By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    United Nations
    4th International Conference On Financing For Development Delivers Renewed Hope And Action For Sustainable Development
    4 months ago
    The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa
    AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa
    4 months ago
    UN
    North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel
    4 months ago
    UNICEF
    How Wars Across Middle East, North Africa Affecting Children – UNICEF
    4 months ago
    UNDP
    UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil
    4 months ago
  • Africa
    Africa
    Show More
    Top News
    Human Rights Watch Kicks Over 10-Year Jail Term Giving Burundian Journalist
    3 years ago
    Democracy In Africa In Crisis, Afrobarometer Warns
    3 years ago
    Hopesalive Initiative for Africa
    Queen Temitope Enitan-Ogunwusi Receives African Award In Ethiopia
    2 years ago
    Latest News
     South Africa’s Think 20: Experts Address How Africa Can Bridge Digital Divide And Achieving Financial Inclusion
    4 weeks ago
    U.S. Africa Command Commander Visits West Africa, Underscores Partnership In Addressing Evolving Terrorism Threat
    1 month ago
    West Africa Regional Preparatory Workshop For COP30 On Climate Change Opens In Dakar
    1 month ago
    Systemic Racism Against Africans And People Of African Descent In Criminal Justice Systems Is Pervasive
    1 month ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Voters In Katsina Vow To Dump Buhairi, APC
    3 years ago
    My Son Must Win, Ondo State’s King Threatens His People
    3 years ago
    I Will Not Disappoint My Constituents, Dekor Reassures Ogoni People
    2 years ago
    Latest News
    Ex-Pres. Jonathan’s Senior Special Assistant, Dr. Dudafa Dumps PDP For APC
    1 week ago
    Senate President Akpabio Engages Young Progressives in Mentorship Conversation at the Youth House
    2 weeks ago
    Minister of Women Affairs Visits APC Youth House To Mark International Day Of Girl Child
    2 weeks ago
    EU, ADC Parley: Calls for Electoral Reforms To Guarantee Free, Fair, Credible Polls In Nigeria
    3 weeks ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    1 year ago
    Latest News
    All Eyes On Nigeria, As Lagos Set To Host Groundbreaking Giving Tuesday Festival On 2 December
    5 hours ago
    Alleged N532m Debt: Court Orders Bank To Takes Over Abudu Family’s Firm
    2 days ago
    Popoola-Taiwo Legal Practitioners, Shipper’s Council Resolve 3-years Dispute Between Logistics Firms Via ADR
    4 days ago
    Final Journey of Ezinne Juliana Anyanwu To Begin January 2026 In Nguru
    4 days ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Nigeria’s Glo(W)Ing Entertainment Industry: 19 Years Of Strategic Partnership
    3 years ago
    2023 Polls: Stay Tuned To These Channels On GOtv For Breaking News And Analysis 
    3 years ago
    Family, Friends Celebrate As Princess Zara Raji Turns Two
    2 years ago
    Latest News
    GOtv Stream vs. Traditional TV: Why Viewers Are Loving the Flexibility
    1 month ago
    Securing Africa’s Digital Future: Entertainment in Safe Hands
    1 month ago
    BBNaija S10: Joanna, Mide, and Isabella Clash as Denari and Tracy Exit the House
    1 month ago
    Akamai Adaptive Media Player 2: Bitmovin And Akamai Set New Streaming Standard
    2 months ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Sanwo-Olu Receives TAMPAN Award
    8 months ago
    Radisson Hotel Group Announces Three New Hotels In Nigeria
    2 years ago
    Fanti Carnival Returns To Lagos This Easter Sunday
    6 months ago
    Latest News
    Faith On The Move: Legion of Mary Lights Up Owerri With Inspiring October Devotion Procession
    1 hour ago
    The Day Mourners Rebelled in Church By Babafemi Ojudu
    2 weeks ago
    Ambassador Raffy Bello Greets Imperial Majesty, Ooni Enitan-Ogunwusi, As Olojo Festival Begins In Ile-Ife
    1 month ago
    Preserving African Culture: Polaris Bank , Chivita, And Danone Support CIKDAS’ Youth Literary Initiative
    2 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Financial Action Task Force Removes Nigeria From Grey List
    2 days ago
    Unity Bank Shareholders Approve Merger With Providus Bank
    4 weeks ago
    Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders
    1 month ago
    Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria
    2 months ago
    Intra-African Trade Fair
    Nigeria To Host Intra-African Trade Fair In 2027
    2 months ago
  • Health
    Health
    Show More
    Top News
    WHO
    WHO Gives Nigerian Laboratory Full Accreditation To Fight Measles And Rubella
    3 years ago
    European Union Allocates N75m To Prevent Spread Of Diphtheria In Nigeria
    3 years ago
    US Govt Must Heed Lessons Of PEPFAR – AIDS Society Warns
    2 years ago
    Latest News
    Nigerian Academy Of Pharmacy Inducts 14 New Fellows
    1 week ago
    2025 World Pharmacist Day: Lagos Takes Healthcare To Ikorodu Communities
    4 weeks ago
    World Heart Day: Adopt Healthy Food Policies, CAPPA Tasks FG, States
    4 weeks ago
    Lagos Takes Fight Against HIV To Communities
    4 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Business > Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu
BusinessIndustry & Labour

Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu

Last updated: 2025/05/22 at 4:37 PM
5 months ago
Share
SHARE

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.

- Advertisement -
Ad imageAd image

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.

You Might Also Like

Financial Action Task Force Removes Nigeria From Grey List

Senior Lawyer Accuses Lagos AG Of Abuse Of Court Process

Unity Bank Shareholders Approve Merger With Providus Bank

Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders

Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria

TAGGED: Lagos State
INadminNG May 22, 2025 May 22, 2025
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Gateway Games: Team Lagos Are Well Motivated To Compete Favourably In Abeokuta, Says Fatodu
Next Article Unity Cup: Super Eagles Legends Hail Chelle’s Balanced Squad For Showdown In London 
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?