MSME fund, Imota park to drive Lagos industrial policy
A N10 billion MSME financing scheme and the Imota Light Industrial Park have emerged as the cornerstone projects underpinning Lagos State’s Industrial Policy (2025–2030), as the government moves to accelerate
A N10 billion MSME financing scheme and the Imota Light Industrial Park have emerged as the cornerstone projects underpinning Lagos State’s Industrial Policy (2025–2030), as the government moves to accelerate manufacturing growth, deepen value addition and position the state as Africa’s leading industrial hub.
The policy, scheduled for official launch on April 30, outlines a five-year roadmap for economic transformation, with a strong focus on financing access, infrastructure development and sector-wide reforms designed to unlock industrial productivity and competitiveness.
The framework, which is based on extensive stakeholder consultations and data-driven planning, is the state’s most ambitious industrial agenda in recent years, according to the Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, who spoke at a press conference in Alausa, Ikeja.
She explained that the policy is anchored on Governor Babajide Sanwo-Olu’s THEMES Plus development agenda, which prioritises strategic planning, execution discipline and strong public-private collaboration.
“Within 72 hours, Lagos will launch its Industrial Policy 2025–2030, committing stakeholders to a coherent and actionable plan for industrial transformation,” she said.
“The governor insists on strategic planning, disciplined execution and strong public-private collaboration as foundations for sustainable prosperity,” she said.
Central to the rollout is the N10 billion Lagos State Government–Bank of Industry MSME financing initiative, which the state has positioned as a key enabler for small and medium-scale enterprises to scale production and compete effectively.
She noted that the funding programme would be deployed through cooperative structures to ensure wider reach, improved monitoring and greater inclusion of grassroots enterprises.
“The N10 billion LASG-BoI MSME financing initiative is underway, with initial disbursements expected within weeks.
“SMEs remain our economic backbone; we are expanding finance access, removing bottlenecks and boosting competitiveness,” Ambrose-Medebem said.
Complementing the financing push is the Imota Light Industrial Park, a purpose-built facility designed to provide affordable industrial infrastructure, reduce production costs and improve operational efficiency for manufacturers.
“The park will provide affordable, purpose-built facilities, improving efficiency and reducing production costs,” she said.
According to her, the facility is expected to particularly benefit small and medium manufacturers seeking access to modern industrial ecosystems.
Beyond these flagship projects, the policy targets key sectors including agro-processing, manufacturing, creative economy, healthcare, blue economy and digital trade—areas identified for their export potential, job creation capacity and ability to drive inclusive growth.
She said the framework directly addresses longstanding constraints to industrial expansion, including infrastructure deficits, regulatory bottlenecks and supply chain inefficiencies, with defined timelines for resolution.
“The policy addresses constraints to industrial growth, with timelines to tackle infrastructure, regulatory and supply chain challenges,” she said.
Ambrose-Medebem underscored Lagos’ economic position as Nigeria’s commercial and industrial nerve centre, noting its population of over 20 million and its pivotal role in trade, non-oil revenue generation and regional commerce.
“Lagos remains West Africa’s financial and commercial hub, with over 20 million people engaged in daily economic activities,” she said.
She added that Lagos’ coastal advantage, entrepreneurial ecosystem and expanding market base provide a strong foundation for industrial expansion and regional leadership.
The policy also integrates innovation, technology adoption and human capital development as key drivers of long-term competitiveness.
“We are building a workforce for a digital, knowledge-driven industrial future through skills development and institutional partnerships,” she said.
Ambrose-Medebem noted that collaborations with academic institutions and private organisations would enhance research capabilities, innovation and workforce readiness.
Sustainability is also embedded within the framework, with a commitment to cleaner production processes and alignment with global environmental standards.
“Our industrial expansion will align with cleaner production and global environmental standards for long-term sustainability,” she said.
To attract investment and deepen stakeholder engagement, the state has scheduled the Invest in Lagos Summit 3.0 for June 8 and June 9, where the policy will be showcased to global investors.
“The summit will attract global investors and showcase the policy to secure investment commitments,” she said.
The official unveiling, set for Lagos Continental Hotel, Victoria Island, is expected to bring together investors, industry leaders and development partners to review the policy framework and implementation strategy.
“The event will convene investors, industry leaders and partners to unveil the policy framework and implementation strategy,” she said.
Ambrose-Medebem called on the media to support transparency and accountability in the rollout process, emphasising its critical role in shaping informed public discourse, while reaffirming the government’s commitment to inclusive growth through a policy designed to drive job creation, empower youth and improve living standards.
She further urged stakeholders, investors and development partners to actively engage in the implementation to ensure its success.
“The media is a vital bridge between government and the public, and we rely on accurate, critical reporting.
“Our goal is a Lagos where industries thrive, businesses scale and citizens access meaningful employment.
“We encourage active engagement to realise Lagos as Africa’s industrial hub,” the commissioner stated.
