President of Lagos Chamber of Commerce and Industry (LCCI), Babatunde Runwase, says the country needed the right policies and commitment to infrastructural development to revive investors’ confidence in the economy.
Speaking at the opening ceremony of the 2019 Lagos International Trade Fair, Runwase explained that “it’s not just about encouraging made in Nigeria goods initiative, but must be backed with policies that are friendly and supportive to medium and small-scale enterprises.
“Our economic and investment policies must be friendly to make Nigeria a major investment hub in Africa. We need the right policies as well as strong commitment to infrastructural development to revive investors’ confidence in our economy,” he said.
Earlier in his address, President Muhammadu Buhari, who was represented by the Minister of State for Industry, Trade and Investment, Amb. Maryam Katagum, called on Nigerians to patronise Made-in-Nigeria products and services.
“We must accept our new reality of promoting locally made products as it is evident that this is where our new Nigeria would be realized and that is why I have constantly emphasized that we must be a nation where we grow what we eat and consumer what we produce.”
According to her, trade fairs are vital economic tools for the realisation of the government’s economic agenda for the industrial upgrade and economic development of the country, stressing that they would not only enhance business confidence but also lead to the increase of foreign direct investment into the economy.
She noted that the economic focus of his administration was to diversify from a mono product economy with the special focus on non-oil sector, using the private sector as the arrowhead.
“To achieve this, government has made concerted efforts at enhancing the Export Expansion Grant (EEG) initiative, which is often given to deserving exporters while using the Bank of Industry (BOI) as a tool to implement the small and medium enterprise guarantee scheme in an effort towards assisting the industrial and Micro Small and Medium Enterprises (MSME) sectors,” he added.
Earlier, Lagos State Governor, Babajide Sanwo-Olu, represented by the Deputy Governor, Dr. Obafemi Hamzat, said the state’s commitment to promoting and connecting businesses across transnational borders remain strong and unshaken.
“We shall leave no stone unturned in ensuring that Lagos State truly becomes a 21st century economy which actively supports the growth of the local economy through improved ease of doing business, innovative incentives and interventions as well as quality service delivery by a well-motivated public service,” he said.
