The Federal and Lagos State Governments have called on Nigerians to embrace the consumption of locally made products and invest in homegrown industries as a strategic move to strengthen the country’s Small and Medium Enterprises (SMEs) and drive economic diversification.
This call was made on Monday during the 16th meeting of the National Council on Industry, Trade and Investment (NCITI), hosted by the Lagos State Government in collaboration with the Federal Ministry of Industry, Trade and Investment.
The event, themed “Accelerating Diversification to Rebuild Prosperity by Leveraging Industry, Trade and Investment for Shared Prosperity,” brought together government officials, entrepreneurs, and industry stakeholders.
Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose, noted that Nigeria is at a critical juncture where reducing dependence on oil has become an economic necessity rather than a policy preference.
“We are at a crossroads where the urgent need to diversify our economic base is now imperative for survival and future relevance. Past disruptions have shown that relying on a single economic resource leaves us highly vulnerable to external shocks,” she said.
Ambrose stressed the importance of producing and consuming locally made goods to boost economic sustainability and competitiveness.
She said the forum provided an avenue for stakeholders to engage and design strategies to reposition Nigeria — and Lagos in particular — as a key player in a diversified and resilient global economy.
She highlighted several initiatives by the Sanwo-Olu administration to foster a business-friendly environment in Lagos, including infrastructure development, reforms in land administration and tax policies, and the establishment of the Lekki Free Zone — which now houses major industries including the Dangote Refinery.
In a bid to boost digital access for businesses, she added that the state has completed 3,000 kilometres of fibre optic infrastructure and is implementing a new industrial policy (2025–2030) to support MSMEs, large-scale industries, and global investors.
Ambrose also noted Lagos State’s partnership with the African Continental Free Trade Area (AfCFTA) to enhance the global competitiveness of local producers and exporters.
“Trade is more than commerce; it is a tool for economic inclusion, poverty reduction, and shared prosperity. In the last year alone, Lagos attracted over $600 million (over N1 trillion) in investments, affirming our commitment to a transparent and investor-friendly climate,” she stated.
She urged both federal and state authorities to explore new markets, leverage the youthful population, and embrace the digital economy to unlock industrial and trade potential.
Also speaking, Permanent Secretary at the Federal Ministry of Industry, Trade and Investment, Nura Abba Rimi, said Nigeria must respond to the evolving global economy with agility and purposeful policy decisions.
“Manufacturing is the backbone of industrialisation. We must strengthen sectoral clusters, remove bottlenecks, facilitate ease of doing business, and improve SME access to finance. These are critical steps to attract investment and boost productivity,” he said.
Delivering the keynote address, renowned economist Abiodun Adesire underscored the importance of reviving Nigeria’s manufacturing sector, warning that no economy can thrive sustainably by depending on imports.
“We must produce what we consume. Our over-reliance on oil exposes us to economic shocks. Manufacturing is key to long-term prosperity, and consuming Made-in-Nigeria products is not only practical — it is patriotic,” Adesire said.
He called for the execution of robust industrial policies and a concerted effort to create a conducive environment for manufacturers and investors alike, affirming that Nigeria has the potential to lead Africa’s industrial growth if it takes decisive action.
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