Lagos State Governor, Babajide Sanwo-Olu, the Minister of Industry, Trade and Investment, Jumoke Oduwole, and other stakeholders in the business sector have called for action in implementing policies on consumption of local goods in order to grow the Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

Sanwo-Olu, who was represented by the Permanent Secretary, Lagos State Ministry of Cooperatives, Commerce, Trade and Investment, Dr. Aina Ayoola, spoke on the third day of the 16th meeting of the National Council on Industry, Trade and Investment organised by the Federal Ministry of Industry Trade and Investment and hosted by the Lagos State government with the theme ‘Accelerating Diversification by Leveraging Industry, Trade, and Investment for Shared Prosperity.’

He said several suggestions and policies have been formulated from the 1st edition of the meeting of the council to the 15th edition but noted that now is the time to put those policies into action and implement them if Nigeria is to rebuild its economy

The governor added that through collaboration, innovation and strategic partnerships between states and the federal government, Nigeria can rebuild and accelerate its journey towards shared prosperity in diversifying its economy from oil and developing its local manufacturing sector.

“Let us transform the brilliant ideas and resolutions crafted here into tangible actions that will impact the lives of our citizens. The journey towards a diversified and prosperous economy requires more than policy declarations; it demands relentless implementation, measurable outcomes, and unwavering accountability.’ Sanwo-Olu said.”

He said Lagos State under his administration has provided a conducive environment for businesses to thrive, for investments to flourish, and for innovation to take root adding that the state will continue to be at the forefront of transforming Nigeria as a hub for manufacturing, and a leader in intra-African trade under the African Continental Free Trade Area Agreement, and a prime destination for sustainable investments.

Oduwole said Nigeria stands at a high inflation point which President Bola Tinubu has been making efforts to stabilize in the last two years.

She said the President is putting in place policies to diversify the nation’s economy from over-reliance on oil-sector to the non-oil sector.

“Our economy relies on a single economy but the President is tackling it. 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. Let us change a resilient Nigeria economy,” she added

The Minister of State Industry, Trade and Investment, John Ewan Onoh said Nigeria is not lacking in policies noting that the concern is in the implementation of those policies.

“We should go beyond rhetoric to reality. It’s when we are able to make tangible progress to outcomes of the meeting that the Nigeria economy can move forward. There’s so much expectation,” the minister said.

“In Nigeria today, $10 billion is spent on importation of foreign products whereas SMEs contribute less than 20%. This must change. Outcomes of this meeting must be implemented.”

He called for more financing for the small and medium enterprises adding that Nigeria is open for business to private sectors.

“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,” he said.