By Merit Ibe
The Lagos Chamber of Commerce and Industry (LCCI) has acknowledged the challenging economic environment that the nation is wading through and called for innovative solutions to foster economic growth and prosperity.
President of the chamber, Dr Michael Olawale-Cole, who made the remark yesterday at the opening ceremony of the 37th edition of the Lagos International Trade Fair, with the theme “Navigating Economic Challenges: Forging a Path to Prosperity,” noted that Nigeria’s economy, like many others, had been impacted by global economic shocks, geopolitical uncertainties such as the Russia-Ukraine war, the number of successful coups and coup attempts in Africa, the war in Gaza and the present administration’s economic policy reforms.
Olawale-Cole pointed out that the theme of the fair reflected the reality the nation was facing and underscored the determination of the Nigerian business community to overcome its many hurdles of existence, survival and growth.
He noted the fair was organised to keep the economy going, adding that the theme called upon all to acknowledge the difficulties faced by Nigerians while inspiring us to seek solutions, embrace new opportunities and develop innovative strategies to foster economic growth.
He lamented that the challenges confronting the nation had left no sector untouched –from the impact on small and medium-sized enterprises to the challenges faced by large corporations.
“We have all had to adapt, innovate, and persevere. And despite these challenges, we stand here today, showcasing the resilience of our people and our unwavering commitment to progress,” he said.
He said the Lagos International Trade Fair was another testament to the entrepreneurial spirit that aptly defined the Nigerian spirit.
In his address, Lagos State Governor, Babajide Sanwo-Olu, applauded the chamber, noting that the fair was strategic and transformative as it would further build the investment ecosystems to support more competitive investment opportunities in Nigeria.
“I must say that I am very proud of the leading role being played by the Lagos Chamber of Commerce and Industry in this sector, as this Fair has the potential to generate and woo Foreign Direct Investment into our dear country and reduce the pressure on our currency,” he said.
The governor reassured that the state government would continue to ensure a conducive business environment for investments to thrive.