Lagos Rakes in Over N1 Trillion in Investments, Sets Sights on 2025 Economic Growth
In a major economic milestone, the Lagos State Government has announced that it attracted over N1 trillion in investments within the last year, with $600 million coming from strategic deals across key sectors. Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose, disclosed this during a ministerial press briefing marking the second anniversary of Governor Babajide Sanwo-Olu’s second term. The sectors benefiting most from these investments include ICT, digital innovation, healthcare, logistics, and port operations — all reflecting growing investor confidence in the state.
Two standout deals are driving a significant share of these inflows. Lagos secured a $200 million investment from Abu Dhabi Ports for the Lekki Free Trade Zone and an additional $50 million from the International Finance Corporation for the Lagos Free Zone. Ambrose noted these high-profile agreements, alongside other transactions, as evidence of Lagos’ appeal as a lucrative destination for both local and international investors, fueled by an enabling environment and consistent returns on investment.
The Commissioner also emphasized Lagos’ growing global footprint through strategic partnerships, such as the Memorandum of Understanding with the Commonwealth Enterprise and Investment Council (CWEIC). This collaboration is expected to further link Lagos with enterprises across the 56 Commonwealth nations, which together boast a GDP of over $13 trillion. By positioning itself as Africa’s gateway to Commonwealth trade, Lagos aims to accelerate economic cooperation, investment, and innovation.
Looking ahead, Ambrose credited Governor Sanwo-Olu and Deputy Governor Obafemi Hamzat’s leadership for aligning the state’s economic strategy with the T.H.E.M.E.S+ Development Agenda. With plans to create over 50,000 new jobs in the near term, the state is also focused on removing business barriers and deepening private sector engagement. The Lagos State Government promises continued support for investors, aiming to transform the state into a 21st-century economic powerhouse by 2025.