As Lagos continues to position itself as Africa’s premier trade and investment hub, the role of strategic policies, industrialisation, and support for small businesses cannot be overstated.
In this exclusive interview with PREMIUM TIMES, Folasade Ambrose-Medebem, the Honourable Commissioner for Commerce, Cooperatives, Trade, and Investment in Lagos State, shares insights into her vision for economic growth, investment attraction, and support for local enterprises.
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PT: Could you provide a brief overview of your professional profile?
Mrs Ambrose-Medebem: My career spans over two decades across finance, trade, sustainability, and corporate strategy, with experience in both the private and public sectors.
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I have worked with leading multinational organisations, including PwC, Ford, and Diageo (Guinness Nigeria PLC), in the UK, Europe, and Nigeria, contributing to high-level strategy and business transformation initiatives.
My tenure as an Executive Director at Lafarge Africa PLC saw me leading Communications, Sustainability, and Public Relations, ensuring the company’s alignment with global best practices in corporate responsibility and environmental sustainability.
Beyond corporate leadership, I have played a significant role in climate finance and sustainable development, serving as the strategy, engagement, and fundraising lead for the Climate Finance Accelerator (CFA) Nigeria, a UK government-funded initiative focused on mobilising investments for climate-smart projects.
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As the Commissioner for Commerce, Cooperatives, Trade, and Investment in Lagos State, I drive economic policies that foster industrialisation, attract investment, and promote entrepreneurship.
My work is deeply rooted in positioning Lagos as the premier trade and investment hub in Africa, ensuring that businesses—small and large—thrive in a dynamic and globally competitive market.
PT: How do you plan to increase trade and investment opportunities within Lagos State?
Mrs Ambrose-Medebem: Lagos has always been at the forefront of trade and commerce in Nigeria, but to remain competitive in a rapidly evolving global economy, we are adopting a more structured, strategic approach.
Trade and investment cannot flourish without strong economic policies, modern infrastructure, and a business-friendly regulatory environment, which is why we have aligned our initiatives with the Lagos State Development Plan 2052.
Our goal is twofold: to create an environment where local businesses can scale and attract investors by ensuring that Lagos remains the most profitable destination for capital deployment.
This means tackling bottlenecks that hinder ease of doing business, such as streamlining regulatory approvals, modernising infrastructure, and enhancing security.
Our ongoing investment in road networks, logistics hubs, and industrial zones is designed to facilitate smoother commercial exchanges.
Additionally, we actively promote Lagos at global investment forums, engaging with institutional investors, multinational corporations, and trade organisations to highlight the unique opportunities that exist within the state.
Recent high-level engagements have resulted in significant partnerships, including the Commonwealth Enterprise and Investment Council (CWEIC) and other international trade organisations.
Through these efforts, we are building a sustainable framework that guarantees long-term investor confidence in Lagos.
PT: What strategies are in place to attract foreign investors to the State?
Mrs Ambrose-Medebem: Attracting foreign investment requires a well-articulated approach that combines policy incentives, infrastructure development, and global visibility.
One of our most significant moves has been the establishment of dedicated investment promotion initiatives that connect potential investors with opportunities across various industries, including manufacturing, technology, agriculture, and services.
We have enhanced our engagement with foreign diplomatic missions, trade organisations, and international business chambers to deepen investor understanding of Lagos’ economic potential. Our participation in global investment summits has been instrumental in positioning Lagos as a viable destination for capital inflow.
For instance, our recent MoU with CWEIC provides access to a network of investors spanning over 54 countries.
Beyond engagement, we have introduced investor-friendly policies such as tax incentives, special economic zones, and a one-stop shop for business registration to simplify bureaucratic processes.
Additionally, we are making targeted investments in infrastructure, security, and power—key factors that influence investor decisions.
The upcoming Lagos Investment Summit will serve as another platform to showcase the immense potential that Lagos offers, and we anticipate major commitments from global investors as a result.
PT: As the Honourable Commissioner, how do you intend to promote local businesses and entrepreneurs?
Mrs Ambrose-Medebem: Supporting local businesses is at the heart of our strategy for economic growth. Our role as a government is not just to regulate but to enable businesses to thrive by creating policies and programmes that reduce barriers to growth and ensure access to resources.
The backbone of Lagos’ economy is its Micro, Small, and Medium Enterprises (MSMEs), which account for a significant percentage of employment and economic activity.
We are focused on enhancing access to finance through structured credit programmes, strengthening trade linkages, and fostering innovation.
Through initiatives like the Eko MSMEs Exclusive Trade Fair, we provide a platform for businesses to showcase their products, connect with potential partners, and explore export opportunities.
Our collaborations with organisations such as Export and Sell USA allow thousands of Nigerian businesses to penetrate global markets.
Furthermore, we have streamlined business registration and regulatory compliance, making it easier for entrepreneurs to formalise their businesses.
By reducing bureaucratic obstacles and offering tax incentives for startups, we are actively encouraging entrepreneurship and wealth creation within the state.
PT: What initiatives are being implemented to create jobs and stimulate employment in the industrial sector?
Mrs Ambrose-Medebem: One of our key focus areas is industrialisation, and we recognise that job creation is intrinsically linked to the expansion of the industrial sector.
Through the proposed Industrial Policy 2025-2030, we are setting up frameworks that promote local manufacturing, attract foreign direct investment into industrial zones, and enhance vocational training for youths.
Our partnership with private sector players in the manufacturing, logistics, and tech industries has facilitated job creation on a large scale.
By collaborating with multinational companies and investors, we are ensuring that Lagos remains the preferred destination for industrial growth.
Programmes such as the Lagos State Employment Trust Fund (LSETF) is playing a critical role in bridging the gap between job seekers and employers, while our vocational and technical education initiatives equip youths with the skills needed for emerging industries.
We have also made significant progress in fostering inclusive employment. For example, the Lagos International Summit for Women MSMEs and Nanos, in partnership with WEPDIN, has empowered thousands of female entrepreneurs.
These targeted interventions are helping to stimulate economic activity while positioning Lagos as a global centre for industrial excellence.
PT: What are the biggest challenges facing the Ministry in promoting industry, trade, and investment in Lagos State?
Mrs Ambrose-Medebem: While Lagos remains a leading economic hub, we acknowledge that challenges persist.
Access to finance remains one of the major hurdles for MSMEs, limiting their capacity to scale operations.
Infrastructure deficits, although being addressed, still pose difficulties in certain sectors, particularly logistics and manufacturing.
Additionally, the cost of energy remains a challenge for industries that require stable power supply for production.
Another issue is technological adoption among small businesses. While we are seeing progress, many entrepreneurs still struggle with digitalisation, which affects their ability to compete globally.
We are actively addressing this by fostering partnerships with fintech firms and technology-driven accelerators to facilitate digital transformation.
Internally, we are focused on capacity building for our workforce, ensuring that they are well-equipped to support businesses effectively.
Our commitment is to continuously refine policies that foster a more conducive environment for businesses and investors.
PT: Comparing Nigerian professionals to their foreign counterparts in terms of quality service delivery, do you think the foreign professionals outperform Nigerian professionals?
Mrs Ambrose-Medebem: Nigeria has some of the most talented professionals globally. Across various industries, Nigerian professionals have demonstrated their expertise on both the local and international stage, excelling in finance, technology, medicine, and engineering.
The key differentiator often lies in access to resources and an enabling environment. Given the right infrastructure, Nigerian professionals can compete with and even outperform their foreign counterparts.
PT: What advice do you have for upcoming professionals in Lagos State?
Mrs Ambrose-Medebem: Young professionals must be willing to adapt, continuously upskill, and take advantage of the vast opportunities Lagos offers.
Resilience and innovation are key to success in a dynamic economy like ours. I encourage upcoming professionals to be resilient, adaptable, and committed to continuous learning, as numerous opportunities exist in the state for them to explore and transform into business prospects.
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They should take advantage of government empowerment initiatives and proactively contribute to the state’s economic development.
The future of Lagos lies in the hands of skilled and purpose-driven professionals, and our administration is dedicated to supporting their growth in line with the T.H.E.M.E.S+ agenda and the LSDP 2052.
This interview was conducted in partnership with Women in Management, Business, and Public Service (WIMBIZ), a Nigerian non-profit organisation committed to advancing and empowering women in leadership. Mrs Ambrose-Medebem is also a member of WIMBIZ.
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