Lagos State Governor, Mr Babajide Sanwo-Olu on Tuesday said there is urgency in the need for Africa to industrialise and cease being a dumping site for industrial, commercial and consumer products from other countries.
Sanwo-Olu spoke at the 2021 Africa Industrialisation Day, held in Alausa, Ikeja, Lagos, saying that industrialization of Africa would serve a dual purpose of socio-economic empowerment through job creation and wealth generation opportunities for the people and enhance revenue generation for government for sustainable development of the economy and provision of infrastructure and social services.
The Governor, who was represented by the Secretary to the State Government, Mrs Folasade Jaji, added that the state was not unmindful of the potentials available for socio-economic growth and regeneration, especially with its status as the hub of socio-economic and industrial activities in Nigeria and he ECOWAS sub-region.
“We are committed to enhancing our potential through partnerships and collaboration with the private sector and other stakeholders as well as the provision of incentives and the implementing of Policies that would encourage more entrepreneurs to jump on the industrialization train.
“I urge you all, young and upcoming entrepreneurs in particular, to take advantage of the opportunities we have provided through relevant government agencies. Industrialisation is about adding value to the abundant primary products we are blessed with for greater and more rewarding returns through local consumption and exports,” he said.
He said that his administration is committed to enhancing the growth of industrial sector through partnerships with private sectors and other relevant stakeholders to boost the state socio economic empowerment and wealth generation opportunities.
Sanwo-olu further noted that the creation of the Africa Continental Free Trade Area (AFCFTA) has the potential of a veritable platform for the opening up of the industrial space with available opportunities to promote free trade among component states.
Speaking at the event, Commissioner for Commerce, Industry and Cooperatives, Dr. Lola Akande, said the theme for this year; “Industrialising Africa: Renewed commitment towards an Inclusive and Sustainable Industrialisation and Economic Diversification,” is apt and timely.
She said this year’s theme was a pointer to the fact that internal policies must be evolved to act as catalyst for local industries to facilitate industrialisation and economic diversification.
“I wish to also remind you of the need to begin to work out strategies that would give our Country comparative advantages as a nation in view of the Africa Free Continental Free Trade Agreement which Nigeria keyed into on 22nd July, 2019 in Niamey.
“It is expected that once AFCTA is fully implemented, it with create a single African market for goods and services, covering an estimated 1.2 billion people with a combined GDP of USD2.5 trillion across 55 member states,” she stated.
The commissioner added that as a responsive government, “we are aware of the challenges of industrialisation and for this reason it has continuously evolved policy initiatives and programmes to boost the potentials of the private sector by creating a conducive business environment.
You will all agree with me that the State has also consistently supported the Micro, Small and Medium Enterprises (MSMEs) through its participation at International Trade Fairs and devoting an annual Fair to them to exhibit their skills, creativity and innovations.”
She said government had taken a step further at the forum, to include the exhibition of locally fabricated machines and equipment and innovative projects from Schools in Lagos State as a means of creating the desired linkages between machine fabricators, manufacturers of products and the end users.
Akande enjoined all stakeholders to take advantage of this opportunity and make efforts to create necessary synergy that would lead to value addition on government’s path to industrialisation, economic recovery and growth.
Also, the Special Adviser to the Governor on Commerce, Industry and Cooperatives, Hon. Oladele Ajayi noted that annual event is a good platform to showcase innovative potentials of students in local machine fabrication and made in Lagos products.
He added that the event assists young entrepreneurs and industrialists to grow their businesses and also create linkages for sustainable development.
While commending the state government’s effort in sustaining the annual event, Mr. Ajayi noted that the Young Industrialists Week has encouraged young industrialists to thrive despite the socio -economic challenges and also encouraged the patronage of locally made products.
