The Lagos State Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) has outlined its major achievements over the past two years, highlighting strategic investments, business reforms and partnerships aimed at positioning Lagos as Africa’s leading investment destination.
Speaking during an exclusive interview with The Report Company in collaboration with USA Today, the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, said the ministry has focused on institutional reforms, investment promotion and public-private partnerships since she assumed office in 2023.
According to the commissioner, 2024 marked a transformative year for the ministry, while 2025 has been dedicated to strengthening partnerships and institutionalising policies to drive sustainable economic growth.
She disclosed that Lagos attracted over ₦50 billion in Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) within her first year in office. This includes a ₦38 billion investment by Twinings Ovaltine Nigeria Limited (TONL), which has committed to full-scale manufacturing in Lagos, creating 112 direct jobs, over 200 distributor positions and generating more than $8 million in exports across West Africa.
Ambrose-Medebem identified the Lekki Economic Zone as one of the ministry’s flagship projects, describing the Lekki Deep Sea Port as a game changer for Nigeria’s maritime sector and regional trade.
She noted that the $1.5 billion facility, located within the Lagos Free Zone, has positioned Lagos as an emerging logistics and manufacturing hub, while the Lekki Freeport Terminal has become Nigeria’s most automated container terminal, recognised for operational efficiency and faster vessel turnaround times.
The commissioner also highlighted the strategic partnership between Lekki Worldwide Investment Limited and Lagos Free Zone Development Company, formalised through a Memorandum of Understanding signed in February 2025. She added that the International Finance Corporation (IFC) has invested $50 million in the Lagos Free Zone to accelerate the development of Nigeria’s first private deep-sea port-based special economic zone.
As part of efforts to deepen industrialisation, the ministry launched Operation Quadrant Ignite (OQI), a strategic industrial policy designed to transform the Lekki Economic Zone into Africa’s premier destination for manufacturing, trade and investment.
According to her, the initiative is aimed at unlocking economic opportunities, attracting global investors and promoting sustainable industrial development across Lagos State.
On the ease of doing business, Ambrose-Medebem said Lagos currently ranks first among Nigeria’s 36 states in the Presidential Enabling Business Environment Council (PEBEC) Ease of Doing Business Index, recording a score of 85.6 per cent through the digitalisation and automation of business registration services.
The commissioner further revealed that the state has more than 3,000 active cooperative societies with an annual financial turnover exceeding ₦70 billion.
She explained that through partnerships with the Bank of Industry and Sterling Bank, the ministry introduced the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO), providing low-interest loans of up to ₦10 million at a 9 per cent interest rate to businesses operating in healthcare, agriculture, manufacturing, the creative economy and other priority sectors.
She also disclosed that over ₦8.4 billion has been disbursed to 12,710 Micro, Small and Medium Enterprises (MSMEs) through the Lagos State Employment Trust Fund (LSETF).
Highlighting priority investment sectors, the commissioner listed healthcare, manufacturing, energy, food production and technology as key areas where Lagos is seeking stronger partnerships with local and international investors.
She also stressed the government’s commitment to developing the creative economy through the proposed Lagos Film City in Epe and the state’s Fashion Hub, describing both projects as platforms that will showcase Nigerian creativity, culture and tourism while generating employment and investment opportunities.
Ambrose-Medebem reiterated that institutionalising government initiatives remains central to ensuring accountability, policy continuity and sustainable economic development.
She added that the ministry continues to collaborate with federal agencies, the Lagos Chamber of Commerce and Industry (LCCI) and private sector stakeholders to strengthen Nigeria’s investment climate and promote Lagos as the preferred destination for doing business in Africa.
Reaffirming the state’s investment drive, the commissioner said the Invest Lagos initiative remains a strategic platform for connecting global investors with opportunities in Nigeria’s commercial capital.
“If you intend to do business at scale in Africa, you cannot do it without Lagos,” she said.
