Bola Badmus, Author at Sporting Tribune

Lagos State Commissioner for Commerce, Cooperative and Investment, Mrs Folasade Ambrose, on Monday, disclosed that the state has a shortfall of 8,500MW electricity supply for its industrial growth with demand standing at 12,000MW and a supply of just 3,500MW. The commissioner made this known during the Lagos State Industrial Policy Consultative Assembly and Validation Workshop, which took place at Adeyemi Bero Hall, Ikeja, and was attended by representatives of Ministries, Departments and Agencies (MDAs), members of the Organized Private Sector, and Chambers of Commerce, among others. The commissioner, however, noted that the state, with a startup ecosystem valued at over $9 billion, had produced some of Africa’s most successful unicorns, including Flutterwave, Paystack, and Opay, assuring that Lagos was pioneering renewable energy investments, including solar mini-grids, waste-to-energy initiatives, and gas-to-power projects. According to her, the state government is actively working to decentralize electricity generation through independent power projects (IPPs) to support industrial zones and commercial hubs. This was just as Ambrose described the validation of the Lagos State Industrial Policy (2025-2030) as a defining moment, saying it signalled "readiness to elevate Lagos into a hub of industrial excellence, where businesses can thrive, investments can flourish, and job creation can be maximized." The commissioner said, based on the realisation that energy remained a top priority, the state was pioneering renewable energy investments, including solar mini-grids, waste-to-energy initiatives, and gas-to-power projects. Besides, she said the state government was also actively working to decentralize electricity generation through Independent Power Projects (IPPs) to support industrial zones and commercial hubs. "Lagos is the tech capital of Africa, accounting for over 60% of Nigeria’s technology startups and housing the continent’s largest innovation clusters, including Yaba’s Silicon Valley. With the rise of fintech, blockchain, artificial intelligence, and e-commerce, Lagos has become a global hotspot for technology investments. "The startup ecosystem is valued at over $9 billion, and the state has produced some of Africa’s most successful unicorns, including Flutterwave, Paystack, and Opay. "The government’s Smart City initiative and investments in broadband expansion, digital literacy, and e-government services are creating a digitally inclusive society, fostering innovation, and attracting venture capital to Lagos’ thriving tech sector. "Lagos is the industrial backbone of Nigeria, hosting over 70% of the country’s manufacturing activity. The state's industrial zones—including the Lekki Economic Zone —are home to multinational manufacturing firms in key sectors such as automotive, pharmaceuticals, food processing, construction materials, and petrochemicals. "With the Lagos Industrial Policy (2025-2030), we aim to deepen industrialization by leveraging public-private partnerships (PPPs), creating dedicated power solutions for industries, and improving logistics infrastructure to reduce production costs," the commissioner said. "With a power demand of 12,000MW and a supply of just 3,500MW, energy security remains a top priority. Lagos is pioneering renewable energy investments, including solar mini-grids, waste-to-energy initiatives, and gas-to-power projects. "The state government is actively working to decentralise electricity generation through independent power projects (IPPs) to support industrial zones and commercial hubs," she added. Speaking on the workshop, Ambrose described it as a significant milestone in the collective journey towards transforming Lagos into Africa’s premier industrial hub, saying that the presence of participants "underscores the commitment we all share in fostering a vibrant and sustainable industrial landscape for Lagos State—one that is resilient, inclusive, and positioned to compete on a global scale." The commissioner noted that the state had long been the cornerstone of Nigeria’s economic advancement, acting as the gateway to trade, commerce, and industrialization for the nation and beyond, adding that "the state’s dynamism is a reflection of the entrepreneurial spirit of our people, the innovation embedded in our industries, and the strategic foresight of successive administrations in shaping a business-friendly environment." "However, as the world transitions towards a new era of economic modernization driven by technology, sustainability, and global competitiveness, it is imperative that we recalibrate our industrial policies to align with both domestic imperatives and international best practices. "This consultative assembly is not just another meeting; it is a call to action. It is a platform for us 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. "The importance of industrialization cannot be overstated. A robust industrial sector is fundamental to achieving economic diversification, reducing dependence on imports, fostering innovation, and accelerating wealth creation," the commissioner stated. On real estate and housing, Ambrose said that Lagos' rapid urbanization had fueled an ever-growing demand for housing, commercial properties, and transport infrastructure. According to her, the state’s real estate sector presents an investment opportunity valued at over $40 billion, with a current housing deficit of 3 million units, saying that in response, the government was driving affordable housing projects, urban renewal programs, and private sector-led housing developments to bridge the gap. The commissioner listed some of the infrastructural expansion to include the Lagos Rail Mass Transit (Blue and Red Lines), 4th Mainland Bridge, Opebi-Mende Link Bridge, and major road rehabilitation project, saying that these were aimed to "positioning Lagos as a truly modern, smart, and resilient city." "These projects will significantly improve mobility, reduce congestion, and enhance the ease of doing business in the state," she said. ALSO READ FROM NIGERIAN TRIBUNE : Lagos Assembly to probe street light projects