FG, Lagos to Nigerians: Patronise native items or perish economically

The Federal and Lagos State Governments have known as on Nigerians to embrace the consumption of domestically made merchandise and put money into homegrown industries as a strategic transfer to strengthen the nation’s Small and Medium Enterprises (SMEs) and drive financial diversification. Nigeria: Nigerian trend

This name was made on Monday throughout the sixteenth assembly of the Nationwide Council on Trade, Commerce and Funding (NCITI), hosted by the Lagos State Authorities in collaboration with the Federal Ministry of Trade, Commerce and Funding.

The occasion, themed “Accelerating Diversification to Rebuild Prosperity by Leveraging Trade, Commerce and Funding for Shared Prosperity,” introduced collectively authorities officers, entrepreneurs, and trade stakeholders.

Lagos State Commissioner for Commerce, Cooperatives, Commerce and Funding, Folashade Bada Ambrose, famous that Nigeria is at a essential juncture the place lowering dependence on oil has turn out to be an financial necessity quite than a coverage choice.

“We’re at a crossroads the place the pressing must diversify our financial base is now crucial for survival and future relevance. Previous disruptions have proven that counting on a single financial useful resource leaves us extremely weak to exterior shocks,” she stated.

Ambrose harassed the significance of manufacturing and consuming domestically made items to spice up financial sustainability and competitiveness.

She stated the discussion board supplied an avenue for stakeholders to have interaction and design methods to reposition Nigeria — and Lagos particularly — as a key participant in a diversified and resilient international economic system.

She highlighted a number of initiatives by the Sanwo-Olu administration to foster a business-friendly surroundings in Lagos, together with infrastructure improvement, reforms in land administration and tax insurance policies, and the institution of the Lekki Free Zone — which now homes main industries together with the Dangote Refinery.

In a bid to spice up digital entry for companies, she added that the state has accomplished 3,000 kilometres of fibre optic infrastructure and is implementing a brand new industrial coverage (2025–2030) to assist MSMEs, large-scale industries, and international traders.

Ambrose additionally famous Lagos State’s partnership with the African Continental Free Commerce Space (AfCFTA) to reinforce the worldwide competitiveness of native producers and exporters.

“Commerce is greater than commerce; it’s a instrument for financial inclusion, poverty discount, and shared prosperity. Within the final yr alone, Lagos attracted over $600 million (over N1 trillion) in investments, affirming our dedication to a clear and investor-friendly local weather,” she said.

She urged each federal and state authorities to discover new markets, leverage the youthful inhabitants, and embrace the digital economic system to unlock industrial and commerce potential.

Additionally talking, Everlasting Secretary on the Federal Ministry of Trade, Commerce and Funding, Nura Abba Rimi, stated Nigeria should reply to the evolving international economic system with agility and purposeful coverage selections.

“Manufacturing is the spine of industrialisation. We should strengthen sectoral clusters, take away bottlenecks, facilitate ease of doing enterprise, and enhance SME entry to finance. These are essential steps to draw funding and increase productiveness,” he stated.

Delivering the keynote handle, famend economist Abiodun Adesire underscored the significance of reviving Nigeria’s manufacturing sector, warning that no economic system can thrive sustainably by relying on imports. Nigeria: Nigerian trend

“We should produce what we eat. Our over-reliance on oil exposes us to financial shocks. Manufacturing is essential to long-term prosperity, and consuming Made-in-Nigeria merchandise shouldn’t be solely sensible — it’s patriotic,” Adesire stated.

He known as for the execution of strong industrial insurance policies and a concerted effort to create a conducive surroundings for producers and traders alike, affirming that Nigeria has the potential to steer Africa’s industrial progress if it takes decisive motion.