The Lagos State government has restated its commitment to fostering sustainable growth in the retail industry through policy initiatives and public-private partnerships.
This was stated by the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, at the Africa Retail Congress 24, held recently at the Lagos Business School.
Ambrose-Medebem stated that she had observed first-hand the profound impact of the retail sector on Lagos State’s economic trajectory, adding that the sector is a vibrant engine of economic growth, employment generation and social development.
She also said the state showcases a robust retail environment that serves as a symbol of innovation, resilience and opportunity, which has fueled its commitment to harnessing the potential of the sector.
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“Retail business has woven itself into the very fabric of Lagos, bridging cultural, social and economic divides. From the bustling open markets to sophisticated shopping malls, to digital trade, Lagos showcases a robust retail environment that serves as a symbol of innovation, resilience and opportunity.
“Today, I will share insights on how Lagos has prioritized the retail industry, our commitment to creating an enabling environment and a critical role of public-private partnerships in unlocking new opportunities,” she said.
Ambrose-Medebem also stated that the commitment to economic growth through retail goes beyond welcoming retailers; it involves creating policies and frameworks that encourage sustainable and inclusive expansion.
“We understand that when retail thrives, the ripple effect is felt across numerous sectors; from manufacturing, to logistics, to finance. The presence of a robust retail industry in Lagos has fostered a network of Micro, Small and Medium enterprises that supports its operations for the backbone of our economy.
“Therefore, the role of policy is pivotal. Policy is the foundation on which any sustainable retail is built. In Lagos, we have made it our mission to initiate policies that create a conducive environment for retail enterprises both large and small.
“Our approach to policy rests on three guiding principles: inclusivity, accessibility and sustainability. In addition to these principles, we have developed targeted policies that support specific retail segments, such as Digital Retail. Our Digital Lagos initiative aims to drive e-commerce by enhancing digital infrastructure including high speed internet connectivity and digital literacy programmes.”
She further disclosed the upcoming launch of the Women in Tech initiative whereby Lagos State will train over a 100 women to better understand technology, code, etc.
Ambrose-Medebem added that the women will also be allowed to pitch their businesses with the new knowledge acquired and the state will see how to sponsor them to successful businesses.
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