FG plans manufacturing hub at Lagos Trade Fair Complex

The Federal Government has disclosed plans to collaborate with the Organized Private Sector (OPS) to establish a world-class manufacturing hub at the Lagos Trade Fair Complex.  This strategic partnership aims to boost Nigeria’s industrialization, create jobs, and increase the country’s export capacity to neighboring West African countries. Minister of Trade and Investment, Jumoke Oduwole, made […]

The Federal Government has disclosed plans to collaborate with the Organized Private Sector (OPS) to establish a world-class manufacturing hub at the Lagos Trade Fair Complex. 

This strategic partnership aims to boost Nigeria’s industrialization, create jobs, and increase the country’s export capacity to neighboring West African countries.

Minister of Trade and Investment, Jumoke Oduwole, made this announcement during a stakeholders’ engagement at the Trade fair Complex in Ojo, Lagos. 

She emphasised the importance of partnering with the private sector to drive economic growth and development.

Oduwole urged manufacturers among the traders to repatriate their investments back to Nigeria, noting that the partnership would be a significant step towards achieving the Federal Government’s Economic Recovery and Growth Plan (ERGP). 

“Most of you are highly placed businessmen who would prefer to operate low, maybe due to taxation or other factors. But we know that some of you are big industrialists with companies abroad, your contributions to Nigeria’s GDP and to the economy of other countries in the region are also noted. I urge you to start considering relocating your factories back to Nigeria. 

“The Governor of Lagos has called me to look into activities around the Trade Fair. The Governor of Imo State has also drawn my attention to it. The federal government is interested and our party, the All Progressive Congress (APC) is also interested.

 

 

 

“I have personally noted your request which has to do with streamlining of government taxes, upgrade of infrastructures and others. I promise that I will look into it and this is why I personally took notes of all your requests,” she said.

 

 

 

The ERGP aims to diversify the country’s economy and reduce its reliance on oil exports.

 

 

 

However, the announcement came as traders at the Trade fair Market have shut down the complex in protest of a planned takeover by the state and local governments. 

 

 

 

The traders claim the complex is a federal property and are concerned about proposed levies and taxes.

 

 

 

The Chairman of the Trade Fair Board of Trustees (BOT), Okey Eziebe, appealed to the federal government to address the issue of multiple checkpoints along the Apapa-Mile 2 expressway and the Mile 2-Badagry expressway. 

 

 

 

He noted that the checkpoints contribute to inflation and hinder business activities.

 

 

 

“These different layers of checkpoints, coupled with the huge ground rent we pay contributes to inflation. We urge the government to streamline all the taxes. We are law-abiding citizens and we want to make a living for ourselves,” he added.

 

 

 

In her welcome address, the Executive Director (ED), Trade Fair Complex, Barr Veronica Safiya-Ndawusa, thanked the Minister for finding time to visit the complex, which according to her, serves the business interest of, not only Nigrians but those from other Africa countries.