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By Merit Ibe
Lagos State Governor, Mr Babajide Sanwo-Olu, yesterday declared the 2023 Lagos International Trade Fair (LITF) formally closed, while assuring investors of a conducive business climate consistent with the state dream of becoming Africa’s model city.
The 37th edition of the 10- day event, held at the Tafawa Balewa Square (TBS), Lagos, started on November 3rd with the theme: “Connecting Businesses, Creating Value’’.
In all, over 3,500 exhibitors participated in the fair organised by the Lagos Chamber of Commerce and Industry (LCCI).
While closing the fair, Sanwo-Olu, represented by the Head of Service, Lagos, Olabode Agoro, assured members of the business community that his administration was committed to improving the business environment towards making it more attractive for investment.
To this end, the governor said the administration has done a lot to improve the business environment through the implementation of business friendly policies to improve the ease of doing business in the state, incentives and unrelenting commitment to infrastructural development.
The governor appreciated the chamber and showed excitement at the theme, noting that all efforts must be geared towards supporting businesses to grow.
Reeling out some efforts at supporting Micro, Small and Medium Enterprises (MSMEs) in the state, he disclosed that
12, 710 MSMEs have been supported with #8.4billion loan through the Lagos State Trust Fund.
“MSMEs have been supported through various trainings and brand package among others; Facilitated markets for entrepreneurs.
This administration has been creating conducive environment for businesses to thrive in various forms.”
He commended participants expecially MSMEs for there participation at the fair, despite the harsh business environment.
In her speech, Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folasade Ambrose -Medebem, who saluted the organisers of the fair, noted that the theme was timely and pertinent.
“We live in an age of unprecedented challenges, compounded by global economic shocks. It is a time that we all put on our thinking caps to survive as individuals and businesses.”
She noted that many MSMEs in Lagos State were growing, accounting for about 80 percent of the state’s employment, which underscores the state’s pivotal role in job creation and economic development.
She pointed out that because of the local and global economic challenges, businesses must adapt to various economic variables for survival and prosperity, while building an internal mechanism to face economic challenges.
Earlier, President of the chamber, Dr Michael Olawale-Cole
appreciated the Lagos State government for the continuous support of the LITF, noting that the generic theme for the fair, which is connecting businesses, creating value ” underlines the importance of relationship and networking among businesses for wealth creation, trade partnership and productivity growth.
Olawale-Cole was excited that the attendees engaged in fruitful business dealings, commending their optimism and resilience.
He urged government to continue to address the enabling environment issues in the country, with a particular focus on infrastructure, insecurity and the implementation of appropriate policies to address the primary causes of sub optimality in monetary policy performance.
The National Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) president, Dr Kelvin Oye, urged the Lagos State government to focus on tourism, which is the country’s potential, noting that there was enough resources in the state than collecting money on land.
“A lot is happening in Lagos. There is enough resources than collecting money on land.
“We are ready to partner the LCCI and the state government to change the ecosystem.
“We should focus on our tourism as our potential and people will come back home for the opportunities provided in the state.”
