The Lagos State Government has announced a new target to generate an additional $1 billion in annual foreign exchange inflows. This goal is expected to be achieved over the next five years through the growth of local businesses and a recent export training program.
Following the graduation of 253 entrepreneurs from the Lagos State Export Readiness Training Programme (LASERP), the government selected a group of these participants to represent the state at the 2025 Intra-African Trade Fair in Algiers, Algeria. The objective is to showcase products and services from Lagos on an international stage.
The initiative was highlighted in a statement from the State’s Commissioner for Commerce, Trade and Investment, which was released on Monday, August 25, 2025. The announcement emphasized that the state already accounts for a significant portion of the nation’s non-oil exports, a figure valued at $5.3 billion in 2024.
A representative for the Governor stated that the program’s purpose is to cultivate a new generation of exporters who can expand the reach of Lagos-based brands beyond Nigeria’s borders. The representative noted that the state’s economic future is not built solely on oil or large corporations, but on the strength and dynamism of its small and medium-sized enterprises.
The Minister of Finance and Coordinating Minister of the Economy, or a representative, also spoke at the event, commending the collaboration between the program’s partners. This partnership, they noted, underscores the role of strategic cooperation in unlocking Nigeria’s export potential and promoting long-term economic growth.
In a related development, a state-of-the-art industrial leather hub was recently commissioned in Mushin. The facility is anticipated to create thousands of direct jobs and provide specialized training and support to artisans in the leather production industry. Projections suggest that the hub could generate substantial annual export earnings once it is fully operational.
