The Minister of Industry, Trade and Investment, Jumoke Oduwole, has said traders operating within the Lagos International Trade Fair Complex corridor contribute billions of naira to Nigeria’s Gross Domestic Product (GDP), describing the axis as one of the most vibrant commercial hubs in West Africa.
Oduwole made the remarks during a visit to the complex in Lagos yesterday, where she also urged Nigerians operating factories overseas to consider relocating their manufacturing activities to Nigeria in order to create jobs and strengthen local production.
According to the minister, the scale of commercial activities taking place within the Trade Fair corridor is evident even without relying on official statistics.
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.
“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 although much of the commercial activity within the complex operates within the informal sector, the scale and sophistication of the businesses involved are substantial.
“You are asking to be formalised. Yes, this is a highly informal sector, but that informality is not because you lack sophistication,” she said.
“I used to be a lecturer at the University of Lagos and I once carried out research around this area. I know that some of you prefer to operate under the radar. But many of you are moving billions of naira in international trade. You cannot convince us that informality means small scale. You are not small.”
Oduwole assured traders that the Federal Government would work with them to deepen formalisation and improve the business environment within the complex.
