LAGOS STATE GOVERNMENT REFUNDS 145 FORMER SUBSCRIBERS OF EGAN HOUSING ESTATE
admin By Ganiyat Mumuni
The Lagos State government has launched a five-year industrial policy to transform the state into a globally-competitive industrial hub.
The policy, spanning from 2025 to 2030, is designed to foster a sustainable, resilient, and innovative industrial landscape that leverages technology, sustainability, and global competitiveness, according to the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem.
At the ‘Lagos State Industrial Policy Consultative Assembly and Validation Workshop’ held to provide inputs on the states’ economic development strategy, the commissioner said the policy focuses on key areas such as sustainability, innovation, and global best practices.
“The theme of today’s assembly speaks to our commitment to creating an enabling business environment that encourages sustainable investment, infrastructure development and industrial growth. The policy also emphasises the importance of strategic public-private partnerships, green industrialization, and environmental sustainability,” she noted.
According to Mrs. Ambrose-Medebem, the review also aims to position Lagos State towards contributing more to Nigeria’s GDP, of which it already accounts for over 30 per cent.
The commissioner, while emphasizing the importance of inclusivity, cited the need to support Micro, Small, and Medium Enterprises (MSMEs), women entrepreneurs, and people living with disabilities.
The industrial policy review focuses on several key areas, including Waste to Energy, Technology, Economic Zones, Inclusivity and MSME Development.
Permanent Secretary in the ministry Dr. Olugbemiga Aina, highlighted the importance of a pragmatic policy that can be jointly implemented by the private sector and government. He noted that the policy aims to make Lagos State more competitive and attractive to investors.
“The validation workshop is a crucial step in finalizing the industrial policy review, which will be launched soon. With its strong focus on inclusivity, sustainability, and private sector participation, the policy is expected to drive economic growth and development in Lagos State,” he said.
Dr. Aina also acknowledged that there is a shift in tide which makes the private sector key stakeholders in making the economy thrive.
He added: “The tide is shifting, as we witness the liberalisation of various sectors fueled by private sector investments and global funding. This marks a significant departure from the past, where government funding was the sole driver of economic growth. Today, the private sector takes center stage, propelling the economy forward.
“This approach is crucial for building a sustainable economy that isn’t entirely reliant on government funding. In fact, no successful economy in the world relies solely on government funding; the private sector is always the driving force. And that’s precisely the philosophy underlying this policy.”
Managing Director of Lekki Worldwide Investments Limited, Adeniyi Akinbusoye, described the policy as ‘a bold initiative that demonstrates the government’s commitment to making Lagos a hub for business and investment’.
“There is no African strategy without a Nigerian strategy, and there is no Nigerian strategy without a Lagos strategy,” he said.
