By Aderonke Ojediran
Lagos, May 21, 2025 (NAN) Lagos State Gov. Babajide Sanwo-Olu has said that Nigeria would accelerate its journey toward shared prosperity by diversifying its economy from oil and developing its local manufacturing sector.
The governor also called for actions to facilitate the growth of Small and Medium Enterprises (SMEs).
He spoke on the third day of the 16th Meeting of the National Council on Industry, Trade and Investment, on Wednesday in Lagos.
The meeting was organised by the Federal Ministry of Industry Trade and Investment.
The meeting hosted by the Lagos State Government had the theme: ‘’Accelerating Diversification by Leveraging Industry, Trade and Investment for Shared Prosperity’’.
Sanwo-Olu was represented by Dr Olugbemiga Aina, Permanent Secretary, Lagos State Ministry of Cooperatives, Commerce, Trade and Investment.
He noted that a number of suggestions and recommendations had been made from the first edition of the meeting to the 15th edition.
“Let us transform the brilliant ideas and resolutions crafted here into tangible actions that will impact the lives of our citizens.
“The journey toward a diversified and prosperous economy requires more than policy declarations; it demands relentless implementation, measurable outcomes, and unwavering accountability,” Sanwo-Olu said.
He said that Nigeria’s economic growth could be achieved through collaboration, innovations and strategic partnerships between states and the Federal Government.
The governor said his administration had provided a conducive environment for businesses to thrive, investments to flourish, and innovation to take be deep-rooted.
Sanwo-Olu said that Lagos State would continue to be at the forefront of transforming Nigeria as a hub for manufacturing.
He added that the state would be a leader in intra-African trade under the African Continental Free Trade Area Agreement.
The Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, said that Nigeria stood at a high inflation point which President Bola Tinubu had been making efforts to tackle in the last two years.
She said that the president was putting in place policies to diversify the nation’s economy from over-reliance on oil to the non-oil sector.
“We have seen so many opportunities and manufacturing potential that can be unlocked.
“At the Ministry of Trade, Industry and Investment, we are working to lay the foundation for our economic diversification.
“Diversification is a national project that demands alignment with states, it is not for the Federal Government alone,” Oduwole said.
The Minister of State for Industry, Trade and Investment, Sen. John Owan Onoh, said that Nigeria was not lacking in policies.
” It is when we are able to make tangible progress to outcomes of the meeting that the Nigerian economy can move forward. There is so much expectation, ” he said.
“In Nigeria today, $10 billion is spent on importation of foreign products.
“This must change. Outcomes of this meeting must be implemented,” he said.
He called for more financing for SMEs, adding that Nigeria remained open to the private sector for businesses.
“As a ministry, we are ready to partner in building a successful industry sector.
“We have a mandate to position Nigeria as the industrial hub of Africa,” Onoh said. (NAN)
