The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, Tuesday, stated that the Lagos International Trade Fair Complex has recorded significant increased revenue to the federal government, totaling N430, 000,000 in the first quarter of 2024.
He said it is significant compared to the N17, 883,406 that accrued to the federal government in the same period in the previous year.
Disclosing this in Abuja during a ministerial sectoral update to mark President Tinubu’s one year in office, the minister said the federal government is set to again host the popular Lagos International Trade Fair which was last hosted 14 years ago in 2010.
She said it will re-establish the country as the market hub of West Africa.
She added that it will create increased market linkages and access for manufacturers, suppliers, farmers and traders across Nigeria, significantly boosting the economic activities of the country in an unprecedented way through tourism, trade, manufacturing and increased job creation.
On the global landscape, she said Nigeria’s bilateral engagements have also been fruitful as it led to significant partnership opportunities for Nigerian trade.
“We have successfully negotiated and executed multiple trade and investment agreements, further strengthening our bilateral relations and market access with various countries, such as Qatar, U.K., and India.
“To enhance our trade and reduce export rejects and exporting time, we are creating One stop Export Processing Centers across the 6 geopolitical zones. These centers will accommodate all government agencies and private institutions that warehouse, test, certify, package and document goods for export, and finally ship these commodities through the designated export terminals.
“Exporters will also be more strictly regulated to ensure that our dear country benefits from the export of her natural resources. All exports must be against inward letters of credit before goods can be shipped out of Nigeria.
“This will ensure that export proceeds are warehoused within Nigerian banks and made available to the FX markets, further strengthening our currency and our economy,” she said.
She added that Nigeria’s investment landscape is now witnessing a significant influx of foreign capital, aligning with the Renewed Hope agenda, led by the commitment of President Tinubu, we have secured Investment commitments of over $30Billion, so far across multiple sectors of the economy.
She said the Ministry has Re-launched the Nigerian Trade Policy 2023-2027, geared at stimulating the domestic economy by connecting Nigerian SME’s to the global value chain thereby ensuring that Nigerian businesses have the capacity to be globally competitive.
She said the ministry has re-launched the Nigerian Trade Policy 2023-2027, geared at stimulating the domestic economy by connecting Nigerian SME’s to the global value chain thereby ensuring that Nigerian businesses have the capacity to be globally competitive.
“In addition, the ministry is taking decisive and structured steps to attract capital investments which will transform our homegrown enterprises and industries into global players.
“We have concluded stakeholder engagements with our domestic private equity and asset management firms towards the launch of an Investment Mobilization Initiative aimed at increasing local and foreign investment as a catalyst for economic growth,” she said.
