Federal Govt Advises Private Sector On Value Addition, Exported Goods Quality

The federal government has urged the private sector to boost the demand for Nigerian products by aggressively pursuing value addition and increasing the quality of exported goods originating from the country.
President Muhammadu Buhari stated this at the weekend during the opening of the 2022 Lagos International Trade Fair (LITF). The Trade Fair began on November 4th and ends on November 13, 2022 with the theme ‘Connecting Businesses, Creating Value’.
Buhari, represented by the minister of Industry, Trade and Investment, Otunba Niyi Adebayo, emphasised the importance of trade in stimulating economy and driving sustainable development, saying “through increased trade, our goals of job creation, GDP growth, increased foreign exchange earnings and reduced insecurity are actualised.”
He noted that “the development of export trade takes this a step further and helps our nation reach its economic diversification goals.”
He noted that, Nigeria signing and ratifing the agreement establishing the African Continental Free Trade Area (AfCFTA) will dramatically boost intra-African trade and is expected to deliver an integrated continental market, consisting of 1.3 billion consumers.
“This is a great opportunity for Nigeria. Our international trade is currently doing well with trade surplus between January and June of 2022 in excess of N3.2 trillion,” Buhari stated
He noted that federal government has taken much-needed steps to improve the trading environment.
He however said: “while we take these strides, it is important that all national policy makers, business leaders and trade development partners know that the synergy and cooperation between all parties is cardinal to enhancing trade in Nigeria.”
President of Lagos Chamber of Commerce and Industry(LCCI) , Dr. Michael Olwale-Cole, stated that, the theme of the trade fair underscores the importance of relationships and networking among businesses for the purpose of wealth creation.
He pointed out that “we recognise the imperative of non-oil sector development and the need to add value to our primary products in order to improve earnings for both the public and private sectors of the Nigerian economy.
“This trade fair provides a platform to identify non-oil alternatives and highlights the significance of value addition.
He commended the recently launched Special Agro Industrial Processing Zones (SAPZ) Programme, by the federal government and supported by the African Development Bank (AfDB), the Islamic Development Bank, and the International Fund for Agricultural Development, as co-financiers.”
Lagos State governor, Babajide Sanwo-Olu said: “on our part, we have continued to make giant strides by formulating and implementing policies, programs and projects that have impacted and stimulated economic growth in the State.
“In our quest to build a globally competitive economy, especially through the MSMEs, we have improved considerably our Economic Policy Coordination and Implementation, we have encouraged Partnership Building between the Public and Private Sectors and we have prioritised Labour to facilitate and promote investment in the development of quality workforce for the various categories of enterprises in the state.”