Lagos State has recorded over ₦1 trillion in investments within the past year, reaffirming its position as Nigeria's top business hub. The announcement was made by the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, during a ministerial press briefing marking Governor Babajide Sanwo-Olu's second term anniversary.
According to Ambrose, the substantial inflows came from concluded investment deals worth approximately $600 million across sectors such as ICT, digital innovation, logistics, healthcare, and port operations.
Key among these was a $200 million investment agreement with Abu Dhabi Ports for the Lekki Free Trade Zone and a $50 million IFC-backed project in the Lagos Free Zone.
She further highlighted the State's signing of a Memorandum of Understanding with the Commonwealth Enterprise and Investment Council (CWEIC), which she described as a strategic move to deepen trade ties and attract more international partnerships.
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The partnership is expected to provide Lagos with access to global networks and economic opportunities across the 56-member Commonwealth nations. Ambrose credited Governor Sanwo-Olu's leadership and the administration's T.H.E.M.E.S+ agenda, particularly its focus on building a 21st-century economy, for creating a conducive environment that continues to attract local and foreign investment.
She emphasized that the Ministry remains committed to removing barriers to doing business and driving transformational development across commerce and trade.
The Commissioner projected that these investment efforts would generate over 50,000 jobs in the near term, with potential for much more as the businesses scale and operations grow.
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