Lagos Chamber of Commerce advocates urgent diversification of Nigeria’s economy

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The Lagos Chamber of Commerce and Industry on Friday warned of serious national economic consequences, if the Nigerian government fails to diversify the country’s economy.

The President of LCCI, Remi Bello, during the opening ceremony of the 29th Lagos International Trade Fair, themed “Enhancing Value Addition in the Non oil Economy,”at Tafawa Belewa Square, said the sharp drop in the price of crude oil makes economic diversification imperative.

Mr. Bello said the current government needs to aggressively diversify the economy to save Nigeria and Nigerians the ugly consequences of economic depression.

“For a country like Nigeria that had over the years relied almost entirely on oil to fund its economy, the implications are dire and frightening.

“Many state of the federation are currently having challenges meeting their basic financial obligations,” Mr. Bello argued.

He said the call became necessary as sustained economic diversification remains the only plank for economic independence and industrialization of Nigeria.

Mr. Bello also said LCCI concerns for diversification was further buttressed by the National Bureau of Statistics data which indicated that the non-oil sector contributed 90.20 per cent to the national GDP and grew by 3.46 per cent in the second quarter of 2015.

He said the 2015 trade fair was designed to highlight the nation’s potential in the core non-oil sector and the numerous human capitals to drive diversification and industrialization.

“As a policy advocacy group, we will continue to offer advice, inputs and partnership on strategies and measures to facilitate the realization of economic development programmes of government.

Also speaking, Bassey Edem, the President of National Association of Chambers of Commerce, Industries, Mines and Agriculture urged the Federal Government to release the trader fair complex to LCCI.

He said that appeal followed the need to leverage LCCI’s commitment to national and economic growth.

The trade fair which debuted in 1986 would hold simultaneously from November 6 to November 15, 2015, at Tafawa Balewa Square, Muson Centre and Freedom Park on Broad Street, Lagos.

Tafawa Balewa Square is hosting the general interest business-to-customers fair and exhibition.

Muson Centre is also the warehouse of corporate and business-to-business exhibition while the Lagos Creative Industry Fair, tagged, “Eko Akete” holds at Freedom Park on Broad Street.

While the LCCI has not officially stated the number of participating firms, sources say more than 650 indigenous firms have so far booked for a combined space of 20,000 square metres.

Source: PremiumTimes