Lagos State’s Remarkable Push Towards $2.5 Billion in Non-Oil Exports Revenue

In a visionary move, Lagos State has set its sights on achieving a significant boost in Nigeria’s non-oil export revenue, targeting an impressive $2.5 billion in earnings between January and June of this year. Spearheaded by the dynamic leadership of Governor Babajide Sanwo-Olu, this initiative is poised to transform the economic landscape of the state.

At the beginning of the year, the Lagos State government established an export committee with a mission to re-energize production and agricultural activities across the state. This committee, comprised of experts from various fields along with representatives from government ministries and agencies, has been working diligently to expand the participation of businesses in the non-oil export sector. Their collective efforts are not only aimed at bolstering the state’s economy but also contributing to Nigeria’s economic growth.

Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade, and Investment, reaffirmed the government’s commitment to supporting companies engaged in exporting goods and services. This commitment, she explained, involves the development of an Export Promotion Policy that will provide much-needed support to these enterprises. Furthermore, the government has actively invested in resilient infrastructure and disbursed over N8.4 billion to 12,710 Micro, Small, and Medium Enterprises (MSMEs) through the Lagos State Employment Trust Fund. These measures have been instrumental in helping MSMEs navigate the challenges brought about by the COVID-19 pandemic and other hurdles.

Mrs. Gertrude Akhimien, the Chairman of NASSI in Lagos State, proudly highlighted the association’s contribution of N1 billion to the economy. She emphasized the pivotal role played by Small and Medium-sized Enterprises (SMEs) in poverty reduction and inclusive economic growth, calling upon both the government and development agencies to further support these enterprises in their quest to enhance economic wealth and development.

Peter Popoola, Chairman of the Local Organizing Committee, emphasized the significance of the trade fair as a platform to boost SMEs’ competitiveness within supply chains. He acknowledged the challenges faced by businesses due to inflation, supply-chain issues, and workforce concerns. Popoola also stressed the vital role of SMEs in the overall economic development of the country.

Lagos State, under the visionary leadership of Governor Babajide Sanwo-Olu, is taking bold strides towards a more prosperous future, one where non-oil exports thrive, businesses flourish, and economic opportunities abound.