Lagos State has recorded over one trillion naira in investments within the past year, a milestone that reflects its growing status as a leading hub for economic development in Nigeria. This was revealed by the State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, during a ministerial press briefing held at Alausa to mark the second anniversary of Governor Babajide Sanwo-Olu’s second term.
According to Ambrose, the bulk of the investments stemmed from the successful closure of several high-value deals amounting to approximately $600 million. These investments span key sectors such as Information and Communications Technology (ICT), digital innovation, healthcare, logistics, and port operations.
She highlighted that the State secured a $200 million investment from Abu Dhabi Ports to support the development of the Lekki Free Trade Zone. In addition, the International Finance Corporation (IFC), the private investment arm of the World Bank, committed $50 million to the Lagos Free Zone. Ambrose noted these investments underscore the compelling business environment Lagos offers, with its high returns and investor-friendly policies attracting interest from both local and international players.
Ambrose also drew attention to a newly signed Memorandum of Understanding (MoU) with the Commonwealth Enterprise and Investment Council (CWEIC), an organisation dedicated to promoting trade and investment among Commonwealth nations. The MoU is expected to deepen economic ties, unlock collaborative opportunities, and bolster Lagos’s global standing.
“Through this partnership, Lagos State has further positioned itself as a leading gateway for Commonwealth trade and investment in Africa,” she said, adding that the MoU symbolises a critical step in the State’s journey toward economic transformation and greater international relevance.
She stressed that with the Commonwealth encompassing 56 nations across Africa, Asia, the Americas, Europe and the Pacific—boasting a collective GDP exceeding $13 trillion—the partnership offers Lagos unparalleled access to global businesses and institutions. This, she explained, will drive job creation and elevate living standards across the State.
Ambrose credited the significant progress made in attracting investment to the decisive leadership of Governor Sanwo-Olu, supported by Deputy Governor Dr Obafemi Hamzat. Their commitment, she said, has enabled the Ministry to actively engage with investors and push forward the fourth pillar of the T.H.E.M.E.S+ Development Agenda, which focuses on transforming Lagos into a 21st-century economy.
She reaffirmed the Ministry’s commitment to maintaining momentum in enhancing the business environment in Lagos. According to her, the focus going forward is on transformational development across all pillars of commerce, cooperatives, trade and investment.
“Our priority is to ensure that the State does not slow down in its drive to further improve the business environment, but continues to make Lagos more conducive for businesses and investors,” she said. “We are very committed to ensuring that we support businesses, strengthening them to grow and scale, while partnering with other stakeholders to facilitate the removal of barriers that hinder their operations.”
The Commissioner concluded by stating that the various investment initiatives are projected to generate more than 50,000 jobs in the short term, with this figure expected to rise substantially as the associated businesses grow and flourish.
