The Lagos State Government has announced its goal to address a significant electricity shortfall of 8,500 megawatts (MW) in response to a power demand of 12,000 MW, while the current supply stands at only 3,500 MW.
Despite this challenge, Lagos boasts a thriving startup ecosystem valued at over $9 billion and has produced some of Africa’s most successful unicorn companies.
This information was shared by the State Commissioner for Commerce, Cooperative, Trade and Investment, Mrs. Folashade Ambrose, during the Lagos State Industrial Policy Consultative Assembly and Validation Workshop held in Ikeja.
The event was attended by representatives from various Ministries, Departments, and Agencies, as well as members of the Organized Private Sector and Chambers of Commerce.
According to the Commissioner, the validation of the Lagos State Industrial Policy (2025–2030) marks a pivotal moment, signaling the state’s commitment to becoming a center of industrial excellence where businesses can flourish and investments can thrive.
Ambrose stated, “With energy security as a top priority, the state is leading the way in renewable energy investments, such as solar mini-grids, waste-to-energy projects, and gas-to-power initiatives.
“The state government is also focused on decentralizing electricity generation through Independent Power Projects (IPPs) to support industrial zones and commercial centers.
She continued, “Today represents a significant milestone in our shared journey to transform Lagos into Africa’s leading industrial hub.
“Your presence here highlights our collective commitment to nurturing a vibrant and sustainable industrial environment in Lagos State—one that is resilient, inclusive, and ready to compete on a global stage.
“Lagos State has long been the foundation of Nigeria’s economic growth, serving as the gateway for trade, commerce, and industrialization both nationally and internationally.
“Our state’s dynamism reflects the entrepreneurial spirit of our people and the innovative drive that propels us forward.”
“However, as the world transitions towards a new era of economic modernization 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.”
