The Federal Government and Lagos State have advocated for increased investment in the production of local goods and the consumption of made-in-Nigeria products to strengthen Small and Medium Enterprises (SMEs). This appeal was made during the 16th meeting of the National Council on Industry, Trade and Investment (NCITI), which was hosted by Lagos State and coordinated by the Federal Ministry of Industry, Trade, and Investment. The meeting was themed "Accelerating Diversification to Rebuild Prosperity by Leveraging Industry, Trade and Investment for Shared Prosperity," and took place on Monday.
Folasade Bada Ambrose, the Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, emphasized the urgent need to diversify the country's economy away from its heavy reliance on oil. She asserted that for Nigeria to remain economically viable in the future, there must be an increase in local production and consumption of goods, rather than depending on imports.
“We find ourselves at a crucial juncture where diversifying our economic base is no longer just a policy initiative but a survival imperative for future relevance in the global market. Past economic disruptions have taught us that an over-reliance on a single resource puts us at risk and constrains our growth potential,” she stated.
Ambrose noted that the meeting offered an opportunity for key stakeholders—including government officials from the Ministry of Industry, Trade, and Investment, as well as small business owners—to engage in discussions, collaborate, and devise strategic pathways to position Nigeria, particularly Lagos State, as a significant player in a diversified, resilient, and prosperous global economy.
To attract investors, she highlighted that Lagos State has completed 3,000 kilometers of fiber optic infrastructure, which aims to reduce data costs for businesses. Additionally, the state has launched a new industrial policy for 2025-2030 that will create a favorable environment for micro, small, and medium enterprises (MSMEs), large industries, and global investors to leverage emerging opportunities within Lagos.
Nura Abba Rimi, the Permanent Secretary of the Ministry of Industry, Trade, and Investment, echoed the sentiment, stating that Nigeria faces a pivotal moment amid a changing global economy and must respond swiftly through diversified economic strategies.
“Nigeria is at a crossroads with the evolving global landscape, and we must act with agility and implement deliberate policies. Strengthening manufacturing is essential for industrialization. By enhancing sector clusters and minimizing bottlenecks, we can improve export capabilities,” he remarked.
He also emphasized the necessity of facilitating an easier digital business environment to enhance investor confidence, as well as expanding access to finance, which is critical for the growth of SMEs. “It is vital that we develop a financial system that supports the needs of SMEs,” he concluded.
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