Lagos unveils new industrial policy to drive economic growth and $1 trillion economy ambition
via Punch Nigeria15 hours ago5 min read
The Lagos State Government has announced a new industrial policy aimed at boosting economic growth and supporting Nigeria's goal of achieving a $1 trillion economy. Mrs. Folashade Ambrose, Commissioner for Commerce, Cooperatives, Trade and Investment, revealed that the policy, expected to be formally launched by April 2026, will align with national economic objectives and international trade frameworks, including the African Continental Free Trade Area. The policy will prioritize key sectors such as cocoa, shea, lithium, textiles, petrochemicals, and agro-processing, offering support through tax incentives, subsidized power, and industrial clusters. Mrs. Ambrose emphasized the need to transition from raw material exports to value-added production, citing the shea industry as an example where Nigeria's processing capacity is limited despite being a major supplier of raw shea nuts. Lagos is also preparing for the Intra-African Trade Fair in 2027 and has introduced a ₦10 billion non-collateralized loan scheme for cooperative-based MSMEs, providing up to ₦10 million at single-digit interest rates. Stakeholders at the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture roundtable highlighted the importance of stronger coordination, improved infrastructure, and access to affordable finance for export growth. The National President of NACCIMA, Engr. Dr. Jani Ibrahim, noted Nigeria's evolving export narrative, with non-oil exports reaching approximately $6.1
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Original source
This summary was AI-generated from a story originally published by Punch Nigeria.
