Governments at federal and state levels must shift their focus to the development of the non-oil sectors if the Nigerian economy is to leap over its present downturn.
This was the submission of Babajide Sanwo-Olu, governor of Lagos State, at the 2019 Africa industrialisation day and trade exhibitions which opened at Alausa, Ikeja on Wednesday.
According to Sanwo-Olu, the development of the non oil sectors remains the panacea to getting the economy out of the woods and repositioning it for tangible growth and job creation.
Sanwo-Olu, represented at the event by Folashade Jaji, the secretary to the state government, also harped on the need to encourage the development of small and medium enterprises as engine of economic growth and stability, the reason he said, his administration was poised to implement policies and programmes to support businesses operating in the state.
“The present situation in Nigeria and indeed Africa, calls for each state of the federation to look inward and initiate policies that would engender the development of the non-oil sectors.
Lagos as a state has always been the vanguard for enhancement of fiscal, financial and banking policies; as it serves as the centre of the most industrial, financial and management institutions in the country. But in spite of this, we are not relenting to initiate friend-policies that would promote and provide the needed environment for industrial growth,” the governor said.
Restating his administration’s commitment to the T.H.E.M.E.S agenda towards fast-tracking development and making Lagos the preferred destination for investors, Sanwo-Olu commended existing businesses and industries for keeping faith despite the economic challenges.
“Considering the erratic and turbulent macro-economic environment under which our industrialists operate, kudos should be given to stakeholders that have continued to remain in operation and contributing to the socio-economic development of the state,” said Sanwo-Olu.
The state commissioner for commerce, industry and cooperatives, Lola Akande, whose ministry organised the event, with the theme “positioning Africa industry to supply the Africa Continental Free Trade Area (AFCTA),” said the government was aware of the challenges of industrialisation, which explains why it is keying into programmes that boost the potential of the private sector to create jobs.
“The state has consistently supported the micro, small and medium enterprises through participation in the internal trade fair and devoting an annual fair to them to exhibit their skills, creativity and innovations, Akande said.
JOSHUA BASSEY
