President Bola Ahmed Tinubu has stated that, through policy clarity and investor engagement, his administration has attracted at least $5 billion in new investments in manufacturing, fintech, and energy since taking office two years ago.He also noted that the Presidential Enabling Business Environment Council (PEBEC) reforms, which have been carried out, have reduced business registration timelines, digitised port operations, and simplified regulatory procedures.Speaking on Friday at the opening ceremony of the Lagos Chamber of Commerce and Industry’s (LCCI) Lagos International Trade Fair 2025 (LITF) at Tafawa Balewa Square (TBS), Lagos, he vowed to continue rebuilding the economy, deepening investor confidence and championing local industry, innovation and trade.
Represented by the Minister of State for Industry, Federal Ministry of Industry, Trade and Investment (FMITI), John Owan Enoh, he described the annual fair as a symbol of Nigerian enterprise, creativity, resilience, and an unyielding belief in possibility.Pointing out that with the global economy recalibrating and supply chains being reimagined, he said Nigeria must act with courage and clarity to define the next decade.Hailing the private sector as the backbone of this economy; creating over 90 per cent of jobs and powering exports, he said Nigeria must not be simply a participant in the African Continental Free Trade Area (AfCFTA) but lead it going forward.He vowed to implement stable policies instead of abrupt reversals, honour contracts, provide transparent incentives for manufacturers, exporters, and MSMEs, digitalise ports, establish one-stop shops for business permits, introduce smarter taxation, and expedite dispute resolution.Revealing that the fair is now in its 39th edition, LCCI President Gabriel Idahosa stated that the fair’s theme, ‘Connecting Businesses, Creating Value,’ is timeless and captures the core spirit of the event.The fair, which commenced on Thursday and will continue until November 16, attracted nearly 2,000 exhibitors showcasing the best of Nigerian and African entrepreneurship and ingenuity.
Aiming for 500,000 visitors during the ten days, Idahosa said their objective is to facilitate business networking, open new market opportunities, and establish partnerships to create value across the economy.He noted that there has already been a direct injection of ₦250 million into the local economy and the employment of 280 local artisans, demonstrating a significant initial economic stimulus.With over 200 exhibitors from both China, represented by the United Asia International Exhibition Co., Ltd, and the Japan External Trade Organisation (JETRO), as well as hundreds from Ghana and other parts of Africa, the president urged Nigerian businesses and entrepreneurs to seize the opportunity to network with these international exhibitors, initiate distributorship deals, and foster trade agreements that will enhance their business value chains and diversify their product offerings.In his keynote address, Lagos state governor Babajide Sanwo-Olu, who was represented by the State’s Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Bada Ambrose-Medebem, hailed the city as a microcosm of Africa’s entrepreneurial spirit and a place where commerce thrives against all odds.Stressing that, in a bid to support commerce, trade, and investment, he stated that the state has simplified investment procedures through a one-stop business facilitation centre, strengthened land and trade documentation processes, and improved access to transparent data for investors.Noting that the state is also expanding its industrial zones and clusters, which he said are rapidly becoming magnets for local and foreign investors, he added that this will ensure manufacturers, exporters, and service providers operate in well-serviced, secure, and cost-efficient environments.
