The Lagos State Government has launched an ambitious Industrial Policy (2025–2030) designed to reposition the state as Africa’s leading industrial hub, with a strong focus on boosting productivity, attracting investment and significantly increasing its contribution to national Gross Domestic Product.
The policy, which sets out a five-year roadmap for economic transformation, targets long-standing structural bottlenecks that have constrained industrial growth, including erratic power supply, limited access to affordable finance, weak logistics networks and regulatory inefficiencies.
Speaking at a media briefing in Alausa, Ikeja, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem, said the framework is built to deepen industrial capacity and strengthen Lagos’ competitiveness in both regional and global markets.
According to her, the policy prioritises high-impact sectors such as agro-processing, light manufacturing, healthcare, the creative economy and digital services, positioning them as key drivers of growth and job creation.
She explained that the initiative is designed not only to expand output but also to improve the ease of doing business by dismantling bureaucratic barriers and strengthening the state’s economic ecosystem.
Ambrose-Medebem stressed that small and medium-sized enterprises would play a central role in the industrialisation push, describing them as critical to employment generation and inclusive growth.
“Through this policy, we are widening access to finance, dismantling regulatory bottlenecks that have for too long disadvantaged smaller firms, and providing the technical support that enables local businesses to scale, formalise, compete and export,” she said.
She added that inclusivity remains a guiding principle, noting that industrial development must extend beyond large corporations to cooperatives and grassroots enterprises.
Implementation of the policy is already underway, with the government rolling out key initiatives aimed at stimulating growth and investment.
Among them is a ₦10 billion access-to-finance scheme for micro, small and medium enterprises, structured through cooperatives under a partnership involving the state government, the Bank of Industry and Sterling Bank.
The programme, known as LASMECO, is expected to unlock capital for businesses, with Governor Babajide Sanwo-Olu approving a ₦5 billion matching fund, while the Bank of Industry provides a corresponding contribution.
Officials said beneficiary selection is being finalised through a transparent, criteria-based process to ensure accountability and impact.
In addition, the government is advancing the development of a light industrial park in Imota and preparing for a major investment summit aimed at attracting both domestic and foreign investors.
Analysts say the policy represents one of Lagos’ most comprehensive attempts to restructure its industrial base, with a clear focus on removing barriers to growth, strengthening supply chains and positioning the state as a competitive manufacturing and innovation hub.
With implementation now underway, the success of the policy will likely depend on sustained execution, effective stakeholder collaboration and the government’s ability to translate its ambitious framework into measurable economic gains.