Lagos: Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has pledged to address infrastructure and operational challenges hindering businesses at the Lagos International Trade Fair Complex. Oduwole made the pledge during a visit and inspection of the complex along Badagry Expressway on Wednesday in Lagos.
According to News Agency of Nigeria, the minister met traders, importers, and entrepreneurs to discuss challenges affecting business operations within the market. She stated that the government recognized the vital role of local investors and businesses in driving trade and economic growth, noting their concerns had been duly acknowledged.
Oduwole emphasized the importance of local investments, stating, “We have been talking about attracting foreign investments, but local investments must also thrive.” She assured traders that the government would address logistics and infrastructure challenges to encourage more trading activity. “We will tackle these issues one after another, and I assure you that solutions will be provided,” she affirmed.
Earlier, the President of the Lagos International Trade Fair Complex, Mr Okechukwu Ezigbo, highlighted the poor infrastructure, multiple taxation, and extortion by non-state actors as critical challenges. Ezigbo warned that failure to address these issues could lead to business closures, with investments worth trillions of naira at risk.
Ezigbo pointed out the significant financial contributions of traders to government revenue, urging for stronger government support. He noted that traders have invested heavily in developing the complex after years of neglect, which feeds the entire West African region. However, infrastructure decay is causing a loss of customers to neighboring markets in Cotonou and Seme.
Ezigbo also decried the widespread extortion along the trade corridor linking Seme border and the market, with approximately 22 checkpoints run by state and non-state actors. He urged the government to remove illegal checkpoints and curb the activities of touts extorting traders.
Additionally, Ezigbo appealed for improved road networks, stable electricity supply, and water infrastructure within the complex to facilitate business operations. He highlighted that hostile policies and the demolition of market structures last year resulted in heavy financial losses for traders.
Ezigbo concluded that improving the business environment would encourage local manufacturing and reduce reliance on imports.