Beyond economic promises

A ray of hope was rekindled for the nation’s economy. Where did this happen and who were there? Taking a word from the President, Lagos Chamber of Commerce and Industry, Asiwaju (Dr.) Michael Olawale-Cole, it was at the opening ceremony of the 2022 Lagos International Trade Fair, held at the Tafawa Balewa Square, Lagos, which is the 36th in succession, organised by the group. This edition was put together on the premise of the generic theme for the annual fair, which is “Connecting Businesses, Creating Value”, which underscores the importance of relationships and networking among businesses for the purpose of wealth creation as it underlines the value of interactions between producers and service providers and end-users, which is the cardinal objective of the outing.

Olawale-Cole stated that the body was committed to the vision of the current administration in respect of economic diversification and self-reliance, saying “It is encouraging to note the efforts of the Ministry of Industry Trade and Investment in reviewing Nigeria’s National Trade Policy last updated in 2002. We are expecting a new national trade policy that can respond to the dynamics and new realities of the global trade system in terms of evolution of global production networks and global value chains”. He recognised the imperative of non-oil sector development and the need to add value to our primary products so as to improve earnings for both the public and private sectors of the Nigerian economy by providing a platform to identify non-oil alternatives and the significance of value addition.

The Nigerian President, Muhammadu Buhari, who was represented at the occasion by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, said that the essence of trade is connecting people to create value for the businesses that would be showcased by portraying the realisation of the action plan of his administration. The President further stressed the important role that trade plays in stimulating the nation’s economy and driving sustainable development. Through increased trade, goals of job creation, Gross Domestic Product growth, increased foreign exchange earnings and reduced insecurity are actualised for the development of export trade by helping our nation attain its economic diversification goals.

He informed that the Federal Government had provided funding support through the Central Bank of Nigeria (CBN) and the Bank of Industry (BOI). Specifically, the CBN has initiated programmes to encourage domestic production and exports, some of which include the Anchor Borrowers’ Programme, FGN Special Intervention Fund for MSMEs and N150bn Targeted Credit Facility. The Federal Government had equally disbursed a total of N785 billion through BOI from 2019 to 2022 and granted Fiscal Incentives to businesses, across multiple sectors, through the Federal Ministry of Finance, Budget and National Planning while the Pay-As-You-Earn (PAYE) and Company Income Tax (CIT) taxes that are among the lowest in the world such that small businesses with an annual turnover of less than 25 million naira, are exempted from paying Company Income Tax.

The President added that the Federal Ministry of Industry, Trade and Investment was reviewing and updating the National Trade Policy in order to firmly establish Nigeria as a worldwide trading hub and a regional leader. This effort would maximise our economic output, expand infrastructural development, promote business growth, industrialisation and entrepreneurship. “While we take these strides, it is important that all national policy makers, business leaders and trade development partners know that the synergy and cooperation between all parties is cardinal to enhancing trade in Nigeria. Through effective partnerships, governance and help from our friends in the private sector, the sky is the limit. We can grasp the future direction of our country and pivot it to unending treasures that will benefit all. We can create a hub that is open to all and position the country as a gateway into Sub-Saharan Africa and beyond; A silk road whose impact shall solidify our position as the giant of Africa”, he noted.

On his part, the Lagos State Governor, Babajide Sanwo-Olu, applauded the efforts of the leadership of the chamber in bringing together its members, who remain the fulcrum of business in Nigeria. He also commended the efforts of the body in helping businesses develop from their conceptual stage into successful organisations because the costs of sustaining enterprises are tough and require great tenacity. Given the prevailing economic certainties, networking and value addition are important tactics that can be used by businesses, both small and large, to connect with others, acquire and retain customers, increase brand awareness and differentiate their places in the market, if they intend to stay competitive in the long run. It can be said that there is no gainsaying that most of the businesses that would be there are Micro, Small and Medium Enterprises, MSMEs, which are the bedrock of sustainable development in most global economies, the governor affirmed. In a nutshell, what can we say that these economic promises at the fair portend to the nation? It can simply be interpreted to be the development of a robust business climate premised and translated into concrete line of action for economic buoyancy.