The Lagos State Government has pledged robust support for retail businesses as part of a strategy to foster sustainable growth, inclusivity, and infrastructure development, according to Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade, and Investment.
Speaking at the African Retail Congress in Lagos, Ambrose-Medebem highlighted Lagos’s retail sector as a critical economic driver, contributing roughly 30% to Nigeria’s GDP, and outlined ambitious plans to strengthen the sector.
“From the vibrant open markets to sophisticated malls, retail is deeply embedded in Lagos’s cultural and economic fabric,” Ambrose-Medebem said, adding that the government’s retail policies prioritize inclusivity, accessibility, and sustainability.
These principles aim to support both formal and informal retail operations, offering financial incentives like single-digit loans through partnerships with banks to ease access to capital.
As part of its eco-friendly vision, Lagos’s Development Plan 2052 emphasizes sustainable practices, including eco-conscious packaging and waste disposal.
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Key infrastructure investments aligned with Governor Babajide Sanwo-Olu’s THEMES PLUS agenda include Phase 2 of the Blue Line Rail, road upgrades, and electric bus procurement, all aimed at streamlining transportation for consumers and retailers.
The commissioner also discussed the Digital Lagos initiative to boost high-speed internet access and digital literacy, with a special focus on empowering women through the upcoming Women in Tech program.
“Retail expansion needs robust infrastructure, and public-private partnerships are essential in building logistics hubs and distribution networks across Lagos,” Ambrose-Medebem added.
The African Retail Congress chair, Prof. Louis Nzegwu, commended Lagos’s progressive policies and urged retailers across Africa to embrace technology. Meanwhile, Lagos Business School Dean, Prof. Chris Ogbechie, noted retail’s role as a top employer and advocated for cross-border expansion to stimulate growth.
The congress celebrated standout retail brands for their achievements, with Bland2Glam winning Best Retail Organisation in Range Excellence, Medplus recognized as Most Sustainable Retail Organisation, and Wema Bank named Most Innovative Retail Organisation. These awards underscore Lagos’s ambition to be a “retail capital” that attracts investment, nurtures local talent, and offers diverse consumer options.
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