LCCI Harps on Non-Oil Devt for Economic Growth

Worried about the dwindling international oil price and its attendant impact, the Lagos Chamber of Commerce and Industry (LCCI) has called on the managers of the Nigerian economy to look inwards by paying serious attention to developing the non-oil sector of the economy to achieve economic growth.

The President, LCCI, Alhaji Remi Bello, during the opening ceremony of the Lagos International Trade Fair (LITF), explained that the non-oil sector remained the major driver of growth in Nigeria, maintaining that the theme of this year’s fair, “Enhancing Value Addition in the nonoil economy” was chosen to underscore the strategic importance of the non-oil sectors in the Nigerian economy in the face of the country’s over-dependence on the oil sector and the urgent need for economic diversification.

“We will continue to offer advice, inputs and partnership on strategies and measures to facilitate the realisation of the economic development programmes of government,” he said.

He stated that the chamber has broadened the horizon and scope of its trade fair and investment opportunities for its exhibtors and visitors at the fair.

“In pursuing these objectives, the fair is staged to hold at three different venues, the Tafawa Belawa square, Muson centre and Freedom Park, Onikan, Lagos and the introduction of the new venue is to accommodate corporate exhibition, business-to-business meetings and the rapidly growing Nigeria’s creative industry,” he said.

The President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Bassey Edem, urged Lagos State government to intervene and impress on the federal government in releasing the Lagos International Trade Fair (LITF) village on Badary Express way to the LCCI for effective use of the facility.

Edem said the Lagos International Trade Fair is not a permanent trade fair site, saying that the LCCI has no choice than to put it to use instead of the trade fair lying fallow. He pointed out that hosting this year fair at the designated centres, the LCCI has shown resilience, sustained ability and technical know-how to beat the odds and conducts a successful fair.

He stated, “The Lagos fair has grown over the years with pioneering initiatives being introduced into the fair yearly, attracting an avearge of 500,000 visitors from over 18 countries yearly with the Nigeria estimated population of 150 million confirming the fair as the hub of Nigeria’s economic and business activities.”

The Chairman, Trade Promotion Board, LCCI, Dr. Michael Olawale Cole, had explained the need to support development of the non-oil sector in Nigeria especially now that the country urgently needs to diversify its economy, maintaining that in today’s business world, developmental initiatives such as investment conference and entrepreneurship development programmes with special focus on the nonoil sector is critical to help the country get out of its present precarious situation. “