MCCTI INSTITUTIONALIZES MANDATE, DRIVES INVESTMENT GROWTH UNDER COMMISSIONER AMBROSE-MEDEBEM
Read Time:5 Minute, 38 Second
………..Honourable Commissioner outlines transformative achievements, Strategic Partnerships, and Vision for Lagos as Africa’s Premier Investment Gateway in Exclusive interview with The Report Company and USA Today
The Lagos State Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) is cementing its position as the backbone of the State’s Economy through a comprehensive institutionalization of its mandate, according to the Honourable Commissioner, Mrs. Folashade Ambrose-Medebem.
In an exclusive interview held at her Office in Alausa – Secretariat, with two Press correspondents from The Report Company, a media outlet in collaboration with USA Today, the Commissioner detailed the Ministry’s remarkable strides since her appointment in 2023 and outlined an ambitious Vision for Lagos as the Gateway to Africa.
Reflecting on the past two years,Hon. Commissioner Ambrose-Medebem described 2024 as a Transformative Year, while characterizing 2025 as the Year of Partnerships and institutionalization.
“Upon assumption, I prioritized understanding the culture and unifying our efforts for the purpose of educating People about who we are and what we represent,” she stated.
The Commissioner revealed that Lagos State attracted over N50 billion in Investment through Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) within her first year in office which includes the N38 billion investment by Twinings Ovaltine Nigeria Limited (TONL), which has Committed to full-scale Manufacturing in Lagos, creating 112 Direct Jobs and over 200 Distributor Positions , while generating over $8 million in Exports to West African Countries.
Still reiterating on the numerous projects embarked on by the Ministry, Mrs. Ambrose – Medebem identified the Cornerstone of her Administration’s success to the Strategic Development of the Lekki Economic Zone, through the Lekki Automated Deep Sea Port, noting that since the Invest Lagos programme, significant milestones have been achieved.
She informed on unique opportunities of the $1.5 billion Facility, rising from over 90 hectares within the Lagos Free Zone, which has redefined Nigeria’s maritime landscape and positioned Lagos as West Africa’s emerging logistics hub, with Lekki Freeport Terminal being recognized as Nigeria’s most Automated Container Terminal, that is celebrated for its Operational Efficiency and Fast Vessel turn- around time.
The MCCTI Executive recounted the landmark development by her Ministry to orchestrate a Strategic Partnership between Lekki Worldwide Investment Limited and Lagos Free Zone Development Company, formalized through a Memorandum of Understanding in February 2025, recalling that the International Finance Corporation (IFC) had injected a $50 million equity investment into Lagos Free Zone Company, thus, accelerating the development of Nigeria’s first deep-sea port-based private special economic zone.
Still educating the Foreign Correspondents , Mrs. Ambrose – Medebem announced that the Ministry launched Operation Quadrant Ignite (OQI) , a Comprehensive Strategic Industrial Policy designed to transform the Lekki Economic Zone into Africa’s Premier destination for Manufacturing, Trade, and investment, stating “Operation Quadrant Ignite is more than a Policy; it is a Commitment—a Commitment to sustainable Industrial Growth, a commitment to unlocking Economic Potential, and a Commitment to positioning Lagos as a Global Leader in industrialization.”
She highlighted that Lagos State ranks first out of 36 states in the Presidential Enabling Business Environment Council (PEBEC) Ease of Doing Business rankings, scoring 85.6 per cent(85.5%) through the Digitalization and Automation of Business Registration Services.
While providing an excellent platform for Businesses to access to finance through Cooperative Societies, the Commissioner disclosed that Lagos State has over 3,000 active Cooperative Members with an Annual Financial turn- over exceeding N70 billion induced through Partnerships with the Bank of Industry and Sterling Bank, the Ministry launched the Lagos State Access to Finance for SMEs through Co-operatives (LASMECO) programme—a first-of-its-kind Public-Private financing Platform delivering low-interest, risk-mitigated loans of up to N10 million at nine per cent (9%) interest to SMEs across Healthcare, Agriculture, Manufacturing, Creative Industries, and the Circular Economy.
She averred that the Ministry is working with the Lagos Chamber of Commerce and Industry (LCCI) on Power, Energy, and Finance initiatives, while over N8.4 billion has been disbursed to 12,710 MSMEs through the Lagos State Employment Trust Fund.
The MCCTI Commissioner identified Health, Manufacturing, Energy, Food, and Technology as priority sectors for Partnership and Investment. “Lagos has become a phenomenon that has become conventional,” she remarked, emphasizing the State’s Commitment to Partnering with the Private Sector to achieve Economic Growth.
While maintaining that Nigeria’s impressive talent, innovation, and creativity as unique , the Commissioner underscored the importance of the Entertainment Industry. “Our Culture showcases Entertainment, and that is one of the reasons for completing the Film City. Nigeria has enough talent to foster the growth of the Entertainment Industry,” she opined.
She explained the importance of establishing the Lagos Film City, saying “ it is a world-class film, Entertainment, and Tourism hub in Epe, is designed to position Lagos as the Film capital of Africa, integrating film production, music, gaming, fashion, and tourism in one creative Environment, while the Fashion Hub similarly serves as a platform to explore and sell African culture. Fashion is also part of the ways to explore and sell African culture. That is why we have the Fashion Hub,” .
The Commissioner reiterated the importance of institutionalizing every initiative for Accountability and Policy formulation, declaring “Last year was transformative. This year is about partnerships; we want to collaborate, institutionalize for Accountability , for Policy formulation. We need to hold everyone Accountable,” .
Mrs.Ambrose – Medebem opined that Ministry works in sync with Stakeholders at the Federal level, collaborating with the Federal Government to ensure that people invest in Nigeria, its products, and understand how Nigeria works.
Speaking on the third edition of Invest Lagos, the Commissioner positioned Lagos as the gateway to Africa, fusing the creativity of Lagos with global ambition. “Companies find it difficult to reach the entrepreneurial spirit of Lagos from outside. Invest Lagos is an opener of what Nigeria looks like,” she explained.
“The MCCTI programme is crucial to this vision. We are saying openly what investors who know this market have long understood: if you intend to do business at scale on this continent, you cannot do it without Lagos,” the Commissioner affirmed.
Defining success for her Ministry, the Commissioner emphasized the launch of the Nigeria Trade Policy and the importance of having clarity of purpose. “Having a database for successful enterprise is essential. Lagos State access to finance through cooperatives—access to finance to have registered data—working with LCCI on power, energy, and finance,” she elaborated.
The highlights of the Interview were the exchange of souvenirs which included on the part of the Ministry, the presentation of the Lagos State ‘Eyo Effigy’ as well as the ‘ Bata Drum with the Lagos State brand’ to the two correspondents with promises of fostered symbiotic relationship between Lagos State and its proposed Foreign Affluence.
HOTJIST NEWS
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0