•Introduces operation Quadrant Ignite to transform economic zone as Africa’s premier business destination
Segun James
Lagos State Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) yesterday brought together major drivers and stakeholders in the Lekki Economic Zone for collaboration towards accelerated development of the corridor.
The relations between the zones and enterprises became formalised with the signing of the memorandum of understanding (MoU) by Lekki Worldwide Investment Limited – representing the Lagos State Government, Lekki Free Zone Development Company (LFZDC), Lagos Free Zone, Dangote Enterprise Zone, Alaro City, Lekki Ports and others at Alausa, Lagos.
The Commissioner for CCTI, Folashade Ambrose, described the occasion as historic as leaders of enterprises in Lekki Economic Zone rose above the walls of economic partitions and organisational divides, to collaborate and set off a transformational shift that would redefine business and investment landscape in the Zone.
Her words: “Today’s event marks a significant milestone in our collective desire to ignite the latent potentials of the Lekki Economic Zone, exploring its huge opportunities and accelerating its development with the entrance of additional investments.
“It is part of the broader plan to transform the region into an economic and industrial hub, catering to various sectors including manufacturing, real estate, trade, logistics, and services.
“The signed MoU reflects our concerted efforts to position Lagos as a key hub for trade and investment in West Africa, attracting both local and international businesses. The zone is expected to significantly impact the Lagos economy by creating a more diversified industrial base and offering numerous opportunities for businesses and investors.”
Speaking further, the Commissioner stressed that the initiative would allow stakeholders such as government agencies, businesses, and local communities to pool resources, share expertise, and collaborate on infrastructure development, leading to more effective and efficient use of resources.
“By working together, we will also create a conducive environment for investments, industrial growth, and job creation, driving the growth of both the Lekki Economic Zone and the broader Lagos economy.
“In addition, the partnership will lead to the development of world-class infrastructure, including transport systems, utilities, and communication networks, which will improve business operations and the quality of life for residents.
“It will also afford stakeholders from different sectors, including government and the enterprises, an opportunity to share risks associated with large-scale development projects, leading to minimised financial burden and making the projects more sustainable,” she said.
Ambrose affirmed the commitment of the State government, under the leadership of Governor Babajide Sanwo-Olu, to continuously initiate strategies, facilitate ideas and sustain the drive to ensure Ease of Doing Business environment that supports businesses prosperity and strengthens the economy.
“This collaboration will drive more cooperation and inclusion in many areas that will further strengthen the Lekki Economic Zone and make it more attractive to businesses and investors. “We strongly believe that by creating an enabling environment for business, the Lekki Economic Zone can attract both local and international investors, driving long-term economic growth.”
Describing the ceremony as epoch-making, Managing Director/CEO, LWIL, Adeniyi Akinlusi, remarked that the stakeholders’ collaboration would transform the Lekki Economic Zone considerably.
Managing Director/CEO, Lagos Free Zone, Adesuwa Ladoja, stated that the coming together of investors in the zone was a game changer for existing and potential investments in the corridor.
Meanwhile, as part of efforts to transform the LEZ into Africa’s premier destination for manufacturing, trade, and investment, the Lagos State Government has come up with an initiative tagged, ‘Operation Quadrant Ignite (OQI)’ aimed to have more robust infrastructure.
Ambrose who made the disclosure at Lagos Design Week 2025, Design and Innovation Exhibition, “The Roadmap to Industrialisation,” pointed out that Lekki had long been envisioned as the industrial nerve center of Lagos, and through OQI, the vision is positioned into reality.
She pointed out that the theme was a clarion call, an urgent appeal for strategic partnerships, bold investments, and unwavering commitment to unlocking the immense potential of Lagos State as Africa’s foremost industrial and economic powerhouse.
The Commissioner noted under the leadership of Sanwo-Olu the Lagos GDP has increased from N27 trillion to N41 trillion within four years, adding that as part of the strategy to propel Lagos into a new era of industrial growth, the State through the MCCTI was preparing to launch a comprehensive industrial policy that would serve as a transformative guide for the state’s economic development.
The government therefore convened a Consultative and Validation Exercise on February 10, 2025, bringing together captains of industry, policymakers, and thought leaders to contribute their expertise and insights.
The forum was instrumental in ensuring that the policy is not just a government document but a living framework shaped by those at the forefront of industrialisation, investment, and commerce.
In her keynote address, the Commissioner noted, “The Lagos State Industrial Policy (LSIP) 2025–2030,” was more than a vision, but also a structured and strategic roadmap designed to elevate Lagos into a globally competitive industrial hub.
“This policy is set to enhance infrastructure development by expanding industrial zones, strengthening transportation networks, and ensuring a stable power supply that meets the state’s growing demand.
“It will also create a more seamless and efficient business environment by simplifying regulatory processes, eliminating bureaucratic hurdles, and fast-tracking approvals for industrial projects to attract both local and international investors,” she added.
In his comment, the moderator during the panelists’ session, Olamide Ogunlaja, reiterated that Nigeria has so much depended on oil for economic growth, saying, “the group has been oil sector and non-oil sector. All other sectors have been grouped as one.
“It is a shame because of the abundant talents we have in the country that have not been harnessed. We have young talents that can make contributions,” he added.
