Lagos accounts for 80% of Nigeria’s foreign trade, generates 5% of revenue- President Buhari

President Muhammad Buhari has enjoined Nigerians to support locally made goods for economic growth and creation of employment for Nigerians, just as he informed that Lagos State accounts for over 80% of Nigeria’s foreign trade and contributes 50% to the country’s total revenue.

The President, represented by the Minister for Industry, Trade and Investment, Otunba Niyi Adebayo, disclosed this in his address while declaring the 2021 International Trade Fair open at the Tafawa Balewa Square in Lagos.

Buhari pointed out that embracing locally-made goods is the surest way to realising the Nation’s potential and also the way out of poverty for the majority of Nigerians.

Also speaking, the Lagos State Governor, Mr. Babajide Sanwo-Olu, said the annual Trade Fair has impacted greatly on the economy of Nigeria and Lagos State in particular, through the unique opportunities provided for individuals and Corporate Organisations to showcase their products and services to a larger number of people.

The Governor, speaking through the State Commissioner for Commerce, Industry and Cooperatives, Mrs. Lola Akande, added that the International Trade Fair has also provided entrepreneurs all over the world opportunities to interact and build strong networks while expanding their businesses locally and across the borders.

Sanwo-Olu assured entrepreneurs and investors that the State Government will continue to create a business friendly environment in order to facilitate profitable returns on investments in the State.

On efforts to increase economic activities, Governor Sanwo-Olu said, “The State Government is making efforts to secure the traditional site of the Trade Fair Complex from the Federal Government and also the reopening of the border to increase the State’s economic activities”.

He assured entrepreneurs in Lagos State of the Government’s commitment towards improving the business environment to make it more attractive as investors’ destination of the Nation.

“It is in furtherance of this objective that we ceaselessly pursued the implementation of reforms in the critical sectors, including public service institutions and the judiciary, as well as the massive infrastructural upgrade and development of road network across the State to ensure significant reduction in travel time”, Sanwo-Olu added.

The Governor said the Y2021 Lagos International Trade Fair theme: “Connecting Businesses, Creating Value”, is in alignment with his administration’s T.H.E.M.E.S Development Agenda, which is geared towards attaining a Greater Lagos in the business sector.

He commended the Lagos Chamber of Commerce and Industry (LCCI) for its doggedness and commitment to growing the exhibition industry even with the challenges posed by the pandemic on the global economy.

Sanwo-Olu, however, pledged that the State Government will continue to evolve sound policies that will stand the test of time and provide the needed roadmap for the journey to economic recovery and prosperity.

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