By Olasunkanmi Akoni

Federal and Lagos State Governments have called for investment in production of local goods as well as consumption of Made-in-Nigeria products to boost the Small and Medium Enterprises, SMEs in the emerging global economy.

Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folasade Ambrose, stated this on Monday, at the 16th meeting of the National Council on Industry, Trade and Investment, NCITI, hosted by the state government and organised by the Federal Ministry of Industry Trade and Investment with the theme: “Accelerating Diversification to Rebuild Prosperity by Leveraging Industry, Trade and Investment for Shared Prosperity.”

Ambrose said Nigeria has found itself in a situation where there is urgent need to diversify the country’s economy from over-reliance on oil, adding that for Nigeria to be economically relevant in the future, there should be more investment in producing local goods and consuming them rather than relying on importation of foreign goods.

According to her, “We have found ourselves at a crossroads where the urgent need to diversify our economic base has become more than a policy agenda; it is now an imperative for survival and future relevance in the global economy.

‘’The lessons from past economic disruptions have reinforced the reality that over-dependence on a single economic resource leaves us vulnerable to external shocks and limits our growth potential,” she said.

Ambrose, explained that the meeting which had in attendance government officials from the Ministry of Industry, Trade and Investment as well as small business owners, was an opportunity for stakeholders to ‘dialogue, collaborate and chart strategic pathways that will position Nigeria and particularly Lagos State as a key player in a diversified, resilient and prosperous global economy.

The commissioner said Lagos State government, under Governor Babajide Sanwo-Olu and his deputy Obafemi Hamzat is already making efforts at creating an enabling environment that will attract investment, support industrial growth, and empower businesses to thrive.

She mentioned some of the efforts to include: building of infrastructural development, policy reforms to ease the cost of doing business, creation of the Lekki Free Zone which is home to the Dangote Refinery and other industries, reforms in land administration, tax transparency among others.

Ambrose further said in order to attract investors, the State has completed 3,000 kilometers of fibre optic infrastructure to crash the cost of data particularly for businesses and also initiated a new industrial policy, (2025-2030) which will create an enabling environment for MSMEs, large-scale industries, and global investors to harness emerging opportunities in Lagos

She said trade remains a critical pillar in the Lagos State economy and the government has partnered with the African Continental Free Trade Area (AfCFTA) to empower local producers and exporters to compete favourably on a continental scale.

Ambrose added, “We believe that trade is not just about commerce; it is a powerful tool for economic inclusion, poverty reduction, and shared prosperity. In the area of investment, Lagos State remains committed to fostering a transparent, secure, and investor-friendly environment.

“In the last one year alone, we attracted over $600 million or over N1 trillion in investment into the State.”

She therefore, urged the government both at the national and state level to ‘explore new markets, unlock the potential of our youthful population, and embrace the digital economy as a catalyst for industrial and trade expansion.’

The Permanent Secretary, Ministry of Industry, Trade and Investment, Nura Abba Rimi, said the global economy is changing and Nigeria must respond with agility by diversifying its economy.

“Nigeria stands at a crossroads with the global economy changing so we must respond with agility and deliberate policy action. Manufacturing remains the backbone of industrialization.

“By strengthening cluster sector development and removing bottlenecks, we can improve export capacity.

“We must facilitate digital ease of doing business and boost investors’ confidence. We must expand access to finance which is critical to SMEs. We must create a financial system that supports SMEs.

‘’As policymakers, this meeting offers an opportunity to deepen dialogue and carve out actionable policies.

“This ministry remains as a facilitator of catalyst to community growth. We are committed to create an environment for business to thrive and for investors to have confidence in our nation,” he added.

A renowned economist and keynote speaker at the event, Abiodun Adesire, said no country survives economically by relying on imported goods, noting that for Nigeria’s economy to survive, the manufacturing sector must be revived.

“We should produce what we consume. When there is a problem with the oil sector, there is a problem with our earnings.

“In Nigeria we are not producing enough. We must pay serious attention to manufacturing and make Nigeria conducive for the manufacturing sector.

“History has shown that no country has become rich by importing raw materials. Nigeria has the potential to become number one in Africa in the industrial sector.

“We must be deliberate in attracting investors. Consuming what is made in Nigeria is patriotic.

“We should look at our policies, put them in place and execute them. Manufacturing is key to economic prosperity.”