Buhari Declares This Year Edition Of Lagos Trade Fair Open At TBS

LAGOS DECEMBER 5TH (NEWSRANGERS)-President Muhammadu Buhari on Friday declared the 2020 edition of the Lagos International Trade Fair open, reiterating the Federal Government’s commitment to revamping Nigeria’s Industrial Revolution Plan (NIRP).

The News Agency of Nigeria (NAN) reports that the trade fair, which is being promoted by the Lagos Chamber of Commerce and Industry (LCCI), will be on till Dec. 13.

The fair, the 34th edition, is holding both physically at the Tafawa Balewa Square (TBS) in Lagos, and virtually.

The president, represented by the Minister for Industry, Trade and Investment, Mr Niyi Adebayo, said the challenges posed by the COVID-19 pandemic had made it imperative to accelerate the growth of the industrial sector.

Buhari said: “We are currently revamping the NIRP with a focus on driving backward integration and increasingly domesticating production of key products, especially sugar, dairy, palm oil, cotton, textiles and garments, automobiles and cassava starch.

“We are also to concession two Brownfield Special Economic Zones (Kano and Calabar) while commencing work on developing four additional Greenfield sites across the country.”

According to him, the government is also facilitating trade and maximising the benefits of international trade through multilateral trade relations with other countries.

He said the Nigerian Export Promotion Council (NEPC) was working assiduously to boost the country’s non-oil sector revenue and had rolled out export policies for 22 major products that could generate up to US$30 billion annually in foreign exchange.

Buhari said: “To boost our trade activities and prospects, we must support locally manufactured goods.

“It is in this regard; our government signed the Executive Order 003 in 2017 and several campaigns have been launched to create necessary awareness and momentum.

“As you will agree with me, this will, among other things, enable us create employment for our large and growing population, diversify the economy from a relatively narrow base, build industrial capacity and trade competitiveness.”

He said that it would improve the management of Nigeria’s foreign exchange reserves to alleviate the economy’s vulnerability to changes in crude oil prices.

“Once again, I want to use this medium to call for collaboration from various government agencies in this regard.

“These accomplishments I have mentioned are a testament to the fact that all hands are on deck in establishing a solid foundation for even greater successes in future.

“Our government is committed to continuing to forge ahead in the quest of making Nigeria realise its social and economic potential.

“Therefore, the cooperation of us all as patriotic Nigerians as well as that of our friends and partners from around the world will be required to achieve our set targets,” the president said.

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Posted by on Dec 5 2020. Filed under National. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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