By Lukman Olabiyi
Lagos State Governor Babajide Sanwo-Olu and the Minister of Industry, Trade and Investment, Jumoke Oduwole, have called for the implementation of policies to promote local goods consumption and boost Small and Medium Enterprises (SMEs).
Speaking at the 16th Meeting of the National Council on Industry, Trade and Investment in Lagos on Saturday, May 24, themed “Accelerating Diversification by Leveraging Industry, Trade, and Investment for Shared Prosperity”, they emphasised action over rhetoric.
Sanwo-Olu, represented by Dr Aina Ayoola, Permanent Secretary of the Lagos State Ministry of Cooperatives, Commerce, Trade and Investment, stressed that policies from the council’s previous 15 meetings must now be executed to rebuild Nigeria’s economy.
“Let us transform the brilliant ideas and resolutions crafted here into tangible actions that will impact the lives of our citizens,” he said, advocating for collaboration between states and the federal government to diversify from oil and strengthen local manufacturing.
Minister Jumoke Oduwole highlighted President Bola Tinubu’s efforts to stabilise Nigeria’s economy amid high inflation, focusing on diversifying from oil to non-oil sectors. “Diversification is a national project that demands alignment with states; it is not for the federal government alone,” she said.
Minister of State John Ewan Onoh echoed the need for implementation, noting that Nigeria spends $10 billion annually on imported products while SMEs contribute less than 20%. “We should go beyond rhetoric to reality,” he urged.
Both leaders emphasised Lagos’s role as a hub for manufacturing and intra-African trade under the African Continental Free Trade Area Agreement. Sanwo-Olu affirmed that Lagos provides a conducive environment for businesses and innovation, while Onoh stressed the ministry’s mandate to position Nigeria as Africa’s industrial hub through partnerships with the private sector.
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