The Lagos State Government has recorded a major milestone in its economic development agenda, attracting investments worth over N1 trillion in the 2024.

This was disclosed by the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem, who revealed that the impressive figure stems from strategic investment deals totaling approximately $600 million across key sectors of the state’s economy.

Highlighting major investment wins, the Commissioner noted that a $200 million deal was signed with Abu Dhabi Ports to drive infrastructural and commercial growth within the Lekki Free Trade Zone. Additionally, the International Finance Corporation (IFC)—the private sector arm of the World Bank—invested $50 million in the Lagos Free Zone.

Bada Ambrose-Medebem emphasized that these investments are expected to generate over 50,000 jobs, with potential for expansion as businesses thrive and scale operations within the state.

She attributed Lagos’ exceptional economic performance to the visionary leadership of Governor Babajide Sanwo-Olu and Deputy Governor Dr. Obafemi Hamzat, whose policies and governance approach have positioned the state as a prime destination for investment in Africa.

To further boost trade and global partnerships, Lagos has also signed a Memorandum of Understanding (MoU) with the Commonwealth Enterprise and Investment Council (CWEIC). The agreement is aimed at fostering stronger trade and investment relations among Commonwealth nations, thereby positioning Lagos as a central hub for Commonwealth trade on the continent.

“Our priority is to ensure that the state does not slow down in its drive to further improve the business environment but continues to make Lagos more conducive for businesses and investors,” the Commissioner stated.

The state government says it remains committed to creating a dynamic and enabling environment for sustainable economic growth and prosperity.