Lagos Industrial Policy targets 10.2% manufacturing GDP contribution by 2026

The Lagos State Government has revealed the Lagos State Industrial Policy (LSIP) 2025-2030, setting an ambitious goal of 10.2% manufacturing contribution to the state's GDP by 2026. The policy, unveiled at the Manufacturers' Association of Nigeria (MAN) 59th Annual General Meeting in Ikeja, was created to bolster Lagos' industrial sector for the 21st century.

The LSIP is structured around six key areas: industrial base strengthening, business environment enhancement, MSME development, infrastructure improvement, skills advancement, and innovation and sustainability. The Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem, emphasized that the policy's success hinges on effective implementation and outlined several delivery mechanisms, including regulatory and administrative reforms, industrial cluster expansion, the Lagos Industrial Development Fund, and support for small businesses through LASMECO Partnership with the Bank of Industry.

Although MAN Ikeja Branch Chairman Thomas Osobu welcomed the policy, he cautioned about ongoing challenges in manufacturing productivity and the need for constructive dialogue between government and industry stakeholders. Additionally, LASERC Director Temitope George reassured manufacturers about the state's commitment to a functional electricity market, addressing concerns over tariffs and supply.