Business
‘We Must Diversify To Boost Local Production’
President Muhammadu Buhari has reiterated the determination of his administration to diversify the economy to boost local production of goods and services.
The president stated this in Abuja on Monday at the opening of the 22nd Nigerian Economic Summit.
He said that with diversification of the economy, Nigeria would never again depend on one commodity to survive as a nation.
“As I have said in the past, we need to diversify the economy so that we will never again have to rely on one commodity to survive as a country so that we can produce the food we eat.
“We also have to make our own textiles work, produce most of the things we use and create the right environment for our young people to be able to innovate and create jobs through technology.
“This has been the commitment and the mandate of this administration and I have remained focused on it each day, since the assumption of this administration.
“There is clearly no better way to achieve this without building our economic foundation of made in Nigeria goods and services,’’ he added.
According to him, the theme of the summit: Made in Nigeria, lies at the heart of so many efforts his administration is making to lead the nation through “this trouble times and lay a firm foundation for the future”.
He noted that that the summit had champions of made in Nigeria that had defied the odds over the years to produce locally and contribute to the economy.
He said his administration would continue to encourage more local production of goods and services, adding that government’s greatest desire was to transform the economy from import dependence to an export-led economy in goods and services.
“My greatest desire is that Nigeria moves from import dependence to self sufficiency in local production and become an export-led economy in goods and services.
“I strongly believe that this summit will bring all stakeholders on board to stay on the course.”
The president expressed the hope that by the end of the summit, the participants would make useful and realistic recommendations and policies aimed at addressing the socio-economic challenges facing the country.
In his remarks, the Minister of Budget and National Planning, Mr Udoma Udo Udoma, assured that the government would continue to improve the enabling environment for businesses to thrive.
“We will continue, among other things, to prioritise our spending towards critical infrastructure to improve Nigerian competitiveness.
“Government agencies will work with the private sector to support research with a view to developing high quality indigenous products and technologies.’’
He explained that many of the government’s programmes had been structured to stimulate domestic production.
He cited the School Feeding Programme as an example, saying the programme would utilise only locally grown and produced food items.
He, however, stated that much more needed to be done by both the public sector and the private sector to encourage and support local production.
Udoma said that “the summit will provide an opportunity to examine what more can be done.
“How do we promote the consumption of more Made in Nigeria goods and services? How do we improve the quality of ‘Made in Nigeria’ goods to international standards so they can be exported?
“How can we support our SMEs to be able to compete?
“It is our expectation that this Summit will provide a platform to sharpen the focus of the conversation and also offer recommendations that will help reinvigorate our industries and services.
He said this would curtail the growing demand for foreign exchange for imported finished goods in the country.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos