By Kayode Olopade
Lagos State has attracted over N1 trillion in investments within the past year, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose, announced on Tuesday.
Speaking at the 2025 ministerial press briefing held in Alausa to commemorate the second anniversary of Governor Babajide Sanwo-Olu’s second term, Ambrose said the investments span strategic sectors including Information and Communications Technology (ICT), digital innovation, healthcare, logistics, and port operations.
She disclosed that the State government concluded major investment deals worth approximately $600 million, with a notable $200 million agreement with Abu Dhabi Ports to drive growth within the Lekki Free Trade Zone. Additionally, the International Finance Corporation (IFC), the private sector arm of the World Bank, invested $50 million in the Lagos Free Zone.
“These and other inflows are evidence of Lagos’ vast potential, the enabling business environment, and the high return on investment, which continue to attract local and international investors,” she stated.
The Commissioner also highlighted the Memorandum of Understanding (MoU) signed with the Commonwealth Enterprise and Investment Council (CWEIC), aimed at positioning Lagos as a key hub for Commonwealth trade and investment in Africa.
“With a combined GDP of over $13 trillion, the Commonwealth presents a unique opportunity for Lagos to connect with global enterprises, attract significant investments, and drive economic growth,” she said. “This partnership represents another pivotal milestone in our economic transformation journey.”
Ambrose attributed the State’s investment growth to the focused leadership of Governor Sanwo-Olu and his Deputy, Dr. Obafemi Hamzat. She said their support has enabled the Ministry to pursue extensive engagements with investors in line with the T.H.E.M.E.S+ Development Agenda—particularly the pillar focused on making Lagos a 21st-century economy.
“Our commitment is to ensure Lagos remains a top destination for business by continuously improving the investment climate and removing barriers hindering business operations,” she affirmed.
Looking ahead, the Commissioner revealed that the Ministry's watchword for 2025 is “Transformational Development”, encompassing commerce, cooperatives, trade, and investment.
According to her, the various investment initiatives underway are expected to generate over 50,000 jobs immediately, with the potential for exponential growth as businesses scale up.
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