Ambrose-Medebem: Lagos is the new frontier

Lagos, the fastest-growing capital city in Africa, is poised to become the new frontier for investment and development, according to Folashade Ambrose-Medebem, the Lagos State Commissioner of Commerce, Cooperatives, Trade, and Investment. In a recent interview with CNBC Africa, Ambrose-Medebem highlighted the tremendous progress Lagos has made under the leadership of Governor Babajide Olusola Sonolu, who has successfully grown the GDP from 27 trillion to 41 trillion within the last four years. This remarkable achievement can be attributed to a clear 30-year strategy with a focus on key sectors and areas for investment. One notable example is the Blue Rail Line, a $150 million mass rail transport system that now carries tens of thousands of passengers daily. Ambrose-Medebem emphasized that Lagos is not only showcasing opportunities in infrastructure, transportation, health, agriculture, arts, culture, tourism, MSME development, and trade, but also seeking to enhance partnerships with the U.S. business community to further drive growth and capacity building opportunities. The feedback from engagements at the U.S.-Africa Business Summit has been encouraging, with numerous trade missions and businesses expressing interest in collaborating with Lagos on various projects. One of the critical aspects Ambrose-Medebem addressed is the ease of doing business in Lagos. The state has made significant strides in improving efficiency in property and land registration, enhancing the investment promotion environment, and ensuring transparency in fees and taxes. These efforts are part of the broader initiative to attract foreign investors and streamline business processes to drive sustainable growth. In line with the African Continental Free Trade Agreement, Lagos is actively working on policies to facilitate trade within the continent and beyond, focusing on areas where scale can be achieved. Moreover, Ambrose-Medebem underscored the importance of bilateral trade and the role of infrastructure in enhancing connectivity and trade facilitation. The development of projects like the Lekki Port, a fully automated port with supporting infrastructure, is set to bolster trade activities not only within Lagos but also across Africa. As Lagos positions itself as a gateway for businesses looking to expand their footprint, Ambrose-Medebem emphasized the need for synergies between local and foreign companies to drive mutual growth. In conclusion, Ambrose-Medebem shared insights on fostering collaborations between Lagos and the U.S. market. With discussions underway regarding the renewal of the Generalized System of Preferences (GSP) program, which provides duty-free access to certain products from beneficiary countries like Nigeria, the commissioner highlighted the importance of ensuring a conducive environment for trade and investment. By facilitating easier market access and promoting backward integration, Lagos aims to create a robust ecosystem that supports sustainable business growth and economic prosperity. Ambrose-Medebem's engagement with various stakeholders reflects Lagos' commitment to driving innovation, inclusivity, and progress in Africa's burgeoning economic landscape.