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By Merit Ibe
As the Lagos International Trade Fair commenced yesterday, the Federal Government has expressed optimism about improved partnership between public and private sectors to enhance economic growth.
President Muhammadu Buhari, who made the remark at the opening ceremony of the fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), with the theme: Connecting Businesses, Creating Value’,
revealed that his administration was reviewing and updating the National Trade Policy to firmly establish Nigeria as a worldwide trading hub and a regional leader.
The president, who was represented by the Minister of Industry Trade and Investment, Otunba Niyi Adebayo, said: “This policy will aim to maximize our economic output, expand infrastructural development, promote business growth, industrialization and entrepreneurship.”
He noted that while the ministry takes these strides, it was important that all national policy makers, business leaders and trade development partners know that the synergy and cooperation between all parties is cardinal to enhancing trade in Nigeria.
Through effective partnerships, governance and help from our friends in the private sector, the sky is the limit.”
Adebayo noted that Nigeria’s international trade is currently doing well with trade surplus between January and June of 2022 in excess of N3.2 trillion.
He however, said to do better, the public and private sectors must work together.
“The private sector can help boost the demand for Nigerian products by aggressively pursuing value addition and increasing the quality of exported goods originating from our country. This trade fair is a great opportunity to showcase Nigeria’s capacity to produce to international standards and also to export.
The public sector will continue to drive investment into infrastructure development, encourage access to low-cost financing and provide fiscal incentives to companies wishing to manufacture products for sale.
The Federal Government has taken much-needed steps to improve the trading environment.”Lagos State governor, Babajide Sanwo-Olu promised to continue to give priority to the business environment, especially to the MSMEs.
” With the increase of population in the state and significant contribution to the GDP, it is important to fomulate and implement policy programmes that will propel the state to be globally competitive and resilient and continue to attract investment. A state that can be a home to great businesses and we will continue to creat the conducive environment.”
President, LCCI, Michael Olawale-Cole noted that the theme for the annual fair, underscores the importance of relationships and networking among businesses for the purpose of wealth creation.
“The theme also underlines the value of interactions between producers and service providers and end-users. This is the cardinal objective of the Trade Fair.”
He said while the Nigerian economy has recorded some impressive growth figures this year showing a sustained recovery of the economy, there were heightening fears of recession, food insecurity and more climate change impacts.
The LCCI boss encouraged investors to continue to demonstrate resilience and determination to forge ahead despite these challenges.
” As a chamber, we have strong confidence in the Nigerian economy and we believe we would meet our growth target for this year. The LCCI’s trade fairs, specialized exhibitions and several business events are some of the many ways we support trade and commerce in the economy.”
