By Omolola Dede Adeyanju
The Federal Government of Nigeria has harped on the importance of collaboration in driving the growth of SMEs in the country.
President Bola Ahmed Tinubu who was represented by the Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite (also represented by the Managing Director/CEO of TBS Management Board, Ms. Lucia Shittu) made this known while delivering his his keynote speech at the opening ceremony of the 2023 Lagos International Trade Fair (LITF) themed: ‘Navigating Economic Challenges: Forging a Path to Prosperity.’
The President emphasising on collaboration said, “As we navigate these uncharted waters, it is imperative that we stand united leveraging on our collective strength to build a prosperous future.
“Value creation is a cornerstone of sustainable growth. It is not only about profit margins. But about the positive impact we need in our communities, our nation and the world.”
He explained that it is through forging meaningful connections that businesses thrive.
President Tinubu also assured Nigerians that through targeted policies, access to finance and capacity building initiative, his government will empower the enterprises to reach new heights of success.
The Governor of Lagos State, Mr. Babajide Sanwo-Olu, represented by the Honourable Commissioner for commerce, cooperatives, trade and Investment, Mrs Folashade Ambrose-Medebem appraised the leading role being played by the Lagos Chamber of Commerce and Industry in this sector, saying that the 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 need to leverage this 10-day event to drive more investment also becomes more apparent, when we consider the good percentage (of over 70%) of Nigeria’s population under the age of 30, in addition to other variables that are critical to encouraging investors and growing the economy.
“Some would call the youth’s population a challenge to be managed, but I call it great potential to be unleashed in our dear State and nation at large. I believe it is time to do things differently in the State and country in general to entice potential investors.”
The Governor said, “We are very much aware that our quest to move Lagos, our dear State, from Nigeria’s biggest commercial city to become a mega or smart city, running on 21st Century Economic dynamics, will depend, to a large extent, on our political will to effectively tackle various challenges confronting businesses such as inadequate infrastructure, inadequate power, security and others.”
“For us,” he added, “we see the challenges as great opportunities for further investment and our administration is not only working assiduously to change the narratives, we are also ready to work with willing investors to expand the infrastructure for the benefit of our businesses in particular and our State and nation in general.”
The President of LCCI, Dr. Michael Olawale-Cole, in his opening remark stated that the fair is being organised at another critical juncture in Nigeria’s economic history, when businesses are facing substantial challenges while holding immense potential for growth and prosperity.
He said, “As we gather here, we must acknowledge the challenging economic environment that our great nation, Nigeria, has been facing in recent times. Though some are necessary, these challenges have tested our resilience and have called for innovative solutions to foster economic growth and prosperity for our nation and for our people.”
According to him, the theme for this year’s trade fair reflected “the reality we face and in a different sense underscores the determination of the Nigerian business community to overcome its many hurdles of existence, survival, and growth.”
The LITF is a celebration of over 135 years of the Lagos Chamber for Commerce and Industry (LCCI)