The Lagos State Government has urged Nigerians to embrace locally made products to boost small and medium enterprises (SMEs) and strengthen the national economy.

Lagos State commissioner for commerce, cooperatives, trade and investment, Folasade Bada Ambrose, made this appeal on Monday during the 16th National Council on Industry, Trade and Investment (NCITI).

The event was hosted by the Lagos State government and organised by the federal ministry of trade and investment.

Its theme was ‘Accelerating Diversification to Rebuild Prosperity by Leveraging Industry, Trade and Investment for Shared Prosperity’.

According to Ms Ambrose, Nigeria urgently needs to reduce its over-reliance on oil by diversifying the economy.

“For Nigeria to remain economically relevant, we must produce and consume more local goods rather than depend on imports,” she said.

She noted that Nigeria is at a crossroads and economic diversification is now crucial for survival and global relevance.

Ms Ambrose added that past disruptions have shown the danger of depending on a single resource, which limits long-term growth.

She stated that the Sanwo-Olu administration is building a business-friendly environment to attract investment and promote industrial growth.

Efforts include infrastructure development, policy reforms, and the Lekki Free Zone, which hosts the Dangote Refinery.

Other measures are improvements in land administration, tax transparency, and broader industrial support.

Ms Ambrose also highlighted the laying of 3,000km of fibre optic cables to reduce data costs for businesses.

“Lagos has launched an industrial policy (2025–2030) to support MSMEs, large-scale industries, and global investors,” she said.

She stressed that trade is a major pillar of Lagos’ economy and key to empowering local producers and exporters.

“Trade is not just commerce; it drives inclusion, reduces poverty, and supports shared prosperity,” Ms Ambrose stated.

She said Lagos remains committed to providing a transparent and secure environment for investors.

“In the past year alone, Lagos attracted over $600 million — more than N1 trillion — in new investments,” she said.

Ms Ambrose encouraged both state and federal governments to explore new markets and embrace the digital economy.

Permanent secretary, ministry of industry, trade and investment, Nura Rimi, said Nigeria must act quickly to adapt.

“The global economy is shifting. Nigeria must diversify with purpose and responsive policies,” he said.

He described manufacturing as the backbone of industrial growth and key to improving export performance.

“We must ease business processes, attract investors, and expand finance access for SMEs,” he added.

Mr Rimi said the meeting was an opportunity to develop actionable policies to support industry and trade.

“Our ministry is committed to fostering business growth and building investor confidence,” he said.

Economist and keynote speaker, Abiodun Adesire, said no nation prospers by relying on imports.

He argued that reviving Nigeria’s manufacturing sector is essential for economic survival.

“We must produce what we consume. Oil dependence harms our economy,” he said.

He added that Nigeria is not producing enough and must focus more on local manufacturing.

“History proves that nations grow rich by processing — not exporting — raw materials,” Mr Adesire said.

He stressed that Nigeria has the potential to lead Africa’s industrial growth.

“Nigeria must actively attract investors. Buying local is a patriotic act,” he noted.

Mr Rimi urged governments to implement policies that support manufacturing as a path to prosperity.

(NAN)