Kehinde Fajobi
The Lagos State Government has revealed plans to close an 8,500MW electricity shortfall as part of efforts to sustain industrial growth and maintain its position as Nigeria’s economic powerhouse.
Commissioner for Commerce, Cooperative, Trade, and Investment, Folashade Ambrose, made the announcement at the Lagos State Industrial Policy Consultative Assembly and Validation Workshop in Ikeja.
She noted that Lagos currently demands 12,000MW of power but receives just 3,500MW, a gap the state is working to bridge through renewable energy investments and independent power projects (IPPs).
“Since energy security remains a top priority, the state is pioneering renewable energy investments, including solar mini-grids, waste-to-energy initiatives, and gas-to-power projects,” Ambrose said.
She added, “The state government is actively working to decentralize electricity generation through independent power projects to support industrial zones and commercial hubs.”
Ambrose described the validation of the Lagos State Industrial Policy (2025–2030) as a critical step in transforming Lagos into Africa’s leading industrial hub.
“Today marks a significant milestone in our collective journey towards transforming Lagos into Africa’s premier industrial hub.
“Your presence here underscores the commitment we all share in fostering a vibrant and sustainable industrial landscape for Lagos State—one that is resilient, inclusive, and positioned to compete on a global scale.”
She highlighted Lagos’ dominance as Nigeria’s financial and technological epicentre, stating, “Lagos State has long been the cornerstone of Nigeria’s economic advancement, acting as the gateway to trade, commerce, and industrialization for the nation and beyond.”
She also noted that Lagos is home to over 70% of Nigeria’s manufacturing activities, with major industrial zones, including the Lekki Economic Zone, housing multinational firms across key sectors.
“With the Lagos Industrial Policy (2025–2030), we aim to deepen industrialization by leveraging public-private partnerships, creating dedicated power solutions for industries, and improving logistics infrastructure to reduce production costs,” Ambrose said.
Beyond industrialization, she pointed to a booming real estate sector valued at over $40 billion, with the government pursuing affordable housing projects and urban renewal initiatives to address a 3-million-unit housing deficit.
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Infrastructure expansion, she added, is a priority, with projects like the Lagos Rail Mass Transit (Blue and Red Lines), the Fourth Mainland Bridge, and the Opebi-Mende Link Bridge designed to modernize the city and improve mobility.
“The Lagos State Development Plan 2052 (LSDP 2052) sets ambitious goals to make Lagos a globally competitive industrial hub, a technology-driven economic powerhouse, a sustainable and climate-resilient mega city, and a financial and commercial epicentre for Africa,” Ambrose stated.
“With these strategic initiatives in place, Lagos is on track to become Africa’s most prosperous and industrially advanced state. The validation of our Industrial Policy (2025–2030) today is a crucial step in actualizing these aspirations.”