The Lagos State Government has attracted over ₦1 trillion in investments within the past year, a development that is set to create over 50,000 jobs.
EpeInsights reports that the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose made this announcement during the ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, as part of activities marking the second year of Governor Babajide Sanwo-Olu’s second term in office.
Speaking at the briefing, the Commissioner attributed the massive inflow of investments to the State’s enabling business environment, government reforms, and strategic engagement with both local and international investors.
“A significant portion of this investment is the result of concluded deals totaling about $600 million, covering key sectors such as ICT, digital innovation, healthcare, logistics, and port operations,” she said.
One of the landmark deals highlighted was a $200 million investment from Abu Dhabi Ports aimed at enhancing development within the Lekki Free Trade Zone.
In addition, the International Finance Corporation (IFC), the private sector arm of the World Bank, injected $50 million into the Lagos Free Zone, further reinforcing investor confidence in the state’s economic potential.
The Commissioner also noted the strategic Memorandum of Understanding (MoU) signed with the Commonwealth Enterprise and Investment Council (CWEIC), positioning Lagos as a gateway for Commonwealth trade and investment across Africa.
“This partnership opens doors for Lagos to tap into a global network of 56 nations with a combined GDP of over $13 trillion,” she said.
Commissioner Bada Ambrose credited the achievements to the leadership of Governor Sanwo-Olu and Deputy Governor Dr. Obafemi Hamzat, emphasizing their role in advancing the T.H.E.M.E.S Plus development agenda, particularly its focus on making Lagos a 21st-century economy.
She pledged that the Ministry would continue to support businesses, eliminate operational bottlenecks, and champion “transformational development” across all sectors under her purview.
“We are committed to a future-focused approach—supporting growth, creating opportunities, and building an inclusive economy. With these investments, we expect not just 50,000 immediate jobs, but exponential growth as these businesses expand and scale,” she concluded.
Present at the briefing were top officials including the Permanent Secretary of the Ministry, Dr. Olugbemiga Aina, MD of Lekki Worldwide Investments Ltd., Mr. Adeniyi Akinlusi, and members of the Lagos State House of Assembly, as well as stakeholders from the cooperative and consumer protection sectors.
