Lagos State has successfully attracted over one trillion naira in investments over the past year, according to Folashade Bada Ambrose, the Commissioner for Commerce, Cooperatives, Trade and Investment.

She made this revelation during the ministerial press briefing to mark the second anniversary of Governor Babajide Sanwo-Olu’s second term in office, held at Alausa on Tuesday.

Ambrose highlighted that the bulk of the investments stemmed from strategic agreements, including $600 million in deals across various sectors such as Information and Communications Technology (ICT), digital innovation, healthcare, logistics, and port operations.

She remarked, “The Lagos State Government, through the Ministry, successfully concluded a $200 million investment deal with Abu Dhabi Ports aimed at boosting growth in the Lekki Free Trade Zone. Additionally, we welcomed a $50 million investment in the Lagos Free Zone from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.”

These investments, she said, underscore Lagos’s immense potential, its enabling environment, and the high returns on investments that continue to attract investors.

The Commissioner also spoke about a Memorandum of Understanding (MoU) signed with the Commonwealth Enterprise and Investment Council (CWEIC), a globally recognised organisation promoting trade and investment among Commonwealth nations. She emphasized that this partnership solidified Lagos’s position as a leading hub for trade and investment in Africa.

She stated, “The MoU marks another significant step in Lagos’s journey towards economic transformation and global relevance. The Commonwealth, comprising 56 nations across Africa, Asia, the Americas, Europe, and the Pacific, with a combined GDP of over $13 trillion, offers Lagos the opportunity to connect with global enterprises and attract investments that will enhance job creation and improve living standards.”

Ambrose attributed the state’s impressive growth to the focused leadership of Governor Babajide Sanwo-Olu and Deputy Governor Dr. Obafemi Hamzat, noting that their leadership has propelled the Ministry to engage extensively with potential investors, in line with the fourth pillar of the T.H.E.M.E.S+ Development Agenda – Making Lagos A Twenty-First Century Economy.

She continued, “Our priority is to keep enhancing the business environment, making Lagos more conducive for investors and businesses. We remain committed to supporting businesses, helping them grow and scale, while collaborating with stakeholders to eliminate operational barriers.”

Looking ahead, the Commissioner highlighted that the investment initiatives would create over 50,000 jobs in the short term, with this number set to grow significantly as the businesses expand.

She added, “For 2025, our focus will be on transformational development across commerce, cooperatives, trade, and investment, as we continue to engage, listen, and act in the interest of businesses and the state at large.”