The Lagos State Government has announced a record-breaking N1 trillion in investments over the past year, driven by major deals across key sectors. This was revealed by the Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose, during the ministerial press briefing held at Alausa to commemorate Governor Babajide Sanwo-Olu’s second term anniversary.
Speaking at the event, Ambrose stated that the investments were anchored on strategic partnerships with both local and international stakeholders, notably including a $200 million agreement with Abu Dhabi Ports to bolster operations in the Lekki Free Trade Zone and a $50 million investment from the International Finance Corporation (IFC) into the Lagos Free Zone.
“The major chunk of the investment came from the strategic conclusion of various deals amounting to about $600 million across ICT, digital innovation, healthcare, logistics, port operations, and others,” Ambrose noted.
According to the Commissioner, Lagos is seeing heightened investor interest in emerging and traditional sectors such as:
- Information and Communications Technology (ICT)
- Digital Innovation
- Healthcare
- Logistics and Transport
- Port Operations
These sectors accounted for the majority of the foreign direct investment inflow, reflecting growing investor confidence in Lagos’ business environment.
“These and other inflows are evidence of the potential of Lagos, the compelling enabling environment, and high returns on investments,” Ambrose stated.
Ambrose highlighted the signing of a Memorandum of Understanding (MoU) between Lagos State and the Commonwealth Enterprise and Investment Council (CWEIC) as a key step toward strengthening international business relations.
The CWEIC operates within a network of 56 Commonwealth countries with a combined GDP of over $13 trillion, and the partnership is set to:
- Connect Lagos to global trade networks
- Facilitate enterprise-level collaboration
- Establish Lagos as a gateway for Commonwealth investments in Africa
“Lagos will capitalize on this vast network to attract investments, stimulate business growth, and create economic opportunities,” she added.
Ambrose attributed the remarkable investment growth to the visionary leadership of Governor Sanwo-Olu and Deputy Governor Dr. Obafemi Hamzat, emphasizing their policy direction through the T.H.E.M.E.S+ Development Agenda—an initiative aimed at turning Lagos into a globally competitive 21st-century economy.
The Commissioner assured stakeholders of continued efforts to maintain a business-friendly climate and to engage with private sector leaders to remove regulatory hurdles and boost investment outcomes.
One of the major benefits of the government’s aggressive investment drive is job creation. According to Ambrose:
- Over 50,000 direct and indirect jobs are expected to be created in the short term
- Additional employment opportunities will arise as businesses scale and mature
Looking ahead to 2025, the Lagos State Government is focused on transformational growth in commerce, trade, and investment, with further strategic engagement of private sector players to expand the economy.
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