The Lagos State Government has announced that it attracted over N50 billion in investments through Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) in the past year.
Commissioner for Commerce, Cooperatives, Trade & Investment, Folashade Ambrose-Medebem, shared this update during a Ministerial Press Briefing at the Bagauda Kaltho Press Centre in Alausa, Ikeja. The briefing was part of the events marking the first year of Governor Babajide Sanwo-Olu’s second term.
Ambrose-Medebem highlighted several significant investments, including a new multi-billion naira project by Twinings Ovaltine Nigeria Limited (TONL), owned by Associated British Foods Plc. “TONL, which formerly imported from China and packaged into retail units here, has now committed to fully manufacture its products in Lagos with the acquisition of an industrial site in Ogba,” she stated. “The N38 billion investment will employ 112 people directly and over 200 others as distributors by 2025, while generating over $8 million in exports to West African countries.”
The Commissioner also noted investments in various sectors such as healthcare, retail, Fast-Moving Consumer Goods (FMCG), education, financial services, cybersecurity, agriculture, and manufacturing. She mentioned that trade missions from Lagos have travelled to the United Kingdom with the Organised Private Sector (OPS) and Business Membership Organisations (BMOs) to explore new trade opportunities.
“Our participation in investment and business summits worldwide actively seeks to retain and bring investment opportunities available in the State to the attention of potential investors,” she explained.
“We aim to attract capital, skills, innovation, and technology to create more local jobs, increase productivity, and generate higher revenue.”
Ambrose-Medebem reiterated that the State, in line with the T.H.E.M.E.S Plus Development Agenda, remains committed to creating supportive policies, executing infrastructure interventions, and designing trade expansion programs to accelerate economic development. She emphasized the administration’s efforts to improve the Ease of Doing Business (EoDB) in Lagos.
“For instance, Lagos State applied and met all criteria to qualify for the first phase of the World Bank-funded State Action on Business Enabling Reforms (SABER) program,” she said. The program includes four Disbursement Linked Indicators (DLIs) covering improved land administration, investment promotion, transparency of official fees and procedures, and fees for interstate trade.
The State has also completed reforms for additional DLIs for the first year cycle of the SABER program and is on track for subsequent evaluations. Furthermore, the Commissioner announced a collaboration with the Bank of Industry (BOI) to provide matched production and trade funding of one billion naira each for Nano, Micro, Small, and Medium Enterprises (NMSMEs) with exportable products.
“This is a bold move to internationalise and empower our NMSMEs to grow their productive ventures, bolster regional and global trade, and increase the State’s contribution to the nation’s non-oil export,” she stated. The funding complements the current engagement with the Nigerian-Arabian Gulf Chamber of Commerce (NAGCC) to facilitate the export of agricultural products to the six Gulf States through the Nigerian Trade House in Dubai.
Ambrose-Medebem assured that the State Government, under the leadership of Governor Babajide Sanwo-Olu, will continue to engage, collaborate, support, and work with the Organised Private Sector (OPS) to ensure a conducive environment for business in Lagos.
