The Lagos State Government has unveiled plans to bolster retail businesses through initiatives focused on sustainability, inclusivity, and infrastructural development, with a strong emphasis on digital transformation.
Speaking at the African Retail Congress in Lagos, the Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, highlighted the critical role of retail in the state’s economy. She described retail as integral to Lagos’s cultural and economic framework, spanning “bustling open markets to sophisticated shopping malls” and bridging “cultural, social, and economic divides.”
Ambrose-Medebem positioned Lagos as Nigeria’s economic hub, contributing 30% to the nation’s GDP and serving as a vital magnet for retail investments. She outlined three core principles for the state’s retail policies: inclusivity, accessibility, and sustainability.
She stressed the government’s commitment to ensuring retail opportunities extend to all communities, encompassing both formal and informal sectors. Incentives such as single-digit loans and collaborations with financial institutions aim to reduce business barriers.
Sustainable Practices and Infrastructure Expansion
As part of the state’s long-term development strategy, outlined in the Lagos State Development Plan 2052, the commissioner emphasized eco-friendly retail practices. These include adopting sustainable packaging and waste disposal solutions to foster a cleaner environment as the sector grows.
Lagos’s 2023 budget prioritizes infrastructure development under Governor Babajide Sanwo-Olu’s THEMES PLUS agenda. Notable projects include Phase 2 of the Blue Line Rail, road upgrades, and electric bus acquisitions to improve transportation for both consumers and businesses. “Retail expansion requires strong infrastructure,” Ambrose-Medebem noted, emphasizing public-private partnerships to establish efficient logistics and distribution hubs.
Digital Transformation for Retail Growth
The commissioner also underscored efforts to support digital retail through the Digital Lagos initiative, which seeks to enhance high-speed internet access and digital literacy. A notable upcoming project is the Women in Tech initiative, aimed at equipping women with digital skills to boost e-commerce in the region.
Ambrose-Medebem reaffirmed Lagos’s commitment to fostering public-private partnerships to strengthen retail and create a resilient ecosystem. “Our goal is to position Lagos as a retail capital that attracts investments, nurtures talent, and offers diverse options for consumers,” she said.
Chair of the African Retail Congress, Prof. Louis Nzegwu, commended Lagos’s policies and encouraged African retailers to embrace technology and innovation to stay competitive. Prof. Chris Ogbechie, Dean of Lagos Business School, also lauded the retail sector’s contributions, calling for cross-border expansion to drive further growth.
The congress concluded with awards to outstanding brands, celebrating achievements in sustainability, innovation, and logistics. Winners included Bland2Glam for Range Excellence, Medplus for Sustainability, and Jij, I for Retail Differentiation.
Wema Bank was recognized as the Most Innovative Retail Organisation, Cars45 for Omnichannel Trade, and mPharma for Logistics Mastery, showcasing the sector’s vibrant and evolving landscape. With these initiatives, Lagos reinforces its status as a pivotal player in Africa’s retail industry, setting a benchmark for sustainable and inclusive growth.
