The Federal and Lagos State governments have urged investment in the production of local goods, as well as the consumption of made-in-Nigeria products, to boost the Small and Medium Enterprises (SMEs).
They made the call at the 16th meeting of the National Council on Industry, Trade and Investment, (NCITI), hosted by Lagos State and organised by the Federal Ministry of Industry Trade and Investment with the theme ‘Accelerating Diversification to Rebuild Prosperity by Leveraging Industry, Trade and Investment for Shared Prosperity,’ held on Monday.
Speaking during the event, Folasade Bada Ambrose, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, said there was an urgent need to diversify the country’s economy from over-reliance on oil, adding that for Nigeria to be economically relevant in the future, there should be more investment in producing local goods and consuming them rather than relying on importation of foreign goods.
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“We have found ourselves at a crossroads where the urgent need to diversify our economic base has become more than a policy agenda; it is now an imperative for survival and future relevance in the global economy.
‘’The lessons from past economic disruptions have reinforced the reality that over-dependence on a single economic resource leaves us vulnerable to external shocks and limits our growth potential,” she said.
According to Ambrose, the meeting which had in attendance government officials from the Ministry of Industry, Trade and Investment as well as small business owners, was an opportunity for stakeholders to ‘dialogue, collaborate and chart strategic pathways that will position Nigeria and particularly Lagos State as a key player in a diversified, resilient and prosperous global economy.
She noted that in order to attract investors, the state has completed 3,000 kilometres of fibre optic infrastructure to crash the cost of data particularly for businesses and also initiated a new industrial policy, (2025-2030) which will create an enabling environment for MSMEs, large-scale industries, and global investors to harness emerging opportunities in Lagos.
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Nura Abba Rimi, the permanent secretary, Ministry of Industry, Trade and Investment, said the global economy is changing and Nigeria must respond with agility by diversifying its economy.
“Nigeria stands at a crossroads with the global economy changing, so we must respond with agility and deliberate policy action. Manufacturing remains the backbone of industrialisation. By strengthening cluster sector development and removing bottlenecks, we can improve export capacity.
“We must facilitate digital ease of doing business and boost investors’ confidence. We must expand access to finance, which is critical to SMEs. We must create a financial system that supports SMEs.”
