?As Sanwo-Olu and Others Advocate Increased Funding and Policy Action to Grow SMEs

By Olasunkanmi Akoni

Despite high inflation, the Minister of Industry, Trade and Investment, Jumoke Oduwole, said the Tinubu administration is taking bold steps to diversify Nigeria?s economy away from over-reliance on oil, focusing on unlocking the non-oil sector?s potential for prosperity.

Meanwhile, Lagos State Governor Babajide Sanwo-Olu and other business stakeholders have called for increased funding and effective implementation of policies promoting local goods consumption to boost Small and Medium Enterprises (SMEs) and revitalize Nigeria?s economy.

Sanwo-Olu, represented by Dr. Olugbemiga Aina, Permanent Secretary of the Lagos State Ministry of Cooperatives, Commerce, Trade and Investment, and Oduwole spoke at the third day of the 16th Meeting of the National Council on Industry, Trade and Investment. The event, hosted by the Lagos State Government and organized by the Federal Ministry of Industry, Trade and Investment, carried the theme: ?Accelerating Diversification by Leveraging Industry, Trade, and Investment for Shared Prosperity.?

Oduwole noted: ?Nigeria is experiencing high inflation, which President Bola Tinubu has been working to stabilize over the past two years. The President is implementing policies to shift the nation?s economy from an over-dependence on oil to the non-oil sectors.

Our economy has relied heavily on a single sector, but the government is tackling this. There are many opportunities and manufacturing potentials to unlock. At the Ministry of Trade, Industry and Investment, we are laying the foundation for economic diversification.

Diversification is a national project that requires alignment with states ? it is not the federal government?s responsibility alone. Let us build a resilient Nigerian economy.?

Governor Sanwo-Olu stressed the need for action: ?Many policies have been formulated from the 1st to the 15th editions of this council meeting, but now is the time to implement them if Nigeria is to rebuild its economy.

Through collaboration, innovation, and strategic partnerships between states and the federal government, we can accelerate our journey toward shared prosperity by diversifying from oil and developing local manufacturing.

Let us transform ideas and resolutions into tangible actions that impact citizens? lives. The journey to a diversified economy demands relentless implementation, measurable outcomes, and accountability.?

He added that Lagos State has created a conducive environment for business growth, investment, and innovation and pledged to continue leading Nigeria as a manufacturing hub, a key player in intra-African trade under the African Continental Free Trade Area (AfCFTA), and a destination for sustainable investment.

Minister of State for Industry, Trade and Investment, John Onoh, emphasized the gap between policy and implementation:

?Nigeria is not lacking in policies; the problem lies in implementation. We must move beyond rhetoric to real outcomes for the economy to progress.

Currently, Nigeria spends $10 billion annually on imports, while SMEs contribute less than 20 percent to the economy. This must change, and the outcomes of this meeting must be executed.?

Onoh called for increased financing of SMEs and stressed Nigeria?s openness to private sector partnerships:

?Our ministry is ready to collaborate in building a successful industrial sector. We have a mandate to position Nigeria as Africa?s industrial hub.?

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