Lagos faces a power shortage, with a demand of 12,000 MW but only 3,500 mw of supply, resulting in an 8,500 mw gap.
However, the state is leveraging its thriving startup ecosystem, valued at over $9 billion, and its commitment to industrial excellence, as outlined in the Lagos State Industrial Policy (2025-2030).
The State Commissioner for Commerce, Cooperative, Trade and Investment, Mrs Folashade Ambrose made the disclosure during the Lagos State Industrial Policy Consultative Assembly and Validation Workshop in Ikeja.
According to the Commissioner, the validation of the Lagos State Industrial Policy (2025-2030) is a defining moment—one that signals readiness to elevate Lagos into a hub of industrial excellence, where businesses can thrive, investments can flourish, and job creation can be maximised.
Ambrose explained that since energy security remains a top priority, the State is pioneering renewable energy investments, including solar mini-grids, waste-to-energy initiatives, and gas-to-power projects.
Also, the state government is actively working to decentralize electricity generation through Independent Power Projects (IPPs) to support industrial zones and commercial hubs.
The event was attended by representatives of Ministries, Departments, and Agencies, members of the Organized Private Sector, and Chambers of Commerce.
Ambrose said, “Today marks a significant milestone in our collective journey towards transforming Lagos into Africa’s premier industrial hub. Your presence here underscores the commitment we all share in fostering a vibrant and sustainable industrial landscape for Lagos State—one that is resilient, inclusive, and positioned to compete on a global scale.
“Lagos State has long been the cornerstone of Nigeria’s economic advancement, acting as the gateway to trade, commerce, and industrialization for the nation and beyond. Our state’s dynamism is a reflection of the entrepreneurial spirit of our people, the innovation embedded in our industries, and the strategic foresight of successive administrations in shaping a business-friendly environment.
“However, as the world transitions towards a new era of economic modernisation driven by technology, sustainability, and global competitiveness, it is imperative that we recalibrate our industrial policies to align with both domestic imperatives and international best practices.
“This consultative assembly is not just another meeting; it is a call to action. It is a platform for us to deliberate on policies that will define the future of Lagos’ industrial sector, ensuring that we are not just keeping pace with change but actively driving it.
“The importance of industrialization cannot be overstated. A robust industrial sector is fundamental to achieving economic diversification, reducing dependence on imports, fostering innovation, and accelerating wealth creation.”
She pointed out that the state is a major financial hub, hosting the headquarters of Nigeria’s largest banks, insurance companies, and investment firms, saying, “The Lagos International Financial Centre is being positioned as a strategic global financial hub, further solidifying Lagos’ place in the international investment ecosystem.”
She further disclosed, “Lagos is the tech capital of Africa, accounting for over 60% of Nigeria’s technology startups and housing the continent’s largest innovation clusters, including Yaba’s Silicon Valley. With the rise of fintech, blockchain, artificial intelligence, and e-commerce, Lagos has become a global hotspot for technology investments.
“The startup ecosystem is valued at over $9 billion, and the state has produced some of Africa’s most successful unicorns, including Flutterwave, Paystack, and Opay.
“The government’s Smart City initiative and investments in broadband expansion, digital literacy, and e-government services are creating a digitally inclusive society, fostering innovation, and attracting venture capital to Lagos’ thriving tech sector.
“Lagos is the industrial backbone of Nigeria, hosting over 70% of the country’s manufacturing activity. The state’s industrial zones—including the Lekki Economic Zone —are home to multinational manufacturing firms in key sectors such as automotive, pharmaceuticals, food processing, construction materials, and petrochemicals.
“With the Lagos Industrial Policy (2025-2030), we aim to deepen industrialisation by leveraging public-private partnerships (PPPs), creating dedicated power solutions for industries, and improving logistics infrastructure to reduce production costs.”
Speaking on real estate and housing, the Commissioner stated, “Lagos’ rapid urbanisation has fueled an ever-growing demand for housing, commercial properties, and transport infrastructure. The state’s real estate sector presents an investment opportunity valued at over $40 billion, with a current housing deficit of 3 million units. In response, the government is driving affordable housing projects, urban renewal programs, and private sector-led housing developments to bridge the gap.”
She reiterated that the Lagos State Development Plan 2052 (LSDP 2052) sets ambitious goals to make Lagos which include globally competitive industrial hub; a technology-driven economic powerhouse; a sustainable and climate-resilient mega city and a financial and commercial epicenter for Africa.
