The Lagos Chamber of Commerce and Industry (LCCI) has said that it is expecting a new national trade policy that can respond to the dynamics and new realities of the global trade system in terms of the evolution of global production networks and global value chains.
The President, LCCI , Dr Michael Olawale-Cole who disclosed this in Lagos at the opening ceremony for 2022 international Trade fair said the LCCI is committed to the vision of the current administration in respect of economic diversification and self-reliance.
He said that the Chamber recognized the imperative of non-oil sector development and the need to add value to our primary products in order to improve earnings for both the public and private sectors of the Nigerian economy.
Olawale-Cola explained that this trade fair provides a platform to identify non-oil alternatives and highlights the significance of value addition.
Describing trade fair as an avenue to boost economic and commercial activities, he said ” we need to do a lot more to attract more private capital into the Nigerian economy. In this connection, our economic and investment policies must be right, and our institutions must be investment-friendly. We need to fix the structural, institutional policy, and regulatory issues impeding private sector development.”
He said the 2022 edition of the Lagos International Trade Fair is being organized with a theme “Connecting Businesses, Creating Value’. He stated that the theme underscores the importance of relationships and networking among businesses for the purpose of wealth creation. The theme also underlines the value of interactions between producers and service providers and end-users and this is the cardinal objective of the Trade Fair.
He said the economic conditions have been challenging even as the economy sustains recovery from the Covid-19 pandemic and now navigating through the shocks from the Russia-Ukraine war, and recently climate change shocks in the form of devastating floods across the country.
While the Nigerian economy has recorded some impressive growth figures this year showing a sustained recovery of the economy, there are heightening fears of recession, food insecurity and more climate change impacts.
Speaking further he said “As investors, we need to continue to demonstrate our resilience and determination to forge ahead despite these challenges.
“As a chamber, we have strong confidence in the Nigerian economy, and we believe we would meet our growth target for this year ”
In his opening remark, the Governor, Lagos State, Babajide Sanwo-Olu said that the State has continued to make giant strides by formulating and implementing Policies, Programs and Projects that have impacted and stimulated economic growth in the State.
He said In its quest to build a globally competitive economy, especially through the MSMEs, the State improved considerably on its Economic Policy Coordination and Implementation, encouraged Partnership Building between the Public and Private Sectors and prioritized Labour to facilitate and promote investment in the development of quality workforce for the various categories of enterprises in the State.
Speaking further he said “We have also 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. Without doubt, my administration has been proactive and intentional in its support and interventions to improve and reinvigorate MSMEs.”
He said “most of the businesses that will be participating in this Fair are Micro, Small and Medium Enterprises, MSMEs 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.”