In a bold move to drive industrial transformation and economic prosperity, the Lagos State Government has brokered a game-changing partnership between Lekki Worldwide Investment Limited (LWIL) and Lagos Free Zone Development Company. Facilitated by the Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI), this strategic alliance aims to position the Lekki corridor as a world-class business and industrial hub, attracting large-scale local and international investments and reinforcing Lagos as West Africa’s premier investment destination.
The Memorandum of Understanding (MoU), signed at the Ministry’s headquarters in Alausa, Ikeja on Monday 24th February 2025 marks a significant milestone in leveraging expertise, resources, and innovation to stimulate industrial growth, attract global investments, and enhance Lagos’ economic competitiveness on the international stage.
Speaking at the event, Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, described the agreement as a historic breakthrough, reflecting Governor Babajide Sanwo-Olu’s visionary leadership. She emphasized the transformative power of strategic partnerships in driving economic diversification, infrastructure development, and inclusive growth.
“Today’s agreement represents a dynamic collaboration that will unlock the full economic potential of the Lekki corridor. By fostering industrial innovation and attracting global investors, we are strengthening Lagos State’s position as a leading economic force in Africa,” said Ambrose.
The Commissioner noted that the partnership would fast-track key infrastructure projects, including modern transport systems, stable power supply, advanced telecommunications, and seamless logistics services. These improvements will boost business operations and significantly enhance the quality of life for residents.
“Pooling resources and expertise allows us to mitigate risks and execute large-scale development projects more efficiently. This partnership aligns with Governor Sanwo-Olu’s T.H.E.M.E.S+ Development Agenda and the Federal Government’s Renewed Hope Agenda, ensuring sustainable economic growth, job creation, and community empowerment,” she added.
Managing Director and CEO of LWIL, Adeniyi Akinlusi, highlighted the importance of collaboration, quoting an African proverb: “If you want to go fast, go alone; but if you want to go far, go together.” He stressed that the MoU establishes a solid foundation for long-term growth, promising significant economic benefits and sustainable development.
“This initiative will drive inclusive economic expansion, attract both local and foreign investments, and create an enabling environment for businesses to thrive. Our vision is to make Lekki a hub of global economic activity,” Akinlusi stated.
Lagos Free Zone MD and CEO, Adesuwa Ladoja, echoed these sentiments, describing the partnership as a transformational leap forward. She emphasized that while informal collaborations had existed, the formal agreement elevates the relationship to a more strategic and impactful level.
“This formalized collaboration is a game-changer, setting the stage for unprecedented investment and business growth in Lekki. We are fully committed to working with LWIL to achieve the ambitious goals outlined in the state and federal development agendas,” Ladoja remarked.
In a related development, the International Finance Corporation (IFC) has announced a $50 million equity investment in Lagos Free Zone Company, aimed at accelerating the development of Nigeria’s first deep-sea port-based private special economic zone. This funding will bridge critical infrastructure gaps, attract a diverse range of businesses, and significantly contribute to Nigeria’s economic diversification.
President Bola Tinubu welcomed the IFC’s investment, describing it as a strong endorsement of Nigeria’s economic trajectory. He stressed that such capital injections are vital in driving sustainable development and fostering inclusive economic growth.
With this visionary partnership between Lagos State, LWIL, and Lagos Free Zone, alongside robust international investments, Lagos is poised for unprecedented economic growth, reinforcing its reputation as the heartbeat of commerce and industrial dynamism in Africa.