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JUST IN: Lagos State Launches Industrial Policy 2025-2030

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The Lagos State Government has launched a new industrial policy aimed at promoting a sustainable industrial environment within the state.

The “Industrial Policy (2025-2030) was presented to the public by the State’s Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose, during the Lagos State Industrial Policy Consultative Assembly and Validation Workshop, which took place at Alausa Ikeja.

Ambrose mentioned that as the world transitions towards a new era of economic modernisation driven by technology, sustainability and global competitiveness, it is imperative to recalibrate the State’s industrial policies to align with both domestic imperatives and international best practices.

Today’s assembly speaks to our commitment to creating an enabling business environment that encourages sustainable investment, infrastructure development, and industrial growth – pillars that are essential to achieving the objectives outlined in the State’s major development policy documents; T.H.E.M.E.S+ Development Agenda and the Lagos State Development Plan (LSDP 2052).

“Industrial Policy (2025-2030) is a defining document – one that signals our readiness to elevate Lagos into a hub of industrial excellence, where businesses can thrive, investments can flourish, and job creation can be maximised,” she said.

According to Ambrose, the disruptions caused by the COVID-19 pandemic exposed vulnerabilities in global supply chains and highlighted the need for stronger local production capacity, and as the State navigates the challenges and opportunities of a post-pandemic global economy, industrial policy must be viewed as a strategic tool for economic resilience.

She said, “Lagos State has long been the cornerstone of Nigeria’s economic advancement, acting as the gateway to trade, commerce, and industrialisation for the nation and beyond.

As Nigeria’s commercial capital, the State must lead the charge in developing a self-sufficient, innovative, and globally competitive industrial ecosystem – one that leverages our vast human capital, geographic advantage, and entrepreneurial strength.”

While describing Lagos as the Future-Ready Economic Giant, she reaffirmed the commitment of the administration of Babajide Sanwo-Olu to ensure a technology-driven economy and a sustainable and climate-resilient state in the continent of Africa.

The Commissioner explained that the consultative assembly is not just another meeting but a call to action to define the future of Lagos’ industrial sector. 

Guest Speaker at the event, the National Programme Officer, United Nations Industrial Development Organisation, UNIDO, Reuben Bamidele, underscored the pivotal role of sustainability, innovation and global best practices in shaping a resilient and competitive industrial landscape.

Bamidele commended Lagos State’s commitment to policy-driven industrialisation, emphasising that a robust framework aligned with international standards will foster inclusive growth, attract investment and enhance industrial productivity.

He said, “The Lagos State Government has been recording great traction in the area of facilitating the ease of doing business and implementing smart city, climate-conscious manufacturing and digital transformation initiatives.

More efforts should be devoted to promoting strategic public-private partnerships in green industrialisation, environmental sustainability and circular economy while incentivising Industrial Energy Efficiency (IEE) and Resource Efficient Cleaner Production (RECP) as part of key drivers of economic prosperity.

“In this era of Fourth Industrial Revolution, the State must encourage industrial production that leverages technology, industrial information and data, research and development, domestic and foreign business linkages and certification of artisans.”

In his remarks, the Managing Director of Lekki Worldwide Investments Limited, Mr Adeniyi Akinlusi, described the consultative assembly as a bold initiative and a re-affirmation by Governor Sanwo-Olu that Lagos is not only open for business but ready for business. 

He said, “There is no African strategy without a Nigerian strategy, and there is no Nigeria strategy without a Lagos strategy.”

Others who spoke at the event commended the Lagos State Government for its visionary initiative, emphasising the commitment to support policies that empower industries and businesses and strengthen the economy.

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PENGASSAN – Dangote Rift: A needless attack on private enterprise

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The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

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FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

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ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

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