the African Continental Free Trade Agreement (AFCFTA). Speaking at the 51st Annual General Meeting of the Manufacturers Association of Nigeria (MAN) held in Lekki, Governor Sanwo-Olu highlighted the significance of the AFCFTA theme: “Setting the Agenda for Competitive Manufacturing under the AFCFTA: What Nigeria Needs to Do.”
The Governor, represented by Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs. Folashade Ambrose-Medebem, emphasised the alignment of this theme with the economic goals of Lagos State. The state is actively investing in critical infrastructure and implementing policies to improve ease of doing business and strengthen the productive capacity of Micro, Small, and Medium Enterprises (MSMEs).
The Governor expressed satisfaction that these investments are paying off, making Lagos a preferred destination for both local and foreign direct investment. He also pledged to maintain a close relationship with the Organised Private Sector (OPS) to address challenges that may hinder the growth of the real sector.
Meanwhile, Commissioner Folashade Ambrose-Medebem hosted a delegation from Bavaria for bilateral discussions on areas of investment. The visit was facilitated by the German Industry and Commerce in Nigeria, an organization offering advisory support services to German businesses seeking market entry into Nigeria. Ambrose-Medebem emphasised Governor Sanwo-Olu’s vision to make Lagos a 21st Century Economy, promoting ease of doing business, sustainable practices, and an inclusive economy.
Lagos State’s attractiveness to foreign and domestic investment is evident through its status as a top destination for Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI). The state hosts a considerable number of manufacturing firms and start-ups, particularly in the fintech sector. These successes position Lagos, as the fifth-largest economy in Africa, favourably against other global business capitals.
The Ministry of Commerce, Cooperatives, Trade and Investment led a delegation to inspect the Enterprise Zone at Ibeju Agbe, Lekki, Lagos. The purpose of this visit was to acquaint potential investors with the available opportunities in the Enterprise Zone, underline the state’s readiness to welcome and support new businesses, and outline the government’s commitment to supporting prospective investments.
The Ministry remains dedicated to creating a favourable environment for trade and investment, emphasising the ease of doing business and promoting economic growth.
As part of efforts to boost local MSMEs, Commissioner Folashade Ambrose-Medebem visited the Small Scale Industrial Estate in Matori 1, Mushin. The visit was a clear demonstration of the state government’s commitment to support MSMEs in scaling up their production capabilities and exploring export markets through initiatives like the African Continental Free Trade Agreement (AfCFTA).
The tour of Factory Units comprising various MSMEs covered diverse sectors, from leather production to publishing. The Commissioner discussed further engagement to enhance the ease of doing business in Lagos, highlighting the government’s willingness to address challenges confronting MSMEs.
The Permanent Secretary, Mrs. Adetutu Oluremi Ososanya, reiterated the state government’s reputation for providing timely support to investors. She stressed that investors have successfully completed and commissioned projects like the Lekki Deep Sea Port, with the Badagry Deep Sea Port and Free Zone being pursued with strong determination.
These initiatives highlight Lagos State’s unwavering commitment to becoming a leading economic powerhouse in Africa, while fostering robust partnerships between local and international investors to ensure sustainable economic development.