Gov. Babajide Sanwo-Olu of Lagos State has urged entrepreneurs, workers, and residents of the state to support the vision of transforming Lagos into Africa’s leading economic powerhouse through dedication and collaboration.
Sanwo-Olu made the call on Sunday in Lagos, at the closing ceremony of the Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).
The governor said it was important for the business community to continue forging partnerships, innovating, and pushing forward the shared vision of a prosperous, inclusive, and resilient Lagos.
He noted that the event’s theme, “Connecting Businesses, Creating Value” aligned perfectly with the state’s vision to foster partnerships, drive innovation, and build an environment where businesses of all sizes can thrive.
He said that his administration guided by the T.H.E.M.E.S+ Development Agenda had set out to transform Lagos into a true megacity, one that competes globally and nurtures an ecosystem for growth and prosperity.
“We understand that a thriving business environment depends on strong infrastructure and in recent years, we have made significant progress in road construction, public transport, and digital connectivity.
“Lagos is a city where innovation and resilience meet, and we are committed to building a digital-first economy.
“Recognising our strategic role within Africa, we have also established the Lagos State Technical Working Group on Africa Continental Free Trade Area (AfCFTA) to prepare our businesses to leverage the trade benefits within Africa.
“Initiatives such as the Lekki Deep Sea Port underscore our commitment to making Lagos the commercial gateway of West Africa,” he said.
Sanwo-Olu also said that sustainability remained central to the state’s growth strategy, and that the government was taking decisive steps toward becoming a cleaner, greener Lagos.
He said that the state was creating a sustainable city that balanced economic opportunities with environmental stewardship through initiatives that prioritised renewable energy, waste management, and eco-friendly policies,
The governor noted that the state was not exempted from the knowledge that Micro, Small, and Medium Enterprises (MSMEs) were the backbone of any vibrant economy.
According to him, through the Lagos State Employment Trust Fund (LSETF), the state has supported over 13,000 SMEs with loans exceeding nine billion Naira.
He lauded the LCCI for creating the trade fair platform that connected SMEs to markets, providing opportunities for partnerships and growth.
Mrs Folashade Ambrose-Medebem, Commissioner, Ministry of Commerce, Cooperatives, Trade and Investment, celebrated the resilience and innovative spirit of both local and international business communities.
She said the 2024 LITF also underscored the commitment of the Lagos State Government to catalyse business growth, foster collaboration, and drive socio-economic prosperity.
She noted that the event’s theme encapsulated the state’s shared vision and mission, particularly in today’s fast-paced, ever-evolving global economy where connections had become a necessity.
According to her, these connections drive innovation, spur economic growth, and inspire businesses to explore uncharted territories.
Ambrose-Medebem noted that Lagos State, the economic powerhouse of Nigeria, accounted for a significant portion of the nation’s Gross Domestic Products (GDP).
She said the state was home to over 11,643 registered small, medium sized and large-scale enterprises, employing a large share of its vibrant population and sustaining its economic dynamism.
“Recognising their significant roles, we have been working to strengthen their operations, expand our financial inclusion initiatives – through grants and low-interest loans, to accommodate and support budding entrepreneurs and established small businesses alike.
“In collaboration with our partnering institutions, we continue to equip our MSMEs with the resources they need to innovate and scale their operations.
“As we move forward, the administration of Babajide Sanwo-Olu, remains committed to bolstering infrastructure, enhancing the ease of doing business, and implementing policies that promote growth across all sectors.
“From manufacturing to commerce, we are focused on creating an enabling environment that supports innovation, encourages investment, and facilitates seamless connectivity between local and international businesses,” she said.
The commissioner added that the state would continue to initiate policies that would boost inclusive growth, especially those in underserved communities, by promoting fair trade practices and expanding access to business resources.
Mr Gabriel Idahosa, President, LCCI, lauded President Bola Tinubu, governor Sanwo-Olu of Lagos and other government agencies that provided useful and important services, facilitating the staging of the 2024 LITF.
He also commended the military, police, traffic control agencies, all para-military formations, sponsors and partners that supported the hosting of the fair.
Idahosa noted that in spite of the numerous challenges that accompanied hosting such large fair, the LCCI had endeavoured to ensure a hitch-free and successful fair.
“However, as in most human endeavours, there may have been some areas for improvement and we have taken note of such feedback on the strategy for the 2025 edition.
“We look forward to a better, bigger, and richer 2025 Lagos International Trade Fair holding from Nov. 7 to Nov. 16, 2025,” he said.
