Lagos State Governor, Mr. Babajide Sanwo-Olu, has reaffirmed the state’s commitment to creating a digital-friendly economy that will foster commercial activities and contribute to the growth of Nigeria’s national economy.
Speaking at the closing ceremony of the 2024 Lagos International Trade Fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), Governor Sanwo-Olu highlighted that Lagos is dedicated to establishing a thriving digital ecosystem that will drive economic development at all levels.
Governor Sanwo-Olu explained that the theme of this year’s fair, “Connecting Businesses, Creating Value,” resonates with Lagos State’s vision to encourage partnerships, spur innovation, and cultivate an environment where businesses large and small can flourish.
“At the beginning of our administration, we recognized the responsibility of leading a vibrant state with over 20 million people, a key contributor to Nigeria’s GDP, and Africa’s fifth-largest economy. With the T.H.E.M.E.S+ Development Agenda, our goal has been to transform Lagos into a megacity that competes globally, creating an ecosystem for growth and prosperity,” he said.
The Governor emphasized that the state’s focus on digital innovation is key to achieving its goals.
He noted that Lagos is positioning itself as a preferred destination for digital startups by advancing partnerships with tech hubs, offering incentives, and creating a tech-driven environment. Additionally, the state has set up the Lagos State Technical Working Group on AfCFTA to help local businesses tap into Africa’s trade opportunities.
Sanwo-Olu also emphasized sustainability as central to Lagos’ growth strategy. “We are committed to building a cleaner, greener Lagos through initiatives focused on renewable energy, waste management, and eco-friendly policies. This approach will balance economic opportunities with environmental sustainability, benefiting both present and future generations,” he said.
Acknowledging the importance of Micro, Small, and Medium Enterprises (MSMEs) as the backbone of any economy, the Governor stated that Lagos is actively supporting tech startups and other enterprises to thrive in local and global markets. He highlighted the state’s Fiber Optic Network project, which ensures seamless digital connectivity and reduces business operational costs.
The governor also urged stakeholders to collaborate, innovate, and work toward a shared vision of a prosperous, inclusive, and resilient Lagos.
The state’s Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, affirmed that the fair demonstrated the state government’s commitment to strengthening business partnerships with the private sector and leveraging technology to position Lagos as a gateway to both the Nigerian and African markets.
Mrs. Ambrose-Medebem highlighted the administration’s focus on improving the business environment by streamlining regulatory frameworks, reducing bureaucratic delays, and enhancing transparency. These efforts, she said, have made Lagos a more efficient place for businesses to thrive.
Looking ahead to 2025, she shared the ministry’s ambitious goals for boosting commerce, trade, and investment activities, positioning Lagos as not just a leading business hub in Africa but a global model of sustainable urban growth.
In his remarks, the President of the Lagos Chamber of Commerce, Mr. Benson Idahosa, expressed gratitude to Governor Sanwo-Olu for creating an environment that facilitated the smooth running of the 2024 Trade Fair. He also thanked participants from across Nigeria and Africa for contributing to the fair’s success. Idahosa reassured the African continent that the Chamber would continue to raise the bar for future editions of the fair, which would further contribute to bolstering the economy of African nations.