The Jumoke Oduwole, Minister of Industry Trade and Investment, has highlighted the significant economic contribution of traders operating within the Lagos International Trade Fair Complex corridor, describing it as one of West Africa’s most vibrant commercial hubs.
Oduwole made the remarks during a visit to the complex on Wednesday, noting that traders in the area generate billions of naira for Nigeria’s Gross Domestic Product without even relying on formal statistics. She emphasised that the scale and sophistication of activities within the corridor are evident from direct observation.
“I may not need to track the figures in statistics to understand the level of activity here. I have seen it with my own eyes just by riding around this corridor,” she said. “The trade you are doing is contributing to the Gross Domestic Product of Nigeria ECOWAS and indeed the African continent. So you are very important to us.”
The minister acknowledged that much of the activity in the complex operates within the informal sector but insisted that informality does not imply small scale operations. She praised traders for moving substantial volumes in international trade and encouraged them to formalise their businesses for broader recognition and support.
Oduwole also urged Nigerian investors running factories abroad to consider relocating production to Nigeria. “Some of you are industrialists. Many Nigerian investors own factories in other countries. But you should not be enriching other countries and creating jobs elsewhere when those opportunities can exist here,” she said.
During the visit she addressed regulatory and logistical challenges raised by traders including multiple checkpoints and activities of regulatory agencies such as the Nigeria Customs Service. Oduwole assured traders that the Federal Government would collaborate with them and other tiers of government to remove bottlenecks and improve the ease-of-doing-business environment in the corridor.
Traders welcomed the minister’s visit and expressed optimism that government support could enhance formalisation, create more jobs, and boost Nigeria’s domestic production capacity.
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