Lagos State has successfully attracted investments exceeding one trillion naira in the past year, according to the state’s Commissioner for Commerce, Industry, and Cooperatives, Mrs. Lola Akande. This landmark achievement highlights the state’s significant role as an economic powerhouse in Nigeria and across West Africa.
Mrs. Akande disclosed that the investments span multiple sectors, including infrastructure, technology, real estate, and manufacturing, with notable contributions from major projects such as the Lekki Deep Sea Port and the Dangote Refinery. The Lekki Deep Sea Port, inaugurated in 2023, has been a pivotal factor in attracting investment, with a capacity to handle 2.5 million containers annually. This development is expected to boost the state’s revenue and create thousands of jobs.
In addition to the Lekki Port, the commencement of operations at the Dangote Refinery in the Lekki Free Trade Zone further bolstered Lagos’s investment climate. With a capacity to process 650,000 barrels of oil per day, the refinery is poised to become one of the world’s largest and is expected to significantly contribute to the state’s industrial growth.
Mrs. Akande attributed the influx of investments to the Lagos State Government’s strategic initiatives, including the development of free trade zones, infrastructural improvements, and the creation of a business-friendly environment. She emphasized the government’s commitment to sustaining these efforts to ensure continued growth and increased investor confidence.
The Commissioner also highlighted that the investments have led to job creation, technological advancements, and significant improvements in infrastructure, all contributing to the economic expansion of the state. Lagos continues to position itself as a major economic hub in Africa, attracting both local and international investors.
As Lagos looks ahead, the state government remains dedicated to further diversifying its economy and ensuring that ongoing and future projects will enhance its global competitiveness. The impressive investment record signals a positive outlook for the state’s economic trajectory in the coming years.
