FIC Report (Lagos State) – Lagos State Governor, Babajide Sanwo-Olu, has reaffirmed the state’s commitment to championing initiatives that foster entrepreneurship, support innovation, and attract strategic investments. Speaking yesterday the 21st of May 2025 at the 16th Meeting of the National Council on Industry, Trade and Investment, Sanwo-Olu emphasized the importance of accelerating economic diversification and leveraging industry, trade, and investment for shared prosperity.
Key Takeaways:
- The council deliberated on strategies to accelerate diversification, including policy frameworks, value chain development, and support for small and medium enterprises (SMEs).
- Sanwo-Olu highlighted Lagos’ leadership role in providing a conducive environment for businesses to thrive and investments to flourish.
- The Minister for Industry, Trade and Investment, Jumoke Oduwole, emphasized the need for states to own their comparative advantages and develop bankable projects.
- The council adopted Lagos State’s Access to Finance for MSMEs Through Cooperatives (LASMECO) program as a working model nationally.
Call to Action:
- Stakeholders were urged to prioritize implementation, build data systems, and focus on productivity, transparency, and inclusivity in driving diversification efforts.
This meeting aimed to align policy, unlock collaboration, and accelerate action towards diversifying Nigeria’s economy and promoting sustainable industrial growth.
Signed
Ekimiete Opogolanyo
Senior Information Officer
22nd May 2025
