Lagos commits to building digital-ready economy, says Sanwo-Olu
Lagos State Governor, Babajide Sanwo-Olu, has assured the business community of the state’s commitment to fostering a digital-friendly economy designed to fuel commercial activities and contribute significantly to Nigeria’s economic growth.
Speaking at the closing ceremony of the 2024 Lagos International Trade Fair, organized by the Lagos Chamber of Commerce and Industry (LCCI), Governor Sanwo-Olu emphasized Lagos’s ambition to become a tech-forward city that supports economic development across all sectors.
He highlighted the state’s focus on creating an innovative environment that will drive business growth and attract global attention.
“The theme of this year’s fair, ‘Connecting Businesses, Creating Value,’ reflects Lagos State’s commitment to building partnerships, stimulating innovation, and cultivating a business-friendly environment,” Sanwo-Olu said. “From microenterprises to large corporations, we are working to ensure that all businesses can flourish within a supportive ecosystem.”
The Governor also outlined how the T.H.E.M.E.S+ Development Agenda has served as a blueprint for transforming Lagos into a competitive, globally recognized megacity.
“Our administration sees both the privilege and responsibility of leading a vibrant state of over 20 million people, which is a major contributor to Nigeria’s GDP and the fifth-largest economy in Africa,” he stated. “Through partnerships with tech hubs, incentives for digital startups, and a tech-driven environment, Lagos is emerging as a hub for innovative solutions across Africa.”
In alignment with Africa’s free trade ambitions, Sanwo-Olu noted the establishment of the Lagos State Technical Working Group on the African Continental Free Trade Area (AfCFTA), designed to help Lagos businesses maximize trade benefits across Africa.
Beyond economic growth, Sanwo-Olu stressed the importance of environmental sustainability. He explained that the government is implementing policies for renewable energy, waste management, and eco-friendly practices, all aimed at building a greener, cleaner Lagos that balances economic and environmental priorities.
The governor also underlined the essential role of Micro, Small, and Medium Enterprises (MSMEs) in Lagos, highlighting the state’s ongoing support for startups and skills development through various agencies.
To enhance digital connectivity, he detailed the state’s Fiber Optic Network project, which aims to reduce business costs and improve operations through seamless digital access.
Sanwo-Olu concluded by encouraging all stakeholders to collaborate, innovate, and work toward a resilient, inclusive, and prosperous Lagos.
Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, echoed the governor’s remarks, stating that the trade fair highlights Lagos’s commitment to partnering with the private sector and positioning the city as a gateway to Nigerian and African markets.
She highlighted recent efforts to streamline the regulatory framework, cut down bureaucratic delays, and enhance transparency, fostering a more efficient business climate.
“As we look toward 2025, our ministry, under Governor Sanwo-Olu’s guidance, is setting ambitious goals to further strengthen commerce, cooperatives, trade, and investment in Lagos. Our vision is to position Lagos not only as a leading African business hub but also as a model for sustainable urban growth,” Ambrose-Medebem said.
LCCI President Benson Idahosa praised the state government for the conducive environment provided at this year’s trade fair. He commended participants from across Nigeria and Africa and emphasized the chamber’s dedication to elevating the fair in future editions, promising a platform that will bolster African economies in the coming years.
