Gov. Babajide Sanwo-Olu of Lagos State says Lagos International Trade Fair (LITF) is a testament to the power of partnerships in advancing economic prospects of large corporations and small businesses.
The governor, represented by his Deputy, Dr Obafemi Hamzat, said this at the opening of the 38th LITF by the Lagos Chamber of Commerce and Industry (LCCI) on Friday.
The News Agency of Nigeria (NAN) reports that the yearly event with the theme: “Connecting Businesses, Creating Value” is a 10-day event.
It is taking place at the Tafawa Balewa Square, Lagos.
According to Sanwo-Olu, in today’s world where connectivity is the backbone of growth, the fair is an opportunity for collaborations that will fuel innovations.
He added that such innovations would have value for businesses.
He said that Lagos, as the economic nerve centre of Nigeria and West Africa, was committed to playing a unique role in fostering connections among businesses of all sizes.
According to him, all businesses whether homegrown startups, established multinationals or local artisans working to scale their enterprises, are welcome to the state.
“Our mission is to position Lagos as a regional hub and a thriving global marketplace – one that harnesses the energy, resilience and ingenuity of its people to drive forward economic prosperity and sustainable development.
“Our vision is to elevate Lagos as a global economic hub, where businesses from every corner of the world feel welcome and empowered as we believe that an interconnected Lagos is a prosperous Lagos.
“This goal is why we are committed to enhancing our infrastructure, improving our business environment and ensuring that Lagos remains a safe, welcoming and efficient place to do business,” he said.
The governor noted that the state in recent years embarked on projects aimed at improving infrastructure, transport systems and digital connectivity.
Sanwo-Olu said that Lagos had made significant strides through digital transformation, simplification of regulatory processes, and various incentives for entrepreneurs in improving ease of doing business.
He said that Lagos was also determined to fostering a culture of entrepreneurship and tech-driven growth by supporting incubators, accelerators and tech hubs to equip the state’s youths.
“As we work toward building a sustainable future, Lagos is even more committed to promoting green business practices and renewable energy.
“Lagos is open for businesses, and we invite our partners from across the world to seize the tremendous opportunities available in Nigeria’s largest market,” he said.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said that the trade fair showed the nation’s vibrant economic landscape and its unwavering commitment to fostering global trade partnerships.
Oduwole, represented by Mrs Lucia Shittu, Chief Executive Officer, TBS Management Board, said that the fair was a reminder of immense potential in connecting businesses from around the world.
She said that LITF offered a unique platform for entrepreneurs, investors and industry leaders to network, collaborate and explore new avenues for growth.
The minister said that the President Bola Tinubu-led administration was dedicated to creating an enabling environment which would support businesses and drive economic development.
She said that the administration had achieved significant milestones in promoting trade and investment, including trade policy reforms and investment promotion.
“We understand the challenges that our nation has faced in recent times, and we are working tirelessly to implement policies that promote investment, enhance competitiveness and create jobs.
“By connecting businesses, we are building bridges that foster understanding and cooperation.
“By creating value, we are contributing to the overall prosperity of our nation and the well-being of our citizens,” she said.
The President of LCCI, Mr Gabriel Idahosa, said that the trade fair was a means to foster economic cooperation, strengthen industry networks and enhance business connectivity within Nigeria and beyond.
Idahosa said that governments’ participation in the fair demonstrated commitment to empowering the private sector to produce for local consumption and export.
He added that the fair had become a veritable platform where state governments and federal parastatals showcased investment opportunities in states and programmes of impact.
“This year’s fair holds special significance as Nigeria navigates an era of economic adjustment marked by challenges and opportunities.
“We urge Nigerian businesses and entrepreneurs to seize the opportunity to network with international exhibitors, initiate distributorship deals, and foster trade agreements that will enhance their business value chains and diversify their product offerings.
“I see this year’s trade fair igniting new ideas, creating lasting partnerships, and being a testament to the power of unity in pursuing economic transformation,” he said.
