The Lagos State Government says it recorded over N1 trillion in investments over the past year, with the chunk of the figure coming from various deals amounting to over $600 million.
This was disclosed by the Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose, during the ongoing ministerial press briefing at Alausa, commemorating the second anniversary of Governor Babajide Sanwo-Olu’s second term in office.
Speaking at the event, Ambrose highlighted that the bulk of the investment stemmed from strategic agreements across various sectors, including Information and Communications Technology (ICT), digital innovation, healthcare, logistics, port operations, and other key industries, reflecting continued confidence from both local and international investors.
Strategic conclusion of various deals
She further elaborated on two major investment deals that significantly contributed to the overall investment volume: a $200 million deal with Abu Dhabi Ports aimed at boosting growth within the Lekki Free Trade Zone and a $50 million investment in the Lagos Free Zone from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
Speaking at the event on Tuesday, the Commissioner stated that “the major chunk of the investment came from the strategic conclusion of various deals amounting to about $600 million across Information and Communications Technology (ICT), digital innovation, healthcare, logistics, port operations, and others.”
“Lagos State Government, through the Ministry, successfully concluded a $200 million investment deal with Abu Dhabi Ports aimed at driving growth within the Lekki Free Trade Zone. The State also welcomed a $50 million investment in Lagos Free Zone from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
“These and other inflows are evidence of the potential of Lagos, the compelling enabling environment and high returns on investments, which remain major pulls for investors trooping into the State,” Ambrose stated.
Lagos’ strong economic fundamentals
Ambrose emphasized that these investment inflows underline Lagos’ strong economic fundamentals, its enabling business environment, and high returns on investment, factors that continue to attract investors from around the world.
She cited the Memorandum of Understanding (MoU) signed between Lagos State and the Commonwealth Enterprise and Investment Council (CWEIC) as a significant milestone in strengthening international trade relations. CWEIC, a global organization dedicated to fostering trade and investment among Commonwealth nations, will leverage its vast network to connect Lagos with international enterprises and facilitate economic collaboration.
The Commissioner further explained that Lagos’ partnership with CWEIC positions the state as a leading gateway for Commonwealth trade and investment in Africa. She noted that the Commonwealth comprises 56 nations, spanning Africa, Asia, the Americas, Europe, and the Pacific, with a collective GDP exceeding $13 trillion.
She stressed that Lagos would capitalize on this vast network to attract investments, stimulate business growth, and create economic opportunities that enhance the standard of living for its residents.
The continued influx of investments, according to Ambrose, is largely driven by Governor Babajide Sanwo-Olu’s visionary leadership, supported by Deputy Governor Dr. Obafemi Hamzat.
What you should know
- The administration has provided policy direction and strategic leadership, enabling the state’s commerce, trade, and investment sector to engage extensively with investors while aligning with the T.H.E.M.E.S+ Development Agenda, which seeks to transform Lagos into a 21st-century economy.
- The Commissioner reiterated the state’s commitment to maintaining its business-friendly environment, ensuring that Lagos remains a top destination for investors and entrepreneurs.
- She emphasized that the government would continue working with business stakeholders to eliminate operational barriers, allowing enterprises to thrive, scale, and contribute to economic development.
Looking ahead to 2025, Ambrose stated that the government’s focus would be on transformational development in commerce, cooperatives, trade, and investment, promising continued engagement with the private sector to drive economic expansion.
The Commissioner noted that the various investment initiatives undertaken by the Lagos State Government are expected to create over 50,000 jobs in the short term, with employment numbers anticipated to rise significantly as businesses grow and develop.