Lagos Govt Mulls Establishment Of Catalytic Fund For Industrial Expansion

The Lagos State government revealed that it is considering the establishment of a catalytic fund carefully designed to provide targeted financing for industrial projects with high growth potential.

The state’s Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, disclosed this at the unveiling of Operation Quadrant Ignite (OQI), a bold initiative that seeks to transform the Lekki Economic Zone (LEZ) into Africa’s premier destination for manufacturing, trade, and investment.
Ambrose added, ‘’By attracting investment from Development Finance Institutions (DFIs), Private Equity firms, and venture capitalists, this fund will catalyse industrial expansion, enabling businesses to scale rapidly while ensuring that local enterprises are not left behind in the process.”

Harping on the Operation Quadrant Ignite initiative, she said it stands at the core of Lagos State’s industrialisation strategy at the design and innovation exhibition organised by Design Week Lagos and held at Victoria Island, Lagos.
The Commissioner stated that Lekki has long been envisioned as the industrial nerve centre that will accentuate Lagos’ strategic location, abundant resources, and robust infrastructure. This vision is now being turned into reality through Operation Quadrant Ignite.

Her words: “Through this initiative, Lagos State government, under the able leadership of Governor Babajide Sanwo-Olu, is unlocking the full potential of the Lekki Economic Zone, ensuring that under-utilised assets are repurposed and land use is optimised for maximum productivity.

This transformation is about land development and creating an integrated industrial ecosystem that fosters innovation, efficiency, and global competitiveness.

“A critical pillar of Operation Quadrant Ignite is the, according to her. Operation Quadrant Ignite leverages the strategic importance of the Lekki Deep Sea Port, positioning Lagos as a hub for export-driven manufacturing, integrating efficient logistics, world-class port facilities, and seamless trade.

In his speech, the managing director of Lekki Worldwide Investments Limited, Adeniyi Akinlusi, described the Lekki Economic Zone as the location of leading enterprises and manufacturing concerns setting the pace in Nigeria’s industrialisation trajectory.

“The Lekki Economic Zone holds considerable potential and has a great role to play in Lagos’ bid to set the pace in the new frontier of African industrialisation,” he said.

Titi Ogunfere, founder of Design Week Lagos, described the gathering as another exhibition and a bold statement about the future of Nigeria’s industrial and manufacturing sectors.