Lagos State has successfully attracted over N50 billion in investments through Foreign Direct Investment (FDI) and Domestic Direct Investment (DDD) in the past year, according to Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade and Investment. She made this announcement during a press briefing to mark the first year of Governor Babajide Sanwo-Olu’s second term.
One of the major investments includes the Twinings Ovaltine Nigeria Limited (TONL), owned by Associated British Foods Plc, which plans to fully manufacture its products in Lagos, moving from its previous practice of importing from China and packaging locally. This new venture, valued at over N38 billion, is expected to create 112 direct jobs and over 200 distributor roles by 2025, while also generating over $8 million in exports to West Africa.
Mrs. Ambrose-Medebem highlighted the state's diverse investment portfolio, which includes sectors such as healthcare, retail, Fast Moving Consumer Goods (FMCG), education, financial services, cybersecurity, agriculture, and manufacturing. She noted that numerous Trade Missions have been sent from Lagos to the United Kingdom, in collaboration with the Organised Private Sector (OPS) and Business Membership Organisations (BMOs), to explore new trade opportunities.
The commissioner emphasized that Lagos State’s participation in various global investment and business summits aims to attract capital, skills, innovation, and technology, thereby creating more local jobs, increasing productivity, and generating higher revenue.
