Lagos is positioning itself as Africa’s leading trade and investment hub, leveraging strategic policies, industrial growth, and support for small businesses to drive economic transformation. In an exclusive interview, Folasade Ambrose-Medebem, Lagos State’s Commissioner for Commerce, Cooperatives, Trade, and Investment, discusses her vision for economic growth, investment attraction, and entrepreneurship support.
A Dynamic Career in Economic Development
With over two decades of experience in finance, trade, sustainability, and corporate strategy, Mrs. Ambrose-Medebem has played pivotal roles in multinational corporations such as PwC, Ford, and Guinness Nigeria PLC. Her tenure at Lafarge Africa PLC saw her leading sustainability and corporate responsibility initiatives. She has also contributed significantly to climate finance through the UK-funded Climate Finance Accelerator Nigeria. Now, as Commissioner, she focuses on fostering industrialization, attracting investment, and empowering businesses in Lagos.
Driving Trade and Investment in Lagos
To maintain its leadership in commerce, Lagos is implementing structured policies aligned with the Lagos State Development Plan 2052. The focus is on creating an enabling environment for businesses while attracting investors with improved infrastructure, regulatory reforms, and security enhancements.
Key initiatives include:
- Streamlining regulatory approvals to improve ease of doing business.
- Expanding logistics hubs, industrial zones, and road networks.
- Promoting Lagos at global investment forums to attract multinational corporations and institutional investors.
- Strengthening partnerships with organizations such as the Commonwealth Enterprise and Investment Council (CWEIC).
Attracting Foreign Investment
Lagos is proactively engaging foreign investors through policy incentives, infrastructure development, and international collaborations. Key strategies include:
- Establishing dedicated investment promotion initiatives across industries like manufacturing, technology, and agriculture.
- Strengthening relationships with foreign diplomatic missions and business chambers.
- Participating in global investment summits to showcase Lagos’ economic potential.
- Offering tax incentives, special economic zones, and simplified business registration processes.
- Investing in critical infrastructure such as power and security.
Empowering Local Businesses and Entrepreneurs
The Lagos economy is driven by Micro, Small, and Medium Enterprises (MSMEs), which create employment and foster economic activity. The government supports entrepreneurs through:
- Structured credit programs for business expansion.
- Trade fairs like the Eko MSMEs Exclusive Trade Fair to connect local businesses with new markets.
- Collaborations with international partners, such as Export and Sell USA, to expand Nigerian businesses globally.
- Streamlined business registration and regulatory compliance to encourage formalization.
- Tax incentives and startup support to foster entrepreneurship.
Job Creation Through Industrialization
The Lagos Industrial Policy 2025-2030 aims to:
- Strengthen local manufacturing and industrial zones.
- Attract foreign direct investment into industrial sectors.
- Enhance vocational training to equip youths with industry-relevant skills.
- Collaborate with multinational companies to boost job opportunities.
- Support programs like the Lagos State Employment Trust Fund (LSETF) to connect job seekers with employers.
- Promote inclusive employment, particularly for women-led businesses through initiatives like the Lagos International Summit for Women MSMEs.
Overcoming Economic Challenges
Despite Lagos’ economic strength, certain challenges persist, including:
- Limited access to finance for MSMEs.
- Infrastructure gaps in logistics and power supply.
- High energy costs affecting industrial operations.
- Slow adoption of digital technologies among small businesses.
The government is addressing these issues through fintech collaborations, investment in infrastructure, and capacity-building initiatives to support business growth.
The Competitive Edge of Nigerian Professionals
Nigerian professionals are globally recognized for their talent and expertise across industries. While access to resources remains a challenge, given the right infrastructure and opportunities, they can compete on a global scale.
Advice for Young Professionals
Mrs. Ambrose-Medebem encourages young professionals to be adaptable, continuously upskill, and take advantage of the numerous opportunities Lagos offers. She urges them to:
- Engage in continuous learning.
- Explore government empowerment programs.
- Leverage business opportunities within the state.
With the right mindset and support, young professionals can contribute significantly to Lagos’ economic development and position themselves for success in a competitive market.
A Commitment to Inclusive Growth
Through strategic policies and forward-thinking initiatives, Lagos is laying the foundation for sustainable economic growth, positioning itself as Africa’s premier investment destination. With continued investment in infrastructure, regulatory improvements, and targeted support for businesses, the future of Lagos remains bright.
