Nigeria Commits N2.7trn on Infrastructure
The Federal Government of Nigeria has spent a total N2.7 trillion to develop infrastructure across the country since 2016. This disclosure was made by the Vice President, Professor Yemi Osinbajo while declaring open the 32nd Lagos International Trade Fair in Lagos organized by the Lagos Chamber of Commerce and Industry (LCCI) and reputed to be the largest international trade fair in Nigeria.
About 200 foreign exhibitors from 16 countries are participating at this year’s fair, which has an average of 2000 exhibitors and over 500,000 expected visitors.
Osinbajo also used the occasion to assure the Organized Private Sector (OPS) that Buhari administration is taking Ease of Doing Business policy very important. Among other measures, he said tax payments and remittances have been simplified through the e-filing system by the Federal Inland Revenue System (FIRS), saying that importers and exporters are also not left out with the documentation required for imports and exports have been significantly reduced from 14 to 8 and 10 to 7.
In his speech at the trade fair, the President, Lagos Chamber of Commerce and Industry (LCCI), Babatunde Ruwase, said the chamber adopted a generic theme tagged “Connecting businesses, creating value” for the Lagos international trade fair, to underscore the importance of relationship and interactions among businesses for the purpose of wealth creation.
He added that it was also to underline the value of interactions between producers and service providers; and the end-users.
Similarly, in her goodwill message, the National President of NACCIMA, Iyalode Alaba Lawson lauded the Federal Government’s effort through the trader moni scheme and other policies aimed at improving the Small and Medium Enterprise SMEs in the country.
However, she charged the government to expedite action on development projects especially in rail, road and power so as to improve the economy and facilitate trade relations. She also lauded Lagos State government for maintaining the status of Lagos State as the economic hub of the country.
In her presentation, the Lagos State commissioner for Commerce and Industry, Mrs Olayinka Oladunjoye assured OPS of Lagos State government’s support. She also assured them that Lagos State government is also working on the ease of doing business policy
Oladunjoye also promised that the Akinwunmi Ambode administration will continue to attract Foreign and local investors in the state in the state so as to create jobs and get revenue
In the meantime, many of the exhibitors, including foreign and local exhibitors were optimistic of exploring more patronage during the 10-day annual exhibition.
The exhibitors, who spoke in several interviews with our correspondent expressed confidence that many Nigerians would patronize them and seize the mouth-watering discount offer by the exhibitors
The countries represented at the fair include: China, Japan, India, Indonesia, Ghana, Egypt, Jordan, Pakistan, Turkey, Cameroun, Kenya and Singapore.
Other countries are: Jamaica, Republic of Benin, South Africa and the European Union.