The Lagos State Government said it remains committed to “sustaining engagement” with the Organised Private Sector and other stakeholders.
To this end, the State Government declared that it was determined to build on the already created relationship.
The Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said this on Sunday at the Lagos Day, also marking the closing ceremony of the 37th Lagos International Trade Fair.
The 10-day fair was organised by the Lagos Chamber of Commerce and Industry.
Ambrose-Medebem attested that the existing relationship between Lagos and Organised Private Sector has strengthened the partnership that has been mutually beneficial, and fostered an environment for shared values and deeper collaboration.
“This is because we understand that in our interconnected world, the success of one is invariably linked to the success of all,” the Commissioner said.
Ambrose-Medebem stated that the theme for this year’s event: “Navigating Economic Challenges: Forging a Path to Prosperity,” was both timely and pertinent, noting: “We live in an age of unprecedented challenges, compounded by global economic shocks.
“It is a time that we task our will power and demand that we all put on our thinking caps to survive as individuals and businesses.
“To paint a picture with data: Lagos State, the economic nerve centre of Nigeria, currently contributes approximately 25 percent to Nigeria’s Gross Domestic Product.
“Over the past year, we have seen an impressive eight percent growth in our non-oil sector, a testament to the resilience and innovation of our industrious business community. Many of our Micro, Small and Medium Enterprises are growing, accounting for about eighty percent of the State’s employment, which underscore their pivotal role in job creation and economic development.”
Ambrose-Medebem charged private sector stakeholders to look beyond the numbers, stressing: “The real value lies in the stories these numbers tell – stories of entrepreneurs who, despite challenges, have built thriving businesses; stories of international investors who see Lagos not just as a business destination, but as a hub of innovation and creativity; and stories of everyday Lagosian, whose diligence and tenacity propel our State forward.”
She stated that the LITF has long been one of the “platforms where these stories converge.
“Over its 36 previous editions and counting, the Fair has attracted millions of visitors, both local and international, connecting businesses from over fifty countries.
“This year, we are proud again to join LCCI in hosting over 2,000 exhibitors, to showcase the best of Lagos, Nigeria, and the world.”
Ambrose-Medebem added that because of the local and global economic challenges, businesses must adapt to various economic variables for survival and prosperity, while building an internal mechanism to face economic challenges.
She said: “At the crux of this is the unrelenting commitment to combine factors of production to create marketable value that can be converted to wealth.
“You know it is not that simple, but with determination, it is truly the surest way to navigate the current economic headwinds.
“Therefore, to navigate the economic challenges and forge a path to prosperity, the Lagos State Government, particularly through the Ministry of Commerce, Cooperatives, Trade and Investment is willing and ready to interface with you all, as we push the agenda of the present administration to support businesses by fostering a conducive environment and enhancing the ease of doing business in Lagos State.”
Ambrose-Medebem saluted the courage and resilience of the Board and Management of LCCI, for successfully hosting exhibitors to a 10-day, non-stop, intense business exposition.
She admitted that hosting such a huge event during this season of local and global economic pressure was a task only the “lion-hearted can pull through”.
Ambrose-Medebem acknowledged that despite the prevailing economic challenges, the just concluded edition of the fair was no doubt a huge success, attesting that LCCI’s role under the leadership of Asiwaju Michael Olawale-Cole was highly commendable.
Dr. Olawale-Cole, the LCCI President/Chairman of Council, thanked Governor Babajide Sanwo-Olu, applauding his disposition and commitment to the close collaboration between Lagos State and the OPS, as well as his approach to governance.
He also thanked all government agencies that provided useful and important services that facilitated the LITF.
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The LCCI boss commended security agencies and para-military formations for their unrelenting efforts while the exercise lasted.
Asiwaju Olawale-Cole also lauded members of the LCCI Trade Promotion Board under the Chairmanship of Engr. Leye Kupoluyi for outstanding performance.
He noted that the organisers have taken note of the feedback vis-a-vis areas that require improvement, assuring that this will reflect in the 2024 LITF edition.