Lagos State Unveils Industrial Policy for Economic Growth

The Lagos State Government has announced a new industrial policy designed to accelerate economic growth and position the state as a key player in Nigeria's goal of achieving a $1 trillion economy by 2026. This announcement was made by Folashad Ambros, the Commissioner for Commerce, Cooperatives, and Trade, during a roundtable event organized by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) in Lagos on Tuesday.

The policy, expected to be formally unveiled in April 2026, aims to align with national economic goals and international trade frameworks, including the African Continental Free Trade Area (AfCFTA). It focuses on strengthening key sectors such as cocoa, shea, lithium, textiles, petrochemicals, and agro-processing, supported by tax incentives and subsidies.

Additionally, Lagos is working towards readiness for the Intra-African Trade Fair 2027 and plans to introduce a ₦10 billion non-collateralized loan scheme for cooperatives and MSMEs at single-digit interest rates.