As the country thrives toward building a sustainable future, Lagos State has said it is more committed to promoting green business practices and renewable energy.
Governor Babajide Sanwo-Olu made the disclosure in his goodwill message at the opening ceremony of Lagos Chamber of Commerce and Industry, International Trade Fair 2024, on Friday.
Governor Sanwo-Olu indicated that as part of its goals, Lagos has prioritised initiatives that reduce carbon footprint, conserve environment, and embrace renewable resources, inviting all businesses at the fair to align with “these values, as we work together toward a more sustainable Lagos for generations to come”.
The Governor reiterated that Lagos is open for business, and invites partners from across the world to seize the tremendous opportunities available in Nigeria’s largest market, adding that from real estate and energy to finance, agriculture, and technology, Lagos offers immense opportunities for investment.
To this end, Sanwo-Olu encouraged both local and foreign investors to tap into “these prospects, as Lagos is not just a gateway to Nigeria but a strategic access point to the economy of the African continent”.
The Governor indicated that many of the participants at the ongoing Trade Fair would be Small and Medium Enterprises, which he admitted are the lifeblood of any economy, affirming in Lagos, they are an essential driver of job creation, innovation, and poverty reduction.
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“We are aware of the challenges they face, and we are committed to supporting them with access to finance, capacity-building programs, and infrastructural support. Through the Lagos State Employment Trust Fund, LSETF and other dedicated programs, we are helping entrepreneurs and small business owners turn their dreams into realities.
“As a state with a youthful and dynamic population, Lagos is investing heavily in education and skills development to create a pipeline of talent ready to drive innovation. We are committed to fostering a culture of entrepreneurship and tech-driven growth by supporting incubators, accelerators, and tech hubs that will equip our youth with the skills and resources needed to create solutions that address local and global challenges.
“As we explore the length and breadth of this Fair ground, let us remember that every handshake, every conversation, and every connection made today is a step towards our shared vision of growth and prosperity” Sanwo-Olu said.
Speaking on the central theme of the 10-Day exercise: “Connecting Businesses, Creating Value,” Governor Sanwo-Olu stated: “In today’s world, connectivity is the backbone of growth. This Trade Fair is a testament to the undeniable power of partnerships. We are in an age where collaboration fuels innovation, and innovation ignites value. Lagos, as the economic nerve centre of Nigeria and West Africa, is playing a unique role in fostering connections among businesses of all sizes – whether they are homegrown startups, established multinationals, or local artisans working to scale their enterprises.
“By providing a platform where small and medium-sized enterprises (SMEs) can meet with global corporations, where local manufacturers can showcase their products, and where tech innovators can demonstrate their ideas, this Trade Fair brings together the tools, networks, and resources that are essential for value creation.
“Lagos, with its strategic location, population, and infrastructure, is already a significant player on the African continent. But we want to do more. Our vision is to elevate Lagos as a global economic hub, where businesses from every corner of the world feel welcome and empowered. 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 recalled that in recent years, the State has embarked on ambitious projects aimed at improving its infrastructure, transportation systems, and digital connectivity, including expanding road networks to introducing rapid urban transit solutions and supporting renewable energy initiatives.
Governor Sanwo-Olu asserted that Lagos State is committed to creating a business-friendly ecosystem for all businesses.
He added that the State has made significant strides in improving the Ease of Doing Business, through digital transformation, simplification of regulatory processes, and various incentives for entrepreneurs, we are building an environment that enables businesses to thrive, adding that today, a startup in Yaba, a fashion designer in Ikeja, a farmer in Epe or an industrialist in Lekki, has access to platforms that were unimaginable a few years ago.
Sanwo-Olu thanked LCCI and all the stakeholders who have worked tirelessly to organise this year’s Trade Fair, affirming that their dedication ensures that Lagos remains the epicentre of business and innovation, where value is created, and opportunities are made available to all, saying that he looks forward to seeing the ideas, partnerships, and innovations that will emerge from this year’s Trade Fair.
The LCCI President/Chairman of Council, Gabriel Idahosa in his opening speech, disclosed that 2024 edition of LITF will run from Friday, November 1st to Sunday November 10th.
He assured that the period promises to showcase the best Nigerian entrepreneurship and ingenuity and the diversity and richness of our global economic partnerships, while the Chamber would continue to build bridges that empower businesses, create job opportunities, and deliver value for communities, consumers, and citizens alike.
LCCI President said: “This year’s fair holds special significance as Nigeria navigates an era of economic adjustment marked by challenges and opportunities. From the disrupting pressures of inflation rates to a volatile foreign exchange market, our economy has faced complex policy options that have pushed businesses across all sectors to build resilience, innovate, and build collaborative networks for survival. As an incubator of ideas and a catalyst for commerce, the Lagos International Trade Fair stands as a beacon of opportunity, offering enterprises the platform to showcase resilience-driven solutions, explore synergies, and drive sustainable growth in Nigeria and the wider region.
“This year, we anticipate an increase in attendance, with nearly a million visitors expected over the course of ten days. With over 3,500 exhibitors from more than 15 countries, we are committed to providing a dynamic platform that fosters business networking, explores new market opportunities, and encourages partnerships to generate value across the economy. As we kick off this prestigious event, I encourage each participant to make the most of the opportunities to engage, connect, and create wealth.
“This year’s trade fair will feature various specialised exhibitions and events. These will provide exhibitors with a tailored platform to reach their ideal audiences, whether children and families, tech enthusiasts, or international investors”.
Idahosa related that the Tech Hub represents the forefront of LCCI commitment to digital transformation, indicating from telecommunications to software and ICT, “this hub showcases technopreneurs and innovators who are revolutionising Nigeria’s digital landscape”.
He restated that the tech sector remains one of the fastest-growing segments of the Nigerian economy, and LCCI is thrilled to support the pioneers in pursuing technology-driven solutions that will “propel our economy forward”.
The President spoke further: “The Africa Hall is one of our proudest accomplishments, providing a shared space where businesses from across the African continent can forge partnerships, establish trade networks, and accelerate intra-African trade. As a strategic platform aligned with the African Continental Free Trade Agreement (AfCFTA), this hall serves as a gateway for new alliances that drive inclusive economic development across the continent. The Africa Export-Import Bank (AFREXIMBANK) supports the Africa Hall, which exemplifies our mission to create a unified and prosperous Africa.
“Our commitment to global connectivity shines brightly through our partnerships with international organisations. This year, we are excited to host over 100 exhibitors from China, represented by the United Asia International Exhibition Co. Limited, who will feature products across multiple sectors, including automotive parts, tools, and textiles. We are equally honoured to host JETRO (the Japan External Trade Organization), which has confirmed over 100 Japanese exhibitors, enhancing the cultural and commercial diversity of the fair”.
Idahosa urged Nigerian businesses and entrepreneurs to seize the opportunity to network with these international exhibitors, initiate distributorship deals, and foster trade agreements that will enhance their business value chains and diversify their product offerings.
Similarly, he called on the participants to engage with exhibitors, explore potential partnerships, and embrace the incredible variety of products, services, and ideas that will be on display, adding that the exercise is more than just an exhibition, rather, it celebrates resilience, innovation, and the power of connection in the face of challenges.
In the same vein, Idahosa called on stakeholders, including partners, the media, sponsors, and our esteemed guests to continue sharing the message of the LITF across different networks, helping to foster greater interest and excitement around this event.
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