Merchants at Lagos Trade Fair generate billions of naira for Nigeria's economy, says Minister

The Minister of Industry, Trade and Investment, Jumoke Oduwole, has underscored the significant contribution of traders operating within the Lagos International Trade Fair Complex corridor to Nigeria's Gross Domestic Product, describing the area as a thriving commercial hub in West Africa, with billions of naira being generated. The minister made this assertion during a visit to the complex in Lagos, where she also encouraged Nigerians with overseas factories to consider relocating to Nigeria to boost job creation and local production.

nn

According to Oduwole, the sheer scale of commercial activity in the Trade Fair corridor is apparent, even without referencing official statistics, as evidenced by her personal observation of the area. She noted that the trade being conducted within the corridor is contributing substantially to the Gross Domestic Product of Nigeria, ECOWAS, and the African continent, emphasizing the importance of the traders' activities.

nn

Oduwole acknowledged that while much of the commercial activity within the complex operates informally, the scale and sophistication of the businesses involved are considerable, with many traders moving billions of naira in international trade. The minister recognized that the informality of the sector does not imply a lack of sophistication, but rather a preference to operate under the radar, in some cases.

nn

The minister assured traders that the Federal Government would collaborate with them to deepen formalization and improve the business environment within the complex, addressing the challenges they face. Oduwole also urged traders who own factories outside Nigeria to consider domestic production, citing the potential for job creation and economic growth in the country.

nn

Some of the traders operating in the Trade Fair corridor are industrial investors who own factories in other countries, and Oduwole encouraged them to consider producing locally instead of enriching other countries and creating jobs abroad. The minister emphasized that the opportunities for economic growth and job creation should be harnessed in Nigeria, rather than elsewhere.

nn

Oduwole acknowledged the regulatory and logistical challenges faced by traders, including multiple checkpoints along access roads and the activities of regulatory agencies such as the Nigeria Customs Service. The minister, having previously worked on ease-of-doing-business reforms, was familiar with many of the challenges affecting the corridor and expressed her commitment to addressing them.

nn

The Federal Government, according to Oduwole, would work with traders and other tiers of government to address the bottlenecks affecting the complex, with the aim of improving the business environment and promoting economic growth. The minister's statement was made during her visit to the complex, where she interacted with traders and gained insight into the challenges they face.