Lekki Economic Zone Set For Accelerated Growth With Key Stakeholders’ MoU

Lagos State Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) recently brought together major stakeholders in the Lekki Economic Zone to collaborate on accelerating development in the area.

This historic event marked a significant milestone in unlocking the zone’s potential, with the signing of a memorandum of understanding (MoU) between key players like Lekki Worldwide Investment Limited, Lekki Free Zone Development Company, and Dangote Enterprise Zone.

The relations between the zones and enterprises became formalised with the signing of the memorandum of understanding (MoU) by Lekki Worldwide Investment Limited – representing the Lagos State Government, Lekki Free Zone Development Company (LFZDC), Lagos Free Zone, Dangote Enterprise Zone, Alaro City, Lekki Ports and others at Alausa, Lagos.

The Commissioner for CCTI, Folashade Ambrose, described the occasion as historic as leaders of enterprises in Lekki Economic Zone rose above the walls of economic partitions and organisational divides, to collaborate and set off a transformational shift that would redefine business and investment landscape in the Zone.

“Today’s event marks a significant milestone in our collective desire to ignite the latent potentials of the Lekki Economic Zone, exploring its huge opportunities and accelerating its development with the entrance of additional investments, she said.

“It is part of the broader plan to transform the region into an economic and industrial hub, catering to various sectors including manufacturing, real estate, trade, logistics, and services.

“The signed MoU reflects our concerted efforts to position Lagos as a key hub for trade and investment in West Africa, attracting both local and international businesses. The zone is expected to significantly impact the Lagos economy by creating a more diversified industrial base and offering numerous opportunities for businesses and investors.”

Furthermore, the Commissioner stressed that the initiative would allow stakeholders such as government agencies, businesses, and local communities to pool resources, share expertise, and collaborate on infrastructure development, leading to more effective and efficient use of resources.

“By working together, we will also create a conducive environment for investments, industrial growth, and job creation, driving the growth of both the Lekki Economic Zone and the broader Lagos economy.

“In addition, the partnership will lead to the development of world-class infrastructure, including transport systems, utilities, and communication networks, which will improve business operations and the quality of life for residents.

“It will also afford stakeholders from different sectors, including government and the enterprises, an opportunity to share risks associated with large-scale development projects, leading to minimised financial burden and making the projects more sustainable,” she said.

Moreso, Ambrose affirmed the commitment of the State government, under the leadership of Governor Babajide Sanwo-Olu, to continuously initiate strategies, facilitate ideas and sustain the drive to ensure Ease of Doing Business environment that supports businesses prosperity and strengthens the economy.

Meanwhile, as part of efforts to transform the LEZ into Africa’s premier destination for manufacturing, trade, and investment, the Lagos State Government has come up with an initiative tagged, ‘Operation Quadrant Ignite (OQI)’ aimed to have more robust infrastructure.

Ambrose who made the disclosure at Lagos Design Week 2025, Design and Innovation Exhibition, “The Roadmap to Industrialisation,” pointed out that Lekki had long been envisioned as the industrial nerve center of Lagos, and through OQI, the vision is positioned into reality.

She pointed out that the theme was a clarion call, an urgent appeal for strategic partnerships, bold investments, and unwavering commitment to unlocking the immense potential of Lagos State as Africa’s foremost industrial and economic powerhouse.

The Commissioner noted under the leadership of Sanwo-Olu the Lagos GDP has increased from N27 trillion to N41 trillion within four years, adding that as part of the strategy to propel Lagos into a new era of industrial growth, the State through the MCCTI was preparing to launch a comprehensive industrial policy that would serve as a transformative guide for the state’s economic development.

Commissioner Folashade Ambrose emphasized that this partnership will create a conducive environment for investments, industrial growth, and job creation, driving growth in both the Lekki Economic Zone and the broader Lagos economy.

The collaboration is expected to lead to the development of world-class infrastructure, including transport systems, utilities, and communication networks.

To further transform the Lekki Economic Zone, the Lagos State Government has launched ‘Operation Quadrant Ignite (OQI)’, aimed at developing more robust infrastructure.

The government is also preparing to launch a comprehensive industrial policy, ‘The Lagos State Industrial Policy (LSIP) 2025-2030’, designed to elevate Lagos into a globally competitive industrial hub.