…says various initiatives will create over 50,000 jobs
Lagos State Government on Tuesday said the state attracted over N1 trillion investments over the past year, stating that the major chunk of the investments 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, among others.
The State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose, made this known while rendering her ministry’s account of stewardship during the ongoing ministerial press briefing to celebrate the second year of the second term of Governor Babajide Sanwo-Olu’s administration held at Alausa, Ikeja.
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“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,” she said.
The commissioner highlighted the Memorandum of Understanding (MoU) signed with the Commonwealth Enterprise and Investment Council (CWEIC), a globally recognised organisation dedicated to fostering trade and investment among Commonwealth nations, saying that, through this partnership, the state had further positioned itself as a leading gateway for Commonwealth trade and investment in Africa.
She said the MoU represented another pivotal milestone in the state’s journey towards economic transformation and global relevance.
“Through this partnership, Lagos State has further positioned itself as a leading gateway for Commonwealth trade and investment in Africa. The MoU represented another pivotal milestone in our journey towards economic transformation and global relevance.
“For information, the Commonwealth, comprising 56 nations spanning Africa, Asia, the Americas, Europe, and the Pacific, with a collective GDP exceeding $13 trillion and unparalleled network of businesses and institutions, offers Lagos the opportunity to connect with global enterprises, attract investments, and foster economic activities that will create jobs and elevate the living standards of our people,” she said.
Ambrose ascribed the phenomenal growth of Lagos state to the dedicated and focused leadership of Governor Babajide Sanwo-Olu, with the able support of the Deputy Governor, Dr. Kadir Obafemi Hamzat, noting that such provided the impetus for the ministry to undertake extensive engagements with potential investors, riding on the Fourth Pillar of the T.H.E.M.E.S Plus Development Agenda, which is Making Lagos A 21st-Century Economy.
“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.
“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.
“That is why our watchword for the year 2025 is transformational development across commerce, cooperatives, trade and investment buckets as we continue to engage, listen and take action in the interest of businesses in particular and the state in general,” she said.
Speaking further, the commissioner said the ministry was laying a solid foundation for a comprehensive industrial policy across short-, medium, and long-term phases, noting that the goal was to create 50,000 new direct jobs within the Lekki corridor, and to disburse loans to the first cohort of Micro, Small and Medium Enterprises (MSMEs) and cooperatives through the Lagos State Micro-Enterprise Cooperative Scheme (LASMECO).
Expressing the belief that the number would grow phenomenally as the businesses scale, the commissioner called on residents to patronise locally made goods in order to promote the local economy and support domestic manufacturers.
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