Lagos remains incubator for industrialisation, innovation, says commissioner

Mrs Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade and Investment, on Tuesday reiterated that Lagos State remains an incubator for industrialisation and innovation.

She made the assertion during the launch of Operation Quadrant Ignite (OQI) at the Design and Innovation Hub, Ecobank Art Centre in Lagos.

She said that the road to industrialisation to unlock the potential of the state is a collective responsibility of both the government and the private sector.

“This event is a testament to the power of ideas for our collaboration, building together, and showcasing, shaping the future of industries in Lagos State.

“The theme of this year’s event, “The Road to Industrialisation,” is not just a topic for discussion; it is a clarion call, a call to collective action, an urgent appeal for critical needs to foster strategic partnerships.

“Our commitment is unwavering in order to unlock the potential of Lagos State as the foremost industrial power hub.

“Industrialisation is not just about factories and production lines; it’s about innovation-driven manufacturing and sustainable development.

“It is about creating jobs and setting the stage for a resilient and competitive Lagos that thrives in the global market space,” the commissioner said.

She further said that Gov. Babajide Sanwo-Olu had made it a priority to ensure Lagos remains not just the political nerve centre of the country but maintains its potential as the economic nerve centre.

“With the commitment of my governor, Mr Babajide Sanwo-Olu, Lagos State is not just the hub of commerce; it is an incubator for transformation.

“Lagos is a beacon of industrial excellence and prosperity. Lagos State is the economic nerve centre of Nigeria, contributing over 30 per cent to the country’s Gross Domestic Product (GDP).

“Lagos State GDP has witnessed tremendous growth, increasing from N27 trillion to N41 trillion within four years.

“The Lekki Free Trade Zone has been expanded to several industrial parks. Lagos has also made it easier to do business,” she said.

Ambrose-Medebem said that Lagos State recently formed policies to further shape the industrial policy of the state.

The commissioner said, “The Lagos State Industrial Policy (LSIP) was drafted alongside captains of industry. This policy is not just a document; it is a framework.

“Lekki is the industrial nerve centre of Lagos State. We are turning this vision into a reality.

“This seeks to address critical challenges hindering Lagos and, by extension, Nigeria’s industrialisation, while capitalising on the Lekki Economic Zone (LEZ’s) inherent strengths to create a thriving ecosystem that attracts global and regional investments.

“Its key components include asset optimisation to unlock the potential of redundant land and assets within the zone, and the establishment of a catalytic fund to bridge financing gaps for promising projects.” (NAN) (www.nannews.ng)