Lagos Unveils Industrial Policy to Boost Economic Growth by 2026
Lagos State plans to launch an industrial policy by April 2026 to enhance economic growth and support Nigeria's $1 trillion economy goal. The policy aims to strengthen sectors like cocoa and textiles through tax incentives and industrial clusters, addressing Nigeria's export diversification and competitiveness challenges.
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The Lagos State Government will introduce a new industrial policy by April 2026, aimed at fostering economic growth and supporting Nigeria's aspirations for a $1 trillion economy. Key sectors targeted include cocoa, shea, lithium, textiles, petrochemicals, and agro-processing, with initiatives for tax incentives and industrial clusters.
The Commissioner highlighted the need for improved processing capacities in the shea industry, as Nigeria currently exports raw materials but captures limited value. Stakeholders emphasize that Nigeria's export growth hinges on better coordination, infrastructure, and finance access.
In 2025, Nigeria's non-oil exports reached approximately $6.1 billion, reflecting an 11.5% annual increase and indicating a shift towards diversified products. The Federal Government's recent tariffs and trade policies aim to enhance local production and facilitate access to the African Continental Free Trade Area, which presents opportunities for broader market engagement and value chain development.
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