Vice President Kashim Shettima praised President Bola Ahmed Tinubu’s efforts in driving Nigeria’s economic growth and development, stating that the administration is committed to building a resilient economy that fosters sustainable progress. Speaking at the grand opening of the 2024 Commercial and Industrial Trade Fair at the Lagos International Trade Fair Complex, Shettima emphasized the Renewed Hope Agenda as a guiding force for Nigeria’s economic revival and future prosperity.
The trade fair complex, which had been inactive for over 14 years, was brought back to life with this year’s event, marking a significant milestone in the government’s push to reinvigorate commercial activities. The Vice President, represented by the Senior Special Adviser on Regional Development, Mrs. Mariam Temitope, highlighted the fair as a pivotal platform to display the innovation and resilience of Nigeria’s industries. He noted that the revitalized complex would serve as a vital hub for fostering business collaboration, attracting both local and international investors to explore new markets and forge partnerships.
“This trade fair provides an opportunity to connect with global partners, explore new markets, and foster collaboration,” Shettima said. “President Tinubu’s Renewed Hope Agenda is a beacon of hope guiding us towards a future of prosperity and sustainable development. The administration is actively working to create an enabling environment for businesses, both domestic and foreign, to invest and grow.”
Shettima outlined key pillars of the administration’s strategy to promote sustainable private-sector growth, focusing on diversifying Nigeria’s economy beyond the oil and gas sector. He stressed the importance of promoting trade, enhancing regional and international trade agreements, and investing in infrastructure to support industrial growth. Additionally, he emphasized empowering nano, micro, small, and medium enterprises (NMSMEs) as drivers of innovation, job creation, and wealth. By bolstering these sectors, the government aims to unlock Nigeria’s economic potential and position the country as a hub for regional and global trade.
The Vice President’s speech set the tone for the trade fair, which is expected to host over 400 exhibitors from various sectors, including agriculture, manufacturing, technology, and services. The event’s theme, “Strengthening Nigeria’s Commercial and Industrial Sectors through Trade and Investment,” reflects the government’s commitment to promoting industrialization and economic growth. The Lagos International Trade Fair Complex, spanning over 365 hectares, serves as a gateway to African markets and is seen as a catalyst for economic growth across the West African sub-region.
Following the opening ceremony, Mrs. Temitope, accompanied by key dignitaries such as the Minister of Industry, Trade, and Investment, Mrs. Olajumoke Oduwole, and the Executive Director of the Lagos International Trade Fair Complex, Barr. Vera Safiya Ndanusa, toured the exhibition stands. The guided tour showcased the diverse range of products and services on display, highlighting the innovative capabilities of Nigerian industries. The tour was a testament to the government’s commitment to showcasing the country’s commercial prowess and attracting potential investors.
Dr. Oduwole, in her keynote address, praised the efforts of Barr. Ndanusa and her team for revitalizing the complex and organizing the trade fair. She noted that the revival of the complex marked a significant moment in Nigeria’s economic history, demonstrating the impact of collaborative efforts between the public and private sectors. “This event is a pivotal moment in our nation’s history. It symbolises the resurgence of a key economic platform that has long been a cornerstone of Nigeria’s commercial landscape,” Dr. Oduwole stated. She commended the Ministry of Industry, Trade, and Investment for its unwavering support, which was instrumental in bringing the trade fair to fruition.
Barr. Ndanusa expressed her joy at the revival of the complex, which had been abandoned for more than a decade. She highlighted the strategic importance of the complex in jumpstarting the economy, stimulating investment, and creating jobs. “The revival of this platform is a reawakening of an economic powerhouse that has the potential to transform Nigeria’s trade and investment landscape,” she said. Ndanusa emphasized that the complex offers unique advantages to industrialists and exhibitors, providing a vital space for business activities that can drive economic growth.
The Minister of Foreign Affairs, Alhaji Yusuf Maitama Tuggar, represented by a director in the ministry, Amb. Bolaji Akinremi, underscored the importance of the trade fair in expanding Nigeria’s international trade footprint. He encouraged exhibitors to leverage Nigeria’s 114 embassies and high commissions worldwide to penetrate global markets with their goods. “The revitalisation of this trade fair complex is a significant achievement. It provides a platform for Nigerian businesses to showcase their products on an international stage, attracting foreign investors and expanding market reach,” Tuggar noted.
The 2024 Commercial and Industrial Trade Fair, set to run for 13 days, is expected to draw significant participation from both local and international exhibitors. The fair’s revival is seen as a key component of President Tinubu’s economic strategy, aiming to enhance Nigeria’s industrial base and promote sustainable development. The event also highlights the administration’s focus on fostering entrepreneurship and creating a conducive environment for businesses to thrive. As the trade fair kicks off, the government remains optimistic that this platform will boost Nigeria’s economy, attract foreign investment, and position the country as a leading player in regional and global trade.
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