Lagos initiates new industrial policy
…sets agenda for a transformative, vibrant, and globally competitive industrial ecosystem
By Adeola Ogunrinde
The Lagos State Government has reaffirmed its commitment to fostering a vibrant, resilient, innovative, and globally competitive industrial landscape.
Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose, stated this at the Lagos State Industrial Policy Consultative Assembly and Validation Workshop, organized by the ministry and held at Alausa, Ikeja, on Monday, February 10, 2025.
Speaking at the event, Ambrose emphasized that as the world transitions towards economic modernization driven by technology, sustainability, and global competitiveness, it is crucial to recalibrate the state’s industrial policies to align with domestic priorities and international best practices.
She said:
“Today’s assembly underscores our commitment to creating an enabling business environment that encourages sustainable investment, infrastructure development, and industrial growth—pillars essential to achieving the objectives outlined in the state’s key development policy documents, including the T.H.E.M.E.S+ Development Agenda and the Lagos State Development Plan (LSDP 2052).
“The Industrial Policy (2025-2030) is a landmark document, signaling our readiness to position Lagos as a hub of industrial excellence—where businesses thrive, investments flourish, and job creation is maximized.”
Ambrose noted that the disruptions caused by the COVID-19 pandemic exposed vulnerabilities in global supply chains, reinforcing the need for stronger local production capacity.
He added that, as Lagos navigates the post-pandemic global economy, industrial policy must be leveraged as a strategic tool for economic resilience.
“Lagos has long been the cornerstone of Nigeria’s economic advancement, serving as the gateway for trade, commerce, and industrialization. As Nigeria’s commercial capital, Lagos must lead the charge in developing a self-sufficient, innovative, and globally competitive industrial ecosystem—one that harnesses our vast human capital, geographic advantage, and entrepreneurial strength.”
Describing Lagos as a Future-Ready Economic Giant, Ambrose affirmed that the state has ambitious goals to become:
- A globally competitive industrial hub
- A technology-driven economic powerhouse
- A sustainable, climate-resilient megacity
- Africa’s financial and commercial epicenter
- The continent’s most prosperous and industrially advanced state
“This policy is not being developed in isolation but is strategically aligned with Lagos’ broader developmental agenda. It will serve as a crucial component of the state’s long-term strategy to position Lagos as a globally competitive industrial hub, ensuring that our industrial transformation is robust, forward-thinking, sustainable, inclusive, and deeply rooted in social equity.”
She described the consultative assembly as more than just a meeting, calling it a call to action and a platform to shape policies that will define the future of Lagos’ industrial sector.
“We are not just keeping pace with change—we are driving it.”
Guest Speaker and National Programme Officer at the United Nations Industrial Development Organization (UNIDO), Reuben Bamidele, highlighted the importance of sustainability, innovation, and global best practices in shaping a resilient and competitive industrial landscape.
He praised Lagos’ policy-driven approach, noting that a strong industrial framework aligned with international standards would foster inclusive growth, attract investment, and enhance industrial productivity.
“The Lagos State Government has made significant strides in facilitating ease of doing business and implementing smart city, climate-conscious manufacturing, and digital transformation initiatives.
“Moving forward, efforts should focus on promoting strategic public-private partnerships in green industrialization, environmental sustainability, and the circular economy, while incentivizing Industrial Energy Efficiency (IEE) and Resource Efficient Cleaner Production (RECP) as key drivers of economic prosperity.”
Bamidele emphasized that in the era of the Fourth Industrial Revolution, Lagos must prioritize industrial production that leverages technology, industrial data, research and development, and both domestic and foreign business linkages, while also advancing the certification of artisans.
Managing Director of Lekki Worldwide Investments Limited, Adeniyi Akinlusi, described the consultative assembly as a bold initiative and a reaffirmation by Governor Babajide Sanwo-Olu that Lagos is not only open for business but fully prepared for investment.
“There is no African strategy without a Nigerian strategy, and there is no Nigerian strategy without a Lagos strategy.”
Similarly, Moyomade Akinbusoye, Business Executive for Institutional Banking at Sterling Bank Plc, commended the Lagos State Government for its visionary leadership, affirming the bank’s commitment to supporting policies that empower industries, drive business growth, and strengthen the economy.
“The refinement of Lagos’ industrial roadmap aligns with Sterling Bank’s strategic focus on industrial growth, economic empowerment, and sustainable investment for national development.”
