Between 2019 and 2022, the Federal Government released N785 billion through the Bank of Industry (BOI) to stimulate manufacturing, local production and exports.
President Muhammadu Buhari made this known during his opening comments at the Lagos International Trade Fair, which was organized by the Lagos Chamber of Commerce and Industry (LCCI) on Thursday.
Buhari stated that the Federal Government has taken much-needed initiatives to enhance the trading climate, including the establishment of Special Economic Zones, 17 of which are already functioning, with four more under development.
He went on to say that 14 of the zones are general economic zones that support export processing, large-scale manufacturing, warehousing, logistics services, tourism, food processing and packaging, and technological development, while the remaining three are oil and gas-related
Buhari said, “The public sector will continue to drive investment into infrastructure development, encourage access to low-cost financing and provide fiscal incentives to companies wishing to manufacture products for sale.
“As you are aware, Nigeria has signed and ratified the agreement establishing the African Continental Free Trade Area. This agreement will dramatically boost intra-African trade and is expected to deliver an integrated continental market, consisting of 1.3 billion consumers.
“This is a great opportunity for Nigeria. Our international trade is currently doing well with trade surplus between January and June of 2022 in excess of N3.2tn. AfCFTA however gives us the opportunity to do so much better!”
In his goodwill message, the Lagos State Governor, Mr Babajide Sanwo-Olu, spoke on the importance of MSMEs as major drivers of the economy.
According to him, his administration had been working to lower the cost of doing business, improve ease of doing business, build skills, support innovation and strengthen the function of the labour market to improve capabilities, reduce conflict and foster harmonious industrial relations.
Sanwo-Olu said, “There is no gainsaying that most of the businesses that will be participating in this fair are Micro, Small and Medium Enterprises, which are the bed rock of sustainable development in most global economies.
“In Nigeria, this sector is the heart beat of our industrial and economic development and in Lagos State, MSMEs have significantly contributed to employment creation, value addition, income generation and appreciable poverty reduction.
“Therefore, there is no doubt in my mind that MSMEs are crucial to our economic growth and stability, in achieving the Sustainable Development Goals, particularly in the promotion of creativity and decent work for all.”
