By Lukman Olabiyi
The Federal and the Lagos State governments have called on Nigerians to increase investment in and consumption of locally produced goods as a strategy to strengthen Small and Medium Enterprises (SMEs) and promote economic diversification.
This appeal was made during the 16th National Council on Industry, Trade and Investment (NCITI) meeting hosted by the Lagos State Government and organised by the Federal Ministry of Industry, Trade and Investment.
The event themed “Accelerating diversification to rebuild prosperity by leveraging industry, trade and investment for shared prosperity” brought together government officials, business owners, and industry stakeholders.
Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose, emphasised the urgent need for Nigeria to shift from its dependence on oil to a more diversified economic base. She warned that the country’s future economic relevance depends on its ability to produce and consume locally-made goods.
“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.”
Ambrose noted that Lagos State is taking significant steps to attract investment, support industrial growth and create a conducive business environment. These efforts include the development of infrastructure, policy reforms, improved land administration, and tax transparency. The Lekki Free Zone, which houses the Dangote Refinery and other industries, was highlighted as a key driver of industrial development.
She also disclosed that the state has completed 3,000 kilometers of fiber optic infrastructure to reduce the cost of data for businesses. She added that a new industrial policy covering 2025–2030 has been initiated to support MSMEs and attract both local and international investors.
“Trade is not just about commerce; it is a powerful tool for economic inclusion, poverty reduction, and shared prosperity,” she said, noting that Lagos State has partnered with the African Continental Free Trade Area (AfCFTA) to empower local producers for continental competition.
In the past year, Lagos attracted over $600 million (approximately N1 trillion) in investments, she revealed, and urged national and sub-national governments to explore new markets, leverage the digital economy, and unlock the potential of Nigeria’s youthful population.
Also speaking at the event, Permanent Secretary of the Ministry of Industry, Trade and Investment, Nura Abba Rimi, said Nigeria must respond to global economic shifts with agile and deliberate policy actions. He stressed the importance of manufacturing in industrialization and called for the removal of bottlenecks, improved export capacity, and access to finance for SMEs.
“Manufacturing remains the backbone of industrialization. By strengthening cluster sector development and removing bottlenecks, we can improve export capacity,” Rimi said. Keynote speaker and economist, Abiodun Adesire, echoed similar sentiments, emphasising that no nation can thrive economically while relying heavily on imports.
“We should produce what we consume. History has shown that no country has become rich by importing raw materials. “Manufacturing is key to economic prosperity. Consuming what is made in Nigeria is patriotic.”
He urged the government to create and enforce policies that support manufacturing and attract investors to boost Nigeria’s industrial potential.