Lagos is amplifying its efforts to become Africa’s premier investment hub, but challenges remain for Black and African travelers and entrepreneurs navigating the city’s growth. Folasade Ambrose-Medebem, Lagos State’s Commissioner for Commerce, Cooperatives, Trade, and Investment, outlined the city’s ambitious plans in an interview with Premium Times, highlighting both opportunities and obstacles.
“Our goal is twofold: to create an environment where local businesses can scale and attract investors by ensuring that Lagos remains the most profitable destination for capital deployment,”
Ambrose-Medebem stated. This strategy includes streamlining regulatory approvals, modernizing infrastructure, and enhancing security, all critical factors impacting travel and business logistics for Black and African individuals.
However, infrastructure deficits, particularly in logistics and manufacturing, persist. “Access to finance remains one of the major hurdles for MSMEs, limiting their capacity to scale operations,” she acknowledged. This challenge is acutely felt by Black and African entrepreneurs who often face systemic barriers to funding.
Lagos is actively seeking foreign investment through strategic partnerships and global forums. “Our recent MoU with CWEIC provides access to a network of investors spanning over 54 countries,” Ambrose-Medebem explained. “We have also introduced investor-friendly policies such as tax incentives, special economic zones, and a one-stop shop for business registration.”
The state is also focusing on supporting local businesses, particularly Micro, Small, and Medium Enterprises (MSMEs), which are vital to the economy. “The backbone of Lagos’ economy is its MSMEs, which account for a significant percentage of employment and economic activity,” Ambrose-Medebem noted. Initiatives like the Eko MSMEs Exclusive Trade Fair aim to connect businesses with partners and export opportunities.
Job creation through industrialization is another priority. “Through the proposed Industrial Policy 2025-2030, we are setting up frameworks that promote local manufacturing, attract foreign direct investment into industrial zones, and enhance vocational training for youths,” she said.
Despite the progress, challenges like energy costs and technological adoption among small businesses remain. “Another issue is technological adoption among small businesses. While we are seeing progress, many entrepreneurs still struggle with digitalisation, which affects their ability to compete globally,” Ambrose-Medebem admitted.
Addressing the quality of Nigerian professionals, she asserted, “Nigeria has some of the most talented professionals globally. The key differentiator often lies in access to resources and an enabling environment.” This highlights the need for improved infrastructure and support systems to fully leverage the potential of Black and African talent.
Ambrose-Medebem’s advice to young professionals is to “be resilient, adaptable, and committed to continuous learning.” She also emphasized the importance of utilizing government empowerment initiatives.
This interview, conducted in partnership with Women in Management, Business, and Public Service (WIMBIZ), underscores the state’s commitment to inclusive economic growth. The focus on MSMEs and industrial development directly impacts the economic landscape for Black and African travelers and entrepreneurs, highlighting both the opportunities and obstacles they face in Lagos.
