Lagos Govt Mulls New Industrial Policy To Drive Economic Growth

Lagos State government on Monday revealed that it is considering a new industrial policy to drive economic growth in the state.

The Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, stated this at the Lagos State Industrial Policy Consultative Assembly and Validation Workshop organised by the Ministry and held at the state government secretariat located in the Alausa area of the state.

She expressed the current government’s commitment to fostering a vibrant and sustainable industrial landscape that is sustainable, resilient, innovative, inclusive, and positioned to compete globally.

The commissioner pointed out that as the world transitions towards a new era of economic modernisation driven by technology, sustainability, and global competitiveness, it is imperative to recalibrate the state’s industrial policies to align with domestic imperatives and international best practices.

Her words: “Today’s assembly speaks to our commitment to creating an enabling business environment that encourages sustainable investment, infrastructure development, and industrial growth – pillars that are essential to achieving the objectives outlined in the State’s primary development policy documents; T.H.E.M.E.S+ Development Agenda and the Lagos State Development Plan (LSDP 2052).

“Industrial Policy (2025-2030) is a defining document that signals our readiness to elevate Lagos into a hub of industrial excellence, where businesses can thrive, investments can flourish, and job creation can be maximised.”

According to Ambrose, the disruptions caused by the COVID-19 pandemic exposed vulnerabilities in global supply chains and highlighted the need for stronger local production capacity. As the State navigates the challenges and opportunities of a post-pandemic global economy, industrial policy must be viewed as a strategic tool for economic resilience.

“Lagos State has long been the cornerstone of Nigeria’s economic advancement, acting as the gateway to trade, commerce, and industrialisation for the nation and beyond. As Nigeria’s commercial capital, the State must develop a self-sufficient, innovative, and globally competitive industrial ecosystem that leverages our vast human capital, geographic advantage, and entrepreneurial strength,” she said.