Lagos State has reaffirmed its commitment to strengthening commerce, trade, and investment as part of efforts to position the state as Africa’s leading business destination.
Eko Hot News reports that the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, outlined the ministry’s achievements and future plans during an exclusive interview with The Report Company, a media platform collaborating with USA Today.
The commissioner said the ministry has focused on building strong institutions and promoting policies that support sustainable economic development since she assumed office in 2023.
According to her, 2024 marked a transformative period for the ministry, while 2025 has been dedicated to expanding partnerships and institutionalising reforms across key sectors.
Ambrose-Medebem explained that one of her first priorities was to strengthen internal collaboration and improve public understanding of the ministry’s mandate.
She revealed that Lagos attracted more than ₦50 billion in Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) during her first year in office.
A major contributor to that investment was Twinings Ovaltine Nigeria Limited, which committed about ₦38 billion to establish full-scale manufacturing operations in Lagos.
The investment is expected to create more than 112 direct jobs, over 200 distributor opportunities, and generate more than $8 million in exports to West African markets.
The commissioner described the development of the Lekki Economic Zone as one of the ministry’s most significant achievements.
She said the Lekki Deep Sea Port, valued at approximately $1.5 billion, has transformed Lagos into an emerging logistics and maritime hub for West Africa.
According to her, the port’s automated container terminal has improved cargo handling efficiency and reduced vessel turnaround time.
Ambrose-Medebem also highlighted a strategic partnership between Lekki Worldwide Investment Limited and Lagos Free Zone Development Company, formalised through a Memorandum of Understanding signed in February 2025.
She noted that the International Finance Corporation (IFC) invested $50 million in the Lagos Free Zone Company to accelerate the development of Nigeria’s first deep-sea port-based private special economic zone.
The commissioner further announced the launch of Operation Quadrant Ignite (OQI), a strategic industrial policy designed to attract manufacturing, trade, and investment into the Lekki Economic Zone.
She described the initiative as a long-term commitment to sustainable industrial growth and economic expansion.
According to Ambrose-Medebem, the programme is expected to strengthen Lagos’ position as one of Africa’s leading destinations for investment and industrial development.
She also highlighted Lagos State’s strong performance in the Presidential Enabling Business Environment Council (PEBEC) rankings.
The commissioner said Lagos ranked first among Nigeria’s 36 states after recording an 85.6 percent score in the Ease of Doing Business assessment.
She attributed the achievement to the digitalisation and automation of business registration and government services.
On cooperative development, Ambrose-Medebem disclosed that Lagos currently has more than 3,000 active cooperative societies with an annual financial turnover exceeding ₦70 billion.
She explained that partnerships with the Bank of Industry and Sterling Bank led to the creation of the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) programme.
The initiative provides low-interest loans of up to ₦10 million at a nine percent interest rate to small and medium-sized enterprises.
Eligible sectors include healthcare, agriculture, manufacturing, creative industries, and the circular economy.
The commissioner also noted that the ministry continues to collaborate with the Lagos Chamber of Commerce and Industry (LCCI) on initiatives covering power, energy, and finance.
She added that the Lagos State Employment Trust Fund (LSETF) has disbursed more than ₦8.4 billion to over 12,700 micro, small, and medium enterprises (MSMEs).
Ambrose-Medebem identified healthcare, manufacturing, energy, food production, and technology as priority sectors for future investment and partnerships.
She stressed that Lagos remains committed to creating a business-friendly environment capable of attracting both local and international investors.
The commissioner also underscored the importance of Nigeria’s creative economy, describing entertainment as one of the country’s strongest competitive advantages.
She said the ongoing development of Lagos Film City reflects the state’s determination to support creative talents and expand opportunities within the entertainment industry.
Ambrose-Medebem expressed confidence that continued collaboration between government and the private sector will drive innovation, create jobs, and sustain Lagos’ economic growth.
She reaffirmed the ministry’s commitment to making Lagos the preferred destination for commerce, investment, manufacturing, and enterprise development across Africa.
