The federal government has reiterated its commitment to boosting Nigeria’s trade sector through the review and implementation of its trade policy, especially in the era of the Africa Continental Free Trade Area (AfCFTA).
Speaking at the opening ceremony of the 2021 annual Lagos International Trade Fair (LITF), President Muhammadu Buhari said that his administration aims to boost trade through various ways including the imminent revision of Nigeria’s trade policy to capture current economic realities and the country’s aspirations of further facilitating trade and access to markets locally and regionally.
“The fully revised version of the trade policy will incorporate significant strategies to mitigate against the concerns of traders, such as infrastructure bottlenecks and low domestic demand for “Made-in-Nigeria” goods. It will also strengthen domestic value chains, especially in the agribusiness sector,” Buhari, who was represented by Niyi Adebayo, minister of Industry, Trade and Investment said.
On AfCFTA, the president said that the trade agreement will create employment opportunities, diversify the economy, build industrial capacity & trade competitiveness and also improve management of Nigeria’s foreign exchange reserves to alleviate the economy’s vulnerability to changes in crude oil prices.
He called for collaboration from the private sector, various levels of government, and related agencies in order to achieve the desired targets of inclusive growth.
In his address, Babajide Sanwo-Olu, Lagos State governor, reiterated the commitment of his administration to helping businesses grow in order to build a greater Lagos state, adding that policy reform and implementation in crucial sectors and agencies are underway to support businesses.
“We will continue to work assiduously towards enthroning a business-friendly environment with a view to facilitating profitable returns on investment in the state based on our belief in the economic development strategy that is private sector-driven,” he said.
The governor who was represented by Lola Akande, Commissioner for Commerce, Industry, and Cooperatives said efforts and discussions are ongoing to secure the traditional site of the trade fair complex from the federal government as well as the reopening of the border to increase economic activities in the state.
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Sanwo-Olu commended the LCCI for its consistency and determination in hosting the trade fair despite challenges and advised participants especially the MSMEs to leverage the platform for sales, networking, and partnerships.
Toki Mabogunje, president of, LCCI said the generic theme for the annual fair ‘Connecting Businesses, Creating Value’, underscored the importance of relationships and networking among businesses for the purpose of wealth creation.
She noted that economic conditions have been challenging following the outbreak of the Covid-19 pandemic, hence it is imperative to carry out activities that will accelerate recovery especially in generating revenue and boosting investment inflow.
“The LCCI’s trade fairs, specialized exhibitions, and several business events are some of the many ways trade and commerce can be supported in the economy, We need to do a lot more to attract more private capital into the Nigerian economy,” she said.
She called for business-friendly institutions, economic and investment policies, adding that there is a need to fix the structural, institutional, policy, and regulatory issues impeding private sector development.
“We recognize the imperative of non-oil sector development and the need to add value to our primary products in order to improve earnings for both the public and private sectors of the Nigerian economy,” she added.
