Lagos State contributes over 30% of Nigeria’s Gross Domestic Product and accounts for 60% of non-oil manufacturing, positioning the megacity as a strategic partnership destination for South African investors.
Commissioner for Commerce Folashade Ambrose-Medeme outlined the state’s economic significance during discussions with a South African business delegation, emphasizing Lagos’s role as Nigeria’s commercial and financial hub.
“Lagos is far more than just a state: it is a dynamic megacity and a living market ecosystem, accounting for over 60% of Nigeria’s non-oil manufacturing,” Ambrose-Medeme declared, highlighting the state’s industrial capacity.
The engagement aligns with the Lagos State Development Plan 2052, a comprehensive blueprint built on four pillars: thriving economy, human-centric development, modern infrastructure, and effective governance for inclusive growth.
Lagos offers significant opportunities across tourism and creative economy sectors, leveraging its global reputation in music, film, fashion, and cultural expression. Transformative projects including Lagos Film City and the Cruise Terminal present co-investment opportunities.
The state’s Export Readiness Programme currently trains 250 micro, small, and medium enterprises to meet international standards and expand into new markets, supported by comprehensive business facilitation services.
Business climate improvements include a one-stop shop for registration and investor services, digitized premises registration, and reformed land titling through the Enterprise GIS system, reducing bureaucratic barriers for investors.
Ambrose-Medeme proposed triangular investment models where Nigerian and South African businesses collaborate locally and jointly enter markets across Francophone West Africa, East Africa, Europe, and the Middle East.
The African Continental Free Trade Agreement creates opportunities for expanded partnerships beyond traditional commodities to include services, healthcare, technology, education, and knowledge transfer, breaking down regional barriers.
Lagos is preparing the Industrial Plan 2025-2030, designed to create investable projects, blended finance instruments, and cross-border partnerships to establish Lagos as Africa’s most investor-friendly metropolis.
“Let today’s conversations turn into tomorrow’s investments. Let our shared pan-Africanism move from political solidarity to real economic prosperity,” Ambrose-Medeme concluded, emphasizing practical collaboration outcomes. Aliyu Abdullahi Ibrahim
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