Lagos unveils new industrial policy to drive economic growth and $1 trillion economy ambition
via Punch Nigeria5 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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A coroner's court in the United Kingdom has ruled that Beatrice Solomon, a 27-year-old Nigerian woman, died by suicide. Ms. Solomon, who moved to the UK in November 2023 on a skilled worker visa, was found unresponsive in her Stanfield home. Her husband, Damian Butler, discovered her upon returning home from work. Emergency responders pronounced her dead at the scene. Police investigators ruled out any third-party involvement. During the inquest, Mr. Butler stated that his wife had struggled with her mental health for the past year, attributing it to issues with Stoke-on-Trent City Council. He also revealed that Ms. Solomon had made two previous attempts to take her own life. A post-mortem examination determined the cause of death as oxygen deprivation. Coroner Li Hammond-Naylor concluded that Ms. Solomon died by suicide, noting that she had researched and planned the act. Ms. Solomon, a caregiver, is survived by her husband, a son, and her siblings.
The Nigerian Federal Government is prepared to collaborate with investors to address the nation's housing deficit, offering land nationwide for mass housing projects. This was announced by the Minister of Housing and Urban Development, Engr. Muttaqha Darma, during a meeting with a Chinese delegation. The delegation, led by Chief Engineer Lewis Chima, proposed a partnership to deliver large-scale affordable housing. Darma noted that this proposal aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes affordable housing through public-private partnerships. The minister affirmed the ministry's commitment to facilitating access to land and providing institutional support for successful project implementation. Chima stated that the company was drawn to Nigeria due to its significant housing demand and economic potential, aiming to complement the Renewed Hope Housing Programme by providing affordable, durable, and rapidly deployable housing solutions across the country’s six geopolitical zones. The company plans to use advanced prefabricated construction technology under an Engineering, Procurement, Construction, and Financing model to deliver 10,000 housing units within 30 months, reducing costs and improving quality. Darma has directed a committee to review the proposal. Nigeria faces an estimated housing deficit of about 17 million units, which the Renewed Hope Housing Programme aims to tackle through various initiatives, including Renewed Hope Cities, Estate
The Federal Government has launched an initiative offering free registration for 250,000 Micro, Small and Medium Enterprises MSMEs through the Small and Medium Enterprises Development Agency of Nigeria SMEDAN and Corporate Affairs Commission CAC formalisation programme. Approved by President Bola Tinubu, this program aims to eliminate business registration costs for eligible nano, micro, and small businesses, thereby integrating more entrepreneurs into Nigeria's formal economy. Successful applicants will receive free Business Name registration, with the Federal Government covering the statutory fees. The initiative, announced during the 8th National MSME Awards in Abuja on June 27, also provides beneficiaries with technical training, business development support, and access to growth opportunities. Interested business owners can apply via the official SMEDAN portal at portal.smedan.gov.ng by creating an account, completing the MSME registration form, and indicating they do not have an existing CAC registration number. Businesses already in the SMEDAN database without CAC registration may automatically qualify. This program follows a Memorandum of Understanding between CAC and SMEDAN to formalise 250,000 enterprises nationwide, with President Tinubu formally approving the free formalisation in 2026 to ease financial burdens for entrepreneurs and integrate them into Nigeria's formal banking and regulatory system.