The Lagos State Government has unveiled plans to launch a new industrial policy aimed at accelerating economic growth and positioning the state as a major driver of Nigeria’s ambition for a $1 trillion economy.
The announcement was made by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose, during a Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture roundtable on trade and export competitiveness held in Lagos on Tuesday.
According to her, the Lagos State Industrial Policy is expected to be formally unveiled by April 2026 and will align with both national economic goals and international trade frameworks, including the African Continental Free Trade Area.
She said the policy would focus on strengthening key sectors such as cocoa, shea, lithium, textiles, petrochemicals, and agro-processing, with support through tax incentives, subsidised power, and industrial clusters.
“These sectors should be supported through tax incentives, subsidised power, and dedicated industrial clusters. Nigeria must move beyond raw material exports into value-added production,” she said.
She also highlighted the potential of the shea industry, noting that while Nigeria supplies a significant share of global raw shea nuts, it captures only a small portion of global value due to limited processing capacity.
“This challenge is not about resources, but about coordination,” she said.
The commissioner further disclosed that Lagos is working toward full readiness for the Intra-African Trade Fair in 2027, adding that effective implementation of AfCFTA requires states to establish dedicated trade desks to drive policy execution.
“Readiness is not a slogan; it is a system,” she said, calling for stronger policy alignment and regulatory harmonisation across agencies.
She also revealed that Lagos has introduced a ₦10 billion non-collateralised loan scheme for cooperative-based MSMEs, designed to support small producers with up to ₦10 million in funding at single-digit interest rates.
Stakeholders at the event agreed that Nigeria’s export growth depends on stronger coordination, improved infrastructure, and access to affordable finance, particularly for small and medium-scale enterprises.
As discussions continue, Lagos is positioning itself as a central hub in Nigeria’s industrial transformation agenda, with hopes that the new policy will help unlock long-term economic expansion.
Earlier in his welcome address, the National President of NACCIMA, Engr. (Dr.) Jani Ibrahim noted the theme “Unlocking Nigeria’s Export Potential: Policy Alignment, Private-Sector Readiness, and Trade Facilitation” was timely.
Represented by the National Vice President of NACCIMA, Alhaji Yaya Oladimeji, who also doubles as the President of Badagry Chambers of Commerce, he said Export is evolving significantly from heavily dominated crude oil export to diversified export products.
According to him, “We gather at a time when Nigeria’s export narrative is evolving significantly from one heavily dominated by crude oil to a broader, more diversified trade footprint that reflects the ingenuity and resilience of our private sector.
“Recent trade data shows that Nigeria’s non-oil exports climbed to approximately $6.1 billion in 2025, marking an 11.5 % year-on-year growth and representing the highest non-oil export value ever recorded in the nation’s history.
“In naira terms, non-oil exports hit a record N9.2 trillion in the first nine months of 2025, up 48 % compared to the same period in 2024, underscoring how our producers and exporters are responding to improved price incentives and expanded market access.
“These gains reflect concrete progress in sectors such as agriculture, processed goods, and solid minerals, with exports spanning over 280 products and total non-oil export volumes climbing to over 8 million metric tonnes.
“Nigeria’s geographical export profile is also shifting. While traditional markets in Europe and Asia remain significant, African markets have emerged as major destinations for Nigerian goods. In 2024, Africa collectively accounted for roughly N8.74 trillion in exports, with intra-ECOWAS trade representing a growing share of this activity.
“Furthermore, exports to African countries climbed by 14 % in the first half of 2025, with West Africa absorbing over 62 % of those goods, reflecting strengthening regional trade momentum and the early impacts of AfCFTA implementation.”
He stated that export growth requires stable, predictable, and coordinated policies across trade, finance, taxation, customs administration, standards, infrastructure, and industrial development, adding that fragmentation slows progress; alignment accelerates it.
“We must ensure that national strategies are harmonized with implementation frameworks, and that regulatory processes are efficient, transparent, and business-friendly.
“Our businesses, especially MSMEs, must be equipped to meet international standards in quality, packaging, certification, and traceability. They must have access to affordable finance, reliable infrastructure, market intelligence, and capacity-building support. Export competitiveness is not accidental; it is built through deliberate investment in knowledge, innovation, and productivity.
“Time is money in global commerce. Efficient ports, simplified customs procedures, digitalized documentation systems, and seamless border operations are critical to reducing the cost of doing business. If Nigerian products are to compete globally, we must reduce domestic bottlenecks that erode margins and discourage exporters.
“NACCIMA remains committed to advancing these three pillars and to creating platforms where government and business can engage constructively, align priorities, and turn export opportunities into socio-economic impact.
“We must also leverage regional frameworks such as the African Continental Free Trade Area, which presents one of the largest integrated markets in the world. By deepening our participation, Nigeria can secure preferential market access, diversify export products, and build stronger value-chain linkages across the continent.” He averred.
In his presentation, titled “The Three Pillars of Transformation”, Mr Taiwo Ajetunmobi, Head, Investment and Management, Nigerian China Trade Partnership at the office of the President, noted that
Nigeria’s export ambitions cannot succeed when policy signals as united exporters need clarity, predictability, and coordination, adding that Nigeria is already moving in the right direction.
Ajetunmobi noted that Nigeria has gazetted the AFCFTA Provisional Schedule of Tariff Concessions, enabling preferential continental trade, unlocking a market of 1.5 billion people and a combined GDP of $3.4 trillion.
On the 2026 Fiscal Policy and Tariff Amendments, which is aimed at boosting local production, he noted that the government has imposed tariffs of between (0%-400%); for a list of 197 import goods, adding that the National List has 127 items and 125 with reduced import duties to stimulate critical sectors of the economy.
He stated that the Federal Government has introduced the Green Tax Motor, which is for electric vehicles, pointing out that Import Prohibition 115 terms across 17 categories have been captured.
He emphasised that weak access to working capital and short-term finance constraints to SME Growth, stressing that poor aggregation and logistics, fragmented supply chains and warehouse receipt stems and low export scale were hindrances to trade.
He explained that Weak Market Intelligence was a great hindrance to trade, saying that limited access to digital market intelligence and sector-specific guidance was a necessity.
