LCCI tips diversification as Nigeria’s sole hope of survival

Amid severe financial crunch which has made it difficult for over 18 states to pay workers’ salaries,  the Lagos Chamber of Commerce and Industry (LCCI) says only economic diversification will guarantee Nigeria’s independence and survival.

“It is imperative that if the Nigerian economy is to survive and if our country is to achieve economic independence, industrialisation, and chase poverty away, there is an urgent need to diversify our sources of income,” Aderemi Ismaila Bello, president, LCCI, said at the public presentation of prospectus  of the 2015 Lagos International Trade Fair in Lagos.

Dwindling revenue triggered by oil price crash has been blamed for Nigeria’s worsening fiscal situation. But Bello said for a country like Nigeria to have relied solely on oil as foundation of its economy over the years was a big blunder which must be corrected.

“Nigeria must exploit other God-given resources at its disposal to ensure economic prosperity. We are a country rich in numerous natural resources,” he said.

Bello further observed that the country’s land mass is more than enough to support agriculture, while its human capital can steer an industrial revolution.

He said the title of the forthcoming Lagos International Trade Fair ‘Enhancing Value Addition in the Non-Oil Economy’ is apt, given the problems facing the country. He stressed that the fair, coming up between 6 and 15 November this year, will identify alternatives to oil and expose opportunities in value addition to enhance earning and profitability.

Michael Olawale-Cole, chairman of the Trade Promotion Board of the chamber, said the theme of the trade fair is anchored on the need to reposition the economy and correct dependence on oil.

He said the fair will take place in three venues, viz, Tafawa Balewa Square, Muson Centre and Freedom Park on Broad Street.

While Freedom Park will host the general interest business-to-customer fair and exhibition from 6 to 15 November, Muson Centre will play host to the corporate and business-to business exhibition from 9 to 13 November. Similarly, Freedom Park will host the Lagos Creative Industry Fair tagged ‘Eko Akete’ from 6 to 15 November. The essence is to recognise the creative industry as a key GDP contributor and further harness means of generating jobs through the sector.

Olawale-Cole said in creating the new segments and venues, the chamber is aware of the enormity of the requirements and challenges, but said the LCCI has formed alliances with competent individuals and organisations to improve capacities.

“With three venues, all within walking distances of each other, creating a huge business hub on Lagos Island within the 10-day fair period has become a reality. We have therefore opened the doors of the Lagos International Trade Fair to attract exhibitors from virtually all sectors of the Nigerian economy and beyond,” he added.

 

ODINAKA ANUDU