Nigeria’s push for economic stability may lie in the hands of its small businesses. At the 16th National Council on Industry, Trade and Investment (NCITI) meeting, hosted in Lagos on Monday, leaders from both the Federal Government and Lagos State called for renewed focus on boosting local production and promoting made-in-Nigeria products.
With the theme “Accelerating Diversification to Rebuild Prosperity by Leveraging Industry, Trade and Investment for Shared Prosperity,” the meeting gathered key players from government and industry to address Nigeria’s fragile economy.
Beyond Oil: A Call to Action
Folasade Bada Ambrose, Lagos State’s Commissioner for Commerce, Cooperatives, Trade, and Investment, made it clear that the time for economic diversification is now. She warned that Nigeria’s continued dependence on oil would only delay progress and expose the economy to further shocks.
“We find ourselves at a crucial juncture where diversifying our economic base is no longer just a policy initiative but a survival imperative for future relevance in the global market,” she said. “Past economic disruptions have taught us that an over-reliance on a single resource puts us at risk and constrains our growth potential.”
Ambrose added that the council meeting served as a platform for collaboration between government agencies and small business owners, particularly to reposition Lagos as a future-ready, resilient economy.
Infrastructure and Investment in Focus
To attract global and local investors, Lagos State has ramped up efforts by completing 3,000 kilometres of fibre optic cabling, designed to make internet access cheaper for businesses. The state has also introduced a new industrial policy covering 2025–2030. This policy aims to create an enabling environment for MSMEs, large-scale industries, and foreign investors alike.
According to the Commissioner, these moves are part of broader efforts to support businesses that manufacture and sell local goods, which are essential to achieving economic diversification.
Federal Support for SMEs and Digital Innovation
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Supporting this call, Nura Abba Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, said Nigeria is facing a pivotal economic moment. He urged rapid adoption of policies that diversify the economy while boosting investor confidence.
“Nigeria is at a crossroads with the evolving global landscape, and we must act with agility and implement deliberate policies,” Rimi stated. “Strengthening manufacturing is essential for industrialisation. By enhancing sector clusters and minimising bottlenecks, we can improve export capabilities.”
Rimi also stressed the need for a more robust digital infrastructure and financial systems tailored to the needs of SMEs. “It is vital that we develop a financial system that supports the needs of SMEs,” he concluded.
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One reply on “Lagos Urges Shift to Local Production to Save SMEs”
[…] The Lagos State Government is building strong partnerships to help young people succeed in agribusiness. Through the Lagos Agrinnovation Club, the state is connecting youth-led agribusinesses with government agencies, development partners, and civil society groups. These partnerships aim to improve food production and boost Nigeria’s food security. […]