By Olasunkanmi Akoni

Lagos State Government has announced that it attracted over $13 trillion in partnership deals through strategic global alliances for sustainable infrastructural investments across key sectors of the economy within the past six years.

The state government also secured over $4 million in Business Enabling Reforms (SABER) disbursements during the initial assessment year of 2024, affirming its leadership role in economic development nationwide.

Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, disclosed this on Tuesday during the ongoing ministerial press briefing marking the second year of Governor Babajide Sanwo-Olu’s second term in office, held at Alausa, Ikeja.

Ambrose-Medebem noted that Lagos has continued to deepen its economic reforms, projecting a cumulative $30 million in disbursements by 2025. According to her, “As a result of the Lagos Investment Roundtable, numerous expressions of interest from local and foreign investors are under active discussion. One of the major outcomes is the partnership with Abu Dhabi.”

The Lagos State Government, through its Ministry of Commerce, successfully concluded a $200 million partnership with Abu Dhabi Ports aimed at developing critical infrastructure and logistics within the Lekki corridor. This partnership is set to boost ICT innovation, enhance healthcare facilities, and expand port operations.

She further added that the state has deepened engagements with the United States and European Union trade missions while hosting delegations from G7 countries. These engagements have already yielded tangible agreements, including collaborations with Swedish firms to expand 5G broadband penetration.

On the improvement of business climate and investor confidence, Ambrose-Medebem highlighted that multiple credit rating agencies have acknowledged improvements in Lagos’s business environment, leading to a surge in foreign direct investment (FDI). “This was exemplified by the International Finance Corporation’s recent $50 million investment to expand the Lagos Free Zone, a strong vote of confidence in the state’s economic direction,” she stated.

She noted that last year, Lagos successfully participated in the World Bank-funded State Action on SABER programme, particularly in the first four Disbursed Linked Indicators (DLIs). The state has completed the reforms for the additional stage comprising eight DLIs for the first-year cycle of the programme and is on track to meet all subsequent evaluations.

Ambrose-Medebem, who is now the focal person for the Ease of Doing Business (EoDB) in Lagos State, revealed that Lagos has also been recognized by the Presidential Enabling Business Environment Council (PEBEC) as the South-West Champion for business-friendly reforms. “The essence of EoDB is to rate states in terms of how they simplify processes for business start-ups and assist new entrants in launching operations,” she explained.

The Commissioner also announced a notable Memorandum of Understanding (MoU) with the Commonwealth Enterprise and Investment Council (CWEIC), positioning Lagos as a gateway for trade and investment among 56 Commonwealth nations.

Beyond Lekki, the state government is pushing towards developing industrial infrastructure in other regions. In Ikorodu, construction is ongoing for a new Small-Scale Industrial Estate at Gberigbe, which is expected to host 44 units of light manufacturing and agro-processing businesses by the third quarter of the year. Plans are also underway to revamp older industrial estates in Ikeja, Ilupeju, Oshodi-Isolo, and Amuwo-Odofin.

In addressing consumer protection, Ambrose-Medebem disclosed that the state government had sanctioned at least 35 supermarkets for selling expired products. “We have sealed a number of them, and some are facing legal action. Lagos State is a thriving marketplace, and supermarkets are springing up frequently. We urge consumers to act as whistleblowers by reporting erring store operators promptly to relevant authorities,” she stated.

The Lagos State Government reiterated its commitment to sustainable growth and global competitiveness, leveraging strategic partnerships to transform the state into a smart-city hub with world-class infrastructure and investment opportunities.