Lagos State Governor, Babajide Sanwo-Olu has declared that the State will continue to champion initiatives that foster entrepreneurship, support innovation, and attract strategic investments in Nigeria.
Governor Sanwo-Olu made the declaration at the closing ceremony of the 16th Meeting of the National Council on Industry, Trade and Investment on Wednesday organised by the Federal Ministry of Industry, Trade and Investment and hosted by Lagos State with theme: “Accelerating Diversification by Leveraging Industry, Trade, and Investment for Shared Prosperity”.
Speaking at the event, the Governor called on Nigerian policy makers to pursue accelerated diversification of the national economy by leveraging the enormous potential within industry, trade, and investment.
His words: “Throughout this Council Meeting, you have explored the imperative of accelerating diversification and your deliberations have illuminated the pathways towards harnessing the wealth of opportunities lying untapped across our non-oil sectors. You have also deliberated extensively on policy frameworks that will catalyse industrial growth, reduce trade barriers, and create an enabling environment for both domestic and foreign investments.
“The emphasis on value chain development, support for small and medium enterprises, and the fostering of innovation and technology-driven industries has resonated deeply across the sessions. We leave here with actionable strategies aimed at repositioning Nigeria as a hub for manufacturing, a leader in intra-African trade under the African Continental Free Trade Area Agreement, and a prime destination for sustainable investments.”
Sanwo-Olu described the hosting of the Council as yet another testament to Lagos’ leadership role as the commercial nerve centre of Nigeria, and for which it remains committed to providing a conducive environment for businesses to thrive, for investments to flourish, and for innovation to take root.
“In Lagos State, we reaffirm our commitment to being at the forefront of this transformation. We will continue to champion initiatives that foster entrepreneurship, support innovation, and attract strategic investments. We believe that the future of our great nation lies in the strength of our subnational economies, and we will lead by example in creating an ecosystem where businesses can thrive and where prosperity is shared equitably among our people in line with our T.H.E.M.E.S Plus Development Agenda and Lagos State Development Plan (LSDP) 2052.
The Honourable Minister for Industry, Trade and Investment, Jumoke Oduwole, MFR, remarked that the Federal Government is working with States to strengthen MSME support, cluster development, and investment facilitation, because they are the real engine of growth that lies in Nigeria’s cities, towns, and communities.
“This Council exists to align policy, unlock collaboration, and accelerate action. We know that real transformation happens locally. That is why the role of States in crafting and executing industrial, trade, and investment strategies cannot be overstated. From agro-processing in Cross River, to leather in Kano, to tech in Lagos and Benue State, each State must own its comparative advantage and develop bankable projects around it. Let us move from ideas to implementation. From investment intent. And from plans to people.
“As we deliberate today and finalise the Council’s resolutions, I ask us to remember: diversification is not a federal ambition alone; it is a national imperative that demands alignment, urgency, and execution at every level. Let us prioritise the implementation of actionable commitments with timelines and owners; build data systems that allow us to measure progress transparently; stay focused on productivity and not just disbursement; and ensure that women, youth, and underserved communities are at the centre, not the periphery, of our diversification agenda. The choices we make in this room will reverberate far beyond these walls. Let us choose ambition. Let us choose collaboration. Let us choose a more resilient and inclusive Nigerian economy,” she said.
According to the Minister of State for Industry, Federal Ministry of Industry, Trade and Investment, John Owan Eno, Nigeria imports over $10 billion in industrial goods annually, yet the MSMEs, which employ over 80 per cent of Nigeria’s workforce, contribute less than 20 per cent to industrial output.
“To reverse this trend, we are leveraging the platform of Human Capital Development and Industrial Innovation to train the workforce; sculpting a generation of leaders equipped to innovate, excel and redefine what is possible in manufacturing, agro-processing and technology-driven enterprises,” he said.
As the Council deliberated on strategies to accelerate diversification, Minister of State for Works, Bello Goronyo, advised participants not to underestimate the foundation role of infrastructure as a well-connected Nigeria, with efficient and reliable road networks, “We will unlock the vast potential of our economic sector, empower our industries to compete globally and attract the foreign direct investment needed to create jobs and build a prosperous future for all Nigerians,” he said.
Representative of the Minister of Foreign Affairs/Director, Economy, Trade and Investment, Ambassador Anderson Madubike, advocated for innovative financing for diversified growth. “Industrial zones and digital platforms require capital that is long-term, patient and green. Today, over 65 per cent of Nigerian MSMEs report credit constraints; the average bank loan tenor barely exceeds 24 months. We must lengthen both the tenor and horizon of finance through development finance windows, blended finance platforms, capital market reforms and financial inclusion,” he said.
President, Manufacturers Association of Nigeria (MAN), Francis Meshioye, stated that the association recognises the pivotal role the Council could plays in shaping Nigeria’s economic direction, particularly at a time when the nation must reduce its overdependence on oil, strengthen value-added production and enhance its global competitiveness.
“As a critical voice within the Organised Private Sector, MAN reaffirms its unwavering commitment to working closely with the Council in driving sustainable industrial growth, while actualising the goals of diversification and shared prosperity. We believe that through evidence-based advocacy, constructive policy dialogue and strong public-private partnerships, we can collectively achieve meaningful industrial transformation”, he said.
Meanwhile, the proposal by the State for the Council to adopt its Lagos State Access to Finance for MSMEs Through Cooperatives, LASMECO programme, as a working model nationally received unanimous adoption and was added as part of the resolution of the Council.
