(UPDATED) 16TH NCITI: FG, LAGOS GOVT SEEK CONSUMPTION, INVESTMENT IN MADE-IN-NIGERIA PRODUCTS (PHOTOS)
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By: Sefiu Ajape
The Federal Government, alongside the Lagos State Government, on Monday, May 19, 2025, emphasized the need for increased investment in the production and consumption of locally made goods to strengthen Nigeria’s Small and Medium Enterprises (SMEs) and drive economic growth.
This appeal was made during the opening session of the 16th National Council on Industry, Trade and Investment meeting, held at Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos.
The 16th NCITI, which was hosted by the state government in collaboration with the Federal Ministry of Industry, Trade and Investment, expected to run through Monday, May 19 to Thursday, May 22, 2025, starting at 8:00 AM daily.
Themed “Accelerating Diversification to Rebuild Prosperity by Leveraging Industry, Trade and Investment for Shared Prosperity,” the event aims to reposition Nigeria’s economy through sustainable industrial and trade policies.
Speaking at the event, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, noted that Nigeria must urgently shift from its dependence on oil to more resilient economic alternatives.
She stressed that boosting local production and encouraging the consumption of Made-in-Nigeria products are crucial to ensuring long-term economic relevance and stability.
“We have found ourselves at crossroads where the urgent need to diversify our economic base has become more than a policy agenda; it is now an imperative for survival and future relevance in the global economy.
“The lessons from past economic disruptions have reinforced the reality that over-dependence on a single economic resource leaves us vulnerable to external shocks and limits our growth potential,” she said.
On his part, the Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Amb. Nura Abba Rimi, said the global economy was changing and Nigeria must respond with agility by diversifying its economy.
Rimi said, “Manufacturing remains the backbone of industrialisation. By strengthening cluster sector development and removing bottlenecks, we can improve export capacity.
“We must facilitate digital ease of doing business and boost investors’ confidence. We must expand access to finance, which is critical to SMEs. We must create a financial system that supports SMEs.”
An economist and keynote speaker, Abiodun Adesire, said no country survived economically by relying on imported goods.
He noted that for Nigeria’s economy to survive, the manufacturing sector must be revived.
“We should produce what we consume. When there is a problem with the oil sector, there is a problem with our earnings. In Nigeria, we are not producing enough. We must pay serious attention to manufacturing and make Nigeria conducive for the manufacturing sector,” he said.
Also in attendance at the event was the Honourable Minister of Trade and Investment, Federal Ministry of Industry, Trade and Investment, Dr. Jumoke Oduwole MFR.
The event brought together key stakeholders from across Nigeria to strategize on enhancing economic diversification and national prosperity through robust industrial, trade, and investment policies.
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