Lagos Launches Industrial Policy, Plans Support for MSMEs, Exporters

Lagos Launches Industrial Policy, Plans Support for MSMEs, Exporters
Targets 10.2% Manufacturing GDP Contribution
Govt promises business-focused implementation

The Lagos State Government has unveiled its Lagos State Industrial Policy (LSIP) 2025–2030, with a target of strengthening the manufacturing sector and increasing its contribution to the state’s real Gross Domestic Product to 10.2 per cent by 2026.

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Eko Hot Blog reports that the policy was unveiled at the 59th Annual General Meeting of the Manufacturers’ Association of Nigeria (MAN), Ikeja Branch, held at the Radisson Blu, Ikeja.

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Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem, described the policy as one of the most significant industrial frameworks produced by the state in recent years.

The commissioner, who was represented by the Director of Commerce, Segun Alogba, said the policy was designed to translate government priorities into practical measures that would improve the operating environment for manufacturers and other businesses.

According to her, the LSIP is built around six pillars: developing a competitive industrial base, creating an enabling business environment, supporting MSMEs, providing infrastructure, advancing skills development, and promoting innovation and sustainability.

She stressed that effective implementation would determine the success of the policy.

“Policies alone do not build factories. Policies alone do not create jobs. What transforms a policy from paper to prosperity is implementation,” she said.

The commissioner said the policy would introduce measures aimed at reducing regulatory bottlenecks and shortening the time required to establish, operate and expand industrial enterprises.

Other initiatives include one-stop investor facilitation and fast-tracked approvals, as well as the expansion and optimisation of industrial clusters in Ikeja, Apapa, Ilupeju and the Lekki Free Zone manufacturing corridor.

The government also plans to strengthen access to finance through the Lagos Industrial Development Fund and the LASMECO partnership with the Bank of Industry, which will provide single-digit, non-collateralised loans to qualifying small businesses.

Lagos Launches Industrial Policy, Plans Support for MSMEs, Exporters

The Lagos State Export Readiness Programme (LASERP) is another component of the policy, designed to help businesses transition from informal operations to export-ready enterprises capable of accessing the African Continental Free Trade Area (AfCFTA) market.

The commissioner said Nigeria’s manufacturing sector recorded a 3.29 per cent year-on-year growth in the first quarter of 2026, describing the performance as the sector’s strongest quarterly growth in four years.

She added that the sector contributed 9.57 per cent to real GDP during the period, while projections of 3.1 per cent growth in 2026 could raise its contribution to 10.2 per cent.

The Secretary to the Lagos State Government, Abimbola Hundeyin-Salu, represented at the event by the Director of Public Affairs, Ojelabi Olumuyiwa, said the administration would focus on ensuring that industrial policies produced measurable results.

She said government should continually assess whether businesses were operating more easily, manufacturers were reducing production costs, young people were gaining employment and investors were becoming more confident in Lagos.

Hundeyin-Salu acknowledged challenges including rising production costs, energy shortages, limited access to finance and regulatory bottlenecks.

She assured manufacturers that infrastructure development, including roads, transportation, drainage and connectivity, remained a priority of the state government.

However, the Chairman of MAN Ikeja Branch, Thomas Osobu, said manufacturers continued to face challenges arising from policy inconsistency, multiple taxation, foreign exchange volatility, rising energy costs and inadequate infrastructure.

He urged government and the private sector to maintain constructive dialogue, saying consistent policy implementation could improve industrial productivity, attract investment, encourage innovation and create quality employment.

The Ologba of Ogba, HRM Oba Latif Oladimeji Egbeyemi, also called for stronger engagement between government and manufacturers.

He said closer interaction would enable government to better understand the challenges facing industries and develop policies that support businesses, employment and government revenue.

Meanwhile, the Chief Executive Officer of the Lagos State Electricity Regulatory Commission (LASERC), Temitope George, acknowledged concerns raised by manufacturers over electricity tariffs and supply.

She reaffirmed the commission’s commitment to developing a transparent and well-regulated electricity market, with the long-term goal of ensuring reliable electricity at appropriate prices for Lagos residents.

George also encouraged continued engagement between MAN and LASERC on electricity challenges affecting industrial clusters.

The AGM featured a leadership transition, which was commended by the Ologba of Ogba for its maturity.

The event also featured the presentation of an award of credence to Commissioner Folashade Bada Ambrose-Medebem in recognition of her efforts toward developing solutions to improve the business environment in Lagos.

The Lagos State Government subsequently urged manufacturers to partner with the state in advancing its industrialisation agenda, particularly by leveraging the AfCFTA market of more than 1.3 billion people and Lagos’ strategic position as a major industrial and commercial hub in West Africa.