LAGOS, Nigeria – Lagos State Government has expressed its commitment to fostering a vibrant and sustainable industrial landscape that is sustainable, resilient, innovative, inclusive, and positioned to compete on a global scale’.
Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose stated this at the Lagos State Industrial Policy Consultative Assembly and Validation Workshop organised by the Ministry and held at Alausa, Ikeja on Monday, 10th February, 2025.
Speaking at the event, the Commissioner opined that as the world transitions towards a new era of economic modernisation driven by technology, sustainability, and global competitiveness, it is imperative to recalibrate the State’s industrial policies to align with both domestic imperatives and international best practices.
From left: President, Nigerian British Camber of Commerce, Ray Atelli; Business Executive, Institutional Banking, Sterling Bank Plc, Moyomade Akinbusoye; Permanent Secretary, Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI), Olugbemiga Aina; Commissioner for CCTI, Folashade Ambrose; and Guest Speaker/National Programme Officer, United Nations Industrial Development Organisation, UNIDO, Reuben Bamidele at the Lagos State Industrial Policy Consultative Assembly and Validation Workshop held at Alausa, Ikeja on Monday.
Her words: “Today’s assembly speaks to our commitment to creating an enabling business environment that encourages sustainable investment, infrastructure development, and industrial growth – pillars that are essential to achieving the objectives outlined in the State’s major development policy documents; T.H.E.M.E.S+ Development Agenda and the Lagos State Development Plan (LSDP 2052).
“Industrial Policy (2025-2030) is a defining document – one that signals our readiness to elevate Lagos into a hub of industrial excellence, where businesses can thrive, investments can flourish, and job creation can be maximised.”
According to Ambrose, the disruptions caused by the COVID-19 pandemic exposed vulnerabilities in global supply chains and highlighted the need for stronger local production capacity, and as the State navigates the challenges and opportunities of a post-pandemic global economy, industrial policy must be viewed as a strategic tool for economic resilience.
“Lagos State has long been the cornerstone of Nigeria’s economic advancement, acting as the gateway to trade, commerce, and industrialisation for the nation and beyond. As Nigeria’s commercial capital, the State must lead the charge in developing a self-sufficient, innovative, and globally competitive industrial ecosystem – one that leverages our vast human capital, geographic advantage, and entrepreneurial strength,” she said.
Describing Lagos as the Future-Ready Economic Giant, she affirmed that Lagos is a city, with ambitious goals to become a globally competitive industrial hub, a technology-driven economic powerhouse, a sustainable and climate-resilient mega city, a financial and commercial epicenter for Africa and ultimately, Africa’s most prosperous and industrially advanced State.
“This is why the policy is not being developed in isolation but strategically aligned and firmly anchored within the frameworks of extant developmental policy documents of the State. It will serve as a critical component of the broader strategy to position Lagos as a globally competitive industrial hub, and provides the guiding principles that ensure Lagos industrial transformation is not only robust and forward-thinking but also sustainable, inclusive, and deeply rooted in social equity,” she said.
She said the consultative assembly is not just another meeting but a call to action and a platform to deliberate on policies that will define the future of Lagos’ industrial sector, “ensuring that we are not just keeping pace with change but actively driving it,”
Guest Speaker/National Programme Officer, United Nations Industrial Development Organisation, UNIDO, Reuben Bamidele underscored the pivotal role of sustainability, innovation and global best practices in shaping a resilient and competitive industrial landscape.
He commended Lagos State’s commitment to policy-driven industrialisation, emphasising that a robust framework, aligned with international standards, will foster inclusive growth, attract investment and enhance industrial productivity.
“The Lagos State Government has been recording great traction in the area of facilitating the ease of doing business and implementing smart city, climate-conscious manufacturing and digital transformation initiatives. More efforts should be devoted to promoting strategic public-private partnership in green industrialisation, environmental sustainability and circular economy, while incentivising Industrial Energy Efficiency (IEE) and Resource Efficient Cleaner Production (RECP), as part of key drivers of economic prosperity.
“In this era of Fourth Industrial Revolution, the State must encourage industrial production that leverage technology, industrial information and data, research and development, domestic and foreign business linkages and certification of artisans,” he said.
Alluding to the phrase that “capital is attracted to where it is welcomed and stays where it is respected,” Managing Director, Lekki Worldwide Investments Limited, Adeniyi Akinlusi described the consultative assembly as a bold initiative and a re-affirmation by Governor Sanwo-Olu that Lagos is not only open for business, but ready for business.
“There is no African strategy without a Nigerian strategy and there is no Nigeria strategy without a Lagos strategy.”
Business Executive, Institutional Banking, Sterling Bank Plc, Moyomade Akinbusoye, commended Lagos State Government for its visionary initiative, emphasising the commitment to support policies that empower industries, businesses and strengthen the economy.
“The refinement of the State’s industrial roadmap aligns with Sterling Bank’s strategic focus on industrial growth, economic empowerment and sustainable investments for national industrial growth,” she said.
