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Tag: diversification

  • Diversification will boost socio-economic development – Waziri

    Diversification will boost socio-economic development – Waziri

    Former Chairman of the Economic and Financial Crimes Commission (EFCC), Mrs. Farida Waziri, has called for drastic diversification of the economy through policies that will boost agricultural productivity and industrial output for the nation’s socio-economic development.

    Commissioning the World Bank Africa Centre of Excellence Project, Centre for Food Technology and Research  (CEFTER), located at the Benue State University, Makurdi, Mrs. Waziri said  the time has come to diversify the economy from being oil-driven to other sectors especially agriculture.

    The former EFCC boss, who was the chairperson at the official launch of the Centre, noted that the World Bank project is coming to Nigeria at the right time.

    CEFTER promotes teaching, research and extension in post harvest services.

    Fielding questions from journalists after the programme, Waziri said long years of over-dependence on oil revenue were one of the driving forces of public and private sector corruption.

    According to her: “No doubt, our over-dependence on oil revenue has brought us to the point where we are as a nation today.

    “As an anti-corruption czar, I have seen how some of those the nation entrusted with its oil resources in the past helped themselves more than the country,” she said.

    “With our focus on agriculture, the struggle by political office holders to steal oil fund would diminish while the national wealth will be in the hands of the people instead of a privileged greedy few.

    She added: “We cannot all dig oil wells in our backyard but we can all farm in our backyards. It is time to end oil-money induced corruption in our land by buying into President Buhari’s vision and take ownership.

    “I have made my contributions in the fight to discourage that and even recovered some of the looted funds in billions of dollars.

    “For daring to do that, I came under fierce attacks, slander, blackmail and threats but by God’s grace and long years of experience, I survived all. I am glad today that indeed, there is a new sheriff in town.”

     

  • Entrepreneurs call for economic diversification

    Entrepreneurs call for economic diversification

    Entrepreneurs have called for the diversification of the Nigerian economy, especially the development of the large agricultural potential, to aid economic growth and stability.

    Business executives spoke at the conference of Association of Fast Food Confectioners of Nigeria (AFFCON). The theme of the conference was: Synergy in the Food Chain: A Catalyst for Economic and Agricultural Development.

    Chief Executive Officer, The Chair Group, Mrs. Ibukun Awosika, stated that Nigeria’s diversification of the economy should be hinged on agriculture because of Nigeria’s large population, large expanse of land as well as fertile soil.

    Governor of Lagos State, Mr. Akinwunmi Ambode, who was represented by Mrs. Sade Ogunnaike, stressed the importance of agriculture in the economy, noting that it would boost the Association faster. The governor noted that by getting involved in agriculture, members of the fast food industry would be able to control the standard and quality of the items like eggs, meat, chicken, rice, yam, etc that they serve customers.

    Awosika advised members of the AFFCON to think differently about their value chain to find out ways to partner with others to eliminate waste, make better use of storage facilities and warehousing, reduce cost per unit, and increase their turnaround time, thereby empowering other companies to grow.

    She advised that companies must evaluate their value chain and identify those parts that are critical to their processes and outsource others, to increase company’s efficiency.

    But most importantly, Mrs Awosika urged the industry to take the Nigeria fast food business out of Nigeria, given that Nigeria dominates the West African region. That way, she noted, Nigerians would create global brands like other countries.

    President, Association of Fast Food Confectioners of Nigeria (AFFCON), Mrs Bose Ayeni said operators in the quick service sector popularly known as fast food contribute a record N230 billion into the nation’s Gross Domestic Product (GDP) annually.

    According to her, the Nigerian fast food industry is a key contributor to the Nigerian economy, with an estimated annual revenue of N230 billion and taxes in excess of a billion. It also collectively provides employment for over 500,000 people at the processing and retailing levels.

    “We are certainly contributing to the reduction of unemployment, a focal point of the Federal Government. This figure can grow significantly given the right environment for our businesses to thrive. The multiplier effect of this on the economy is better imagined than stated. Many of the small local players who operate at the neighbourhood level also have potential to become big given the right environment to thrive,” Ayeni said.

  • ‘Diversification key to economic growth’

    Director-General, Centre for Black and African Arts and Civilisation (CBAAC), Mr Ferdinand Anikwe, has urged  Nigerians to reflect on the need to diversify the economy.

    Anikwe said Nigerians needed to sit down, go through their history and take important decisions that would contribute to the growth of the  economy.

    “Nigerians are complaining of no sale and low income from the oil sector; this could be a blessing in disguise.

    “There are so many other things that we can do to improve revenue generation for the country.

    “Apart from falling back on agriculture, we can also talk about small and medium scale enterprises and small scale industries,” he said.

    According to him, more than 80 per cent of the population engage in small businesses which the contributions can be effectively maximised.

    He said the challenge of fallen oil prices is an opportunity for the country to look inwards, reflect on its history and correct past mistakes.

    “With that, we can shift away from our imperfection and face the path to progress that can engage us in meaningful agriculture production.

    “Many  countries of the world have always moved from agriculture to industry and go back again to agriculture to enriched industry,” Anikwe said.

  • E-commerce will fast track economic diversification’

    Nigeria needs to create enabling environment for the growth of online transactions, otherwise known as electronic commerce or e-commerce, as a major platform to drive the development and diversification of the national economy.

    Speaking on how trade and commerce can be used to enhance national growth, spokesperson for Supermart.ng, Oluwatayo Alofun said that when sellers are able to make more sales it leads to business expansion which automatically creates room for more employments and also contribute to national growth.

    According to him, there is need to create an atmosphere for buyers to buy more and sellers to sell more as the current traditional wholesale and retail business is generally unorganized.

    He noted that what e-commerce companies like Supermart.ng has done is to organize the market in such a way that consumers can get everything they want in just one spot, which makes them to buy more.

    “This explains why supermart.ng has partnered with leading supermarkets and local markets to put up a one stop shop online with over 60,000 items including Fresh food, foreign products, Nigerian ingredients, general groceries and baby products among others which will be delivered to buyers in as early as three hours of order,” Alofun said.

    In order for this to be possible, a chain of different job roles have to function together. In the case of supermart.ng for instance, there are merchandisers who go out to take inventory of the products, there is also a team of personal shoppers who professionally picks the products and package them. After the packaging, there is a team of well-trained drivers who ensures that products are delivered in good condition to the buyers. A team of customer care attendants also exist to ensure that customers are satisfied with the service. In this way, e-commerce is creating jobs across multiple industry including operations and logistics.

    “In essence, the use of e-commerce in the diversification of the economy will not only increase revenue but will reduce unemployment through creation of multiple jobs,” Alofun said.

    Following the down turn in the international price of crude oil and its effect on oil dependent economy like Nigeria, the government has affirmed commitment to foster development of non-oil sectors and the speedy diversification of the country’s economy.

    Reacting to the government’s plan, experts have continued to urge the government to focus on trade and commerce and how technology can be used to drive it. Trade and commerce is fast becoming an indispensable component of the non-oil sector of the Nigerian economy. The wholesale and retail space for instance currently accounts for about $100 billion. This according to a McKinsey report has a potential of increasing to $300 billion by 2030.

  • Diversification: Lessons from Uduaghan’s legacy

    For some time now, anytime anyone, particularly policy makers or major opinion leaders in the society, harp on the need for the diversification of the nation’s economy, to make Nigeria a better place for all,  one name that readily comes to my mind is that of the immediate past governor of Delta State, Dr. Emmanuel  Eweta Uduaghan.  The reason is not far-fetched – at the end of his eight years in office, the medical doctor-turned-politician carried out what, for a long time, has remained an impossible task, only mouthed by many political office holders.  He succeeded in extricating Delta State from over-dependence on oil.

    The significance of Uduaghan’s achievement was again, as it is often done, brought to the fore last week by President Muhammadu Buhari and the new President of African Development Bank, AfDB, Dr. Akinwumi Adesina.  Speaking while in audience with the new Ambassador of Saudi Arabia to Nigeria, Fahad Sefyan, at the Presidential Villa in Abuja, Buhari promised his administration’s urgent diversification of the country’s economy and development of the non-oil sectors.   In a similar vein, Adesina, at his inauguration as the financial institution boss described diversification as the key to a greater Africa.

    Had the different leaders of the country carried out their promise to diversify the economy which, as far as Nigeria is concerned, translates to reduced dependence on oil as the mainstay of the economy, the endless crave and promise to carry such out year in year out would not have been necessary at all.

    Without any attempt at making a god out of Uduaghan, there are so many lessons to learn from his administration, having succeeded where many had failed woefully in the area of developing other areas of the economy, apart from oil, for the betterment of the state and its people.

    For example, while the governments of the different states of the federation and even the federal government continued to mouth their commitment to developing other sectors to no avail, Uduaghan was successful with his project which has become a reference point for all and sundry – “Delta Beyond Oil”.

    From the level of idea conception, to execution, the glaring qualities that came to the fore are deep thinking, careful planning, total commitment and doggedness.  For instance, with due recognition of the fact that no business enterprise can survive in a turbulent environment, Uduaghan sought the much elusive peace in his state at the time he resumed office.  In an extremely volatile area with people of the different groups that make up the state killing themselves, the former governor brought in the needed peace and everyone could sleep with two eyes truthfully closed.

    Having achieved that, development work began in earnest, with him giving assurance that “No hard-working Deltan will go to bed hungry”.

    Displaying good understanding of the devastating effect of impoverishment that the long years of internal strife, bad governance, oil spill and other problems had on the people of the state, Uduaghan  saw the need to create the financial wherewithal for the “hard-working” people of the state.

    The people were obviously ready to be enriched through a systematic way in the form of Delta State Micro Credit Programme (DMCP).  Through the programme, small and cottage industries gained a new lease of life and the erstwhile poor people achieved a more decent standard of living.

    Before Uduaghan left office, no fewer than 111, 321 person – male and female – who made up about 10,439 groups of entrepreneurs benefitted from the programme.  The businesses of the people boomed and their products assumed international standards.  From dependence on oil, many veered into fish farming, agriculture and manufacturing of products which include insecticides, soap and many others.

    An account of a previously unemployed graduate, Daniel Uwandulu, a beneficiary of the scheme who had suffered to no end best stresses the happiness that trailed the scheme.

    “Suddenly a new dawn came and a lover of the masses was enthroned as the governor of my state.  He introduced soft loans for the less-privileged like me and my one-time hopeless life received unexpected hope that will forever remain in my memory,” he said.

    The success of the scheme is also seen in the fact that it won different awards for the state from the Central Bank of Nigeria.  In a letter signed by Dr. Kingsley Chiedu Moghalu, Deputy Governor, Financial System Stability, the CBN says the awards were in recognition of the state’s efforts towards developing the Microfinance/SME sub-sector during year 2009 and the programme’s efforts towards developing the Agricultural sub-sector in 2009.

    Also in an award of the Silverbird group’s 2014 Man of the Year, mention was made of his programme that created self-employment opportunities for the people of the state.

    Organisers of the award said:  “His sterling performance in health signposted by the free medical care for children and the elderly as well as the free maternal care for pregnant women, and the micro-credit scheme where over 111,000 Deltans have been empowered to set up their own businesses, were highlighted as part of the programmes for which Nigerians who traditionally voted for the winner elected Uduaghan the winner.”

    The desire and efforts to diversify brought a lot of good things for the state.  For the teeming population of the state who had been shut away as a result of bad roads and lack of bridges to cross the rivers that are in abundance, it was the end of a sad chapter in their lives.  In the build up to creating abundant opportunities for the people, massive road construction was embarked upon and the pains majority went through to bring the farm produce to town ceased.

    A particularly intriguing case is the construction of Sapele-Abigborodo Road which made it possible to drive to Abigborodo, a community situated in Warri North Local Government Area of Delta State, for the first time.  Incidentally, Uduaghan belongs to the community, and at the inauguration, he declared:  “For me, it is historical and very encouraging; and I am so sentimental about it, I must tell you that a car has never been to Abigborodo before but with this bridge, that is now a thing of the past.

    “The good thing now is that at least one can drive through this bridge. For the very first time, especially for those of you who have been following me to the village when we have elections, we always go by boat. Now that the bridge has been constructed and we can drive through by road, I am very happy.”

    Let me say simply that with the laudable achievements in Delta State under his administration, it certainly would not be out of place to say that those who are willing to make a success of the bid to diversify the Nigerian economy, including the federal government, should borrow from the Emmanuel Eweta Uduaghan legacy.

     

    • Johnson, a public affairs analyt, wrote in from Asaba, Delta State

  • ‘E-commerce’ll fast track Buhari’s economic diversification plan’

    Following the downturn in the international price of crude oil and its effect on oil dependent economy like Nigeria, President Muhammadu Buhari has reaffirmed his administration’s commitment to foster development of non-oil sectors and the speedy diversification of the country’s economy. Reacting to the president’s plan, experts have continued to urge him to focus on trade and commerce and how technology can be used to drive it.

    Trade and commerce is fast becoming an indispensable component of the non-oil sector of the Nigerian economy. The Wholesale and Retail space for instance, currently accounts for about $100 billion. This, according to a McKinsey report, has a potential of increasing to $300 billion by 2030.

    Speaking on how the growth in trade and commerce can be enhanced for national growth, the spokesperson of Supermart.ng, Oluwatayo Alofun noted that there is need to create an atmosphere for buyers to buy more and sellers to sell more. He noted that when sellers are able to make more sales it leads to business expansion which automatically creates room for more employments and also contribute to national growth.

    According to him, “the current traditional Wholesale and Retail business as we have it today is generally unorganised. What e-commerce companies like Supermart.ng has done however is to organise the market such that consumers can get everything they want in just one spot. This makes them to buy more. This explains why supermart.ng has partnered with leading supermarkets and local markets to put up a one stop shop online with over 60,000 items including fresh food, foreign products, Nigerian ingredients, general groceries and baby products among others, which will be delivered to buyers in as early as three hours of order.”

    In order for this to be possible, a chain of different job roles have to function together. In the case of supermart.ng for instance, there are merchandisers who go out to take inventory of the products, there is also a team of personal shoppers who professionally picks the products and package them. After the packaging, there is a team of well-trained drivers who ensure that products are delivered in good condition to the buyers. A team of customer care attendants also exist to ensure that customers are satisfied with the service. In this way, e-commerce is creating jobs across industries including operations and logistics.

    In essence, the use of e-commerce in the diversification of the economy will not only increase revenue but will reduce unemployment through creation of multiple jobs.

  • Diversification: Experts canvass appropriate taxation

    Diversification: Experts canvass appropriate taxation

    How should Nigeria diversify its economy to save it from the effects of falling oil prices?

    Appropriate taxation is the answer if the economy must be diversified. This is the view of experts and operators in real sector.

    In separate interviews, some of them noted that states that find it difficult to pay salaries have                                                                                                                                              poor Internally-Generated Revenue (IGR), in addition to the non-remittance of their monthly allocation from the Federation Account due to the fall in global oil prices. They argued that appropriate taxation is a viable way of diversifying the economy.

    For instance, the former Minister of Industry and Deputy President, Lagos Chamber of Commerce and Industry (LCCI), Mrs Nike Akande, made a case for appropriate taxation, noting that in the face of dwindling revenue from the Federation Account and the failure of state governments to meet their obligations, there is the need to encourage individuals and corporate bodies to pay taxes.

    “Without adequate taxation the government would not be able to provide key infrastructure. Everybody that is in a position to pay tax should do so without prompting, that is the only way government can work. The challenging economic environment provides opportunity for innovative policies that should encourage people to pay their taxes and for government to reward those who are faithful to their civic responsibility,” Chief Akande said.

    Akande, who is also a tax ambassador for Lagos State, an award she got for her diligence in income tax payment, praised the state government for its innovative tax policies which resulted in exemplary governance and competitive infrastructure.

    She, however, cautioned that multiple taxations is unhealthy for the manufacturing sector, calling for the harmonisation of taxes among the various levels of government to create an enabling environment for businesses to thrive.

    She advised the government to support the ‘Buy Nigeria’ campaign, noting that it is the only way products can be more competitive and the local industries stimulated.

    Her words: “A lot of people are buying locally-made and designed fabrics now. If our local designers become more creative, more people will patronise them. When l was a minister, l made sure that l wore locally made fabrics in all my official engagements. l would wish that the government continues to promote the use of local fabrics. If you tax manufacturers without encouraging them to grow with innovative policies and supportive infrastructure, you will kill the local industries.”

    President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr Bassey Edem, also harped on the need to harmonise state and local government tax agencies that introduce spurious taxes inimical to the growth of businesses.  He said though he supports taxation, multiple and spurious taxation are injurious to business.

    He called for a stop to the exportation of raw materials. Rather, he said local industries should be encouraged  to use available local materials, add value to them and provide finished products that can earn foreign exchange.

    Edem further urged the government to invest in the energy sector by harnessing alternative sources of energy, such as wind, coal and solar, to improve electricity supply to support the manufacturing sector.

    President, Nigeria Association of Technology Incubation Entrepreneurs (NATIE), Mr. Duro Kuteyi, said manufacturers were not unwilling to pay taxes, but would want to be taxed fairly.

    Lauding the appointments at the Federal Inland Revenue Services (FIRS), he urged the government to look into the challenges facing Small and Medium Enterprises (SMEs) in terms of cost of infrastructure, multiple taxation and cost of funds.

    “Manufacturers are expecting a reduction in tax rates. We are also looking at the FIRS to have a window for us to discuss and for them to understand how the economy has dealt with the SMEs before now. Smuggling is killing the efforts of SMEs, big multinationals producing raw materials are also killing the SMEs by taking up their product and producing them en-masse. They should not also compete with SMEs in producing the same products because we cannot compete with them on spread, distribution network and financing,” he said.

    Kuteyi appealed to the government to address the challenge of power supply. According to him, fixed electricity charges on all sizes of SMEs are affecting operators severely. “They don’t want to listen. The government should really look at more protection for SMEs to thrive,” he added.

  • Diversification: Experts canvass appropriate taxation

    Diversification: Experts canvass appropriate taxation

    How should Nigeria diversify its economy to save it from the effects of falling oil prices?

    Appropriate taxation is the answer – if the economy must be diversified. This is the view of experts and operators in real sector.

    In separate interviews, some of them noted that states that find it difficult to pay salaries are those with poor Internally-Generated Revenue (IGR), in addition to the non-remittance of their monthly allocation from the Federation Account due to the fall in global oil prices. They argued that appropriate taxation is a viable way of diversifying the economy.

    For instance, the former Minister of Industry and Deputy President, Lagos Chamber of Commerce and Industry (LCCI), Mrs Nike Akande, canvassed the need for appropriate taxation, noting that in the face of dwindling revenue from the Federation Account and the failure of state governments to meet their obligations, there is the need to encourage individuals and corporate bodies to pay taxes.

    “Without adequate taxation the government would not be able to provide key infrastructure. Everybody that is in a position to pay tax should do so without prompting, that is the only way government can work. The challenging economic environment provides opportunity for innovative policies that should encourage people to pay their taxes and for government to reward those who are faithful to their civic responsibility,” Chief Akande said.

    Akande, who is also a tax ambassador for Lagos State, an award she got for her diligence in income tax payment, praised the state government for its innovative tax policies which resulted in exemplary governance and competitive infrastructure.

    She, however, cautioned that multiple taxations is unhealthy for the manufacturing sector, calling for the harmonisation of taxes among the various levels of government to create an enabling environment for businesses to thrive.

    She advised the government to support the ‘Buy Nigeria’ campaign, noting that it is the only way products can be more competitive and the local industries stimulated.

    Her words: “A lot of people are buying locally-made and designed fabrics now. If our local designers become more creative, more people will patronise them. When l was minister, l made sure that l wore locally-made fabrics in all my official engagements. l would wish that the government continues to promote the use of local fabrics. If you tax manufacturers without encouraging them to grow with innovative policies and supportive infrastructure, you will kill the local industries.”

    President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr Bassey Edem, also harped on the need to harmonise state and local government tax agencies that introduce spurious taxes inimical to the growth of businesses.  He said though he supports taxation, multiple and spurious taxation are injurious to business.

    He called for a stop to the exportation of raw materials. Rather, he said local industries should be encouraged use available local materials, add value to them and provide finished products that can earn foreign exchange.

    Edem further urged the government to invest in the energy sector by harnessing alternative sources of energy, such as wind, coal and solar, to improve electricity supply to support the manufacturing sector.

    President, Nigeria Association of Technology Incubation Entrepreneurs (NATIE), Mr. Duro Kuteyi, said manufacturers were not unwilling to pay taxes, but would want to be taxed fairly.

    Lauding the appointments at the Federal Inland Revenue Services (FIRS), he urged the government to look into the challenges facing Small and Medium Enterprises (SMEs) in terms of cost of infrastructure, multiple taxation and cost of funds.

    “Manufacturers are expecting a reduction in tax rates. We are also looking at the FIRS to have a window for us to discuss and for them to understand how the economy has dealt with the SMEs before now. Smuggling is killing the efforts of SMEs, big multinationals producing raw materials are also killing the SMEs by taking up their product and producing them en-mass. They should not also compete with SMEs in producing the same products because we cannot compete with them on spread, distribution network and financing,” he said.

    Kuteyi appealed to the government to address the challenge of power supply. According to him, fixed electricity charges on all sizes of SMEs is affecting operators severely. “They don’t want to listen. The government should really look at more protection for SMEs to thrive,” he added.

  • ‘Diversification of economy key to sustainable devt’

    Chief Executive Officer, Techno Quip Limited, Mr.Samson Makinwa has urged President Muhammadu Buhari to fulfill his promise to diversify the economy, arguing that with a significant percentage of mineral resources  in the country, there is no reason for it to be poor.

    He said since mineral and natural resources, including petroleum, natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc and arable land, are in large quantities in the country, all the government needed to do is to shift emphasis on oil and take advantage of other options.

    He said if the Federal Government would put measures in place to harness these potential, the country would make the list of richest countries of the world.

    The oil and gas sector accounts for about 35 per cent of gross domestic product (GDP) while petroleum export revenue represents over 90 per cent of total exports revenue, he said.

    Makinwa told The Nation in Lagos that the successive governments had failed to put in place sustainable plans to ensure a stable economy.

    He said: “I feel we can’t do any planning because we don’t know what we have; we don’t know how much we can get from the agricultural sector, solid mineral resources, industries, the film industry, tourism among others.”

    Stressing the need to diversify the nation’s economy, he advised the  Buhari administration to bring together stakeholders in the agricultural sector, including those in mining, manufacturing, and production and processing as well as the technological know-how, among others, to fashion out the means to exploit the abundant natural resources both for local consumption and export.

    He urged the government to make soft loans available, stressing that this would encourage private investment in the sector.

    He scored the performance of Nigeria Export Promotion Council and Solid Mineral Resources Boards low in the area of adding value to the economy.

    He advised the Council management to encourage investors by giving them free export licences and create solid mineral trade fairs which other countries would attend and see what the country has, adding the government really needs to do more than setting up a board.

     

     

     

    Again, Makinwa said that the country is losing so much by selling unrefined petroleum products to other countries adding that there are so many by-products that are sold along the crude that the buyers don’t pay for urging the government to prioritise refining of the crude product into the country so as to exploit the full potential

    Meanwhile, the company has embarked on securing loans to raise about 500 entrepreneurs in various skills including manufacturing, production and processing of agric products, arts and crafts, he informed

    Makinwa said he is collaborating with the Stanbic IBTC Bank Plc, Bank of Industry (BoI), and Bank of Agric (BoA), National Economic Reconstruction Fund, Enterprise Bank Fund for Entrepreneurs, Microsoft empowerment fund for young entrepreneurs and other financial institutions on non-interest loans for the people saying it is his own way of contributing to the economic growth of the nation

    Already, the company has secured loan for twenty five people out of the total number from various financial institutions in the sum of N1 million to N10 million and N150, 000 to N250, 000, he said.

    The company he said is into the manufacturing of milling machines, vertical drilling machines,  malt extract plant, sorghum grains, punching machines among others that are used to process agricultural products.

    The company he said also has machines for garri production, cassava, rice, malt, tapioca, mango fruit juice, pineapple fruit juice, and other agricultural products.

    According to him, each of the financial institutions is invited on monthly basis to train the entrepreneurs on the best way to invest their money adding that the Stanbic IBTC Bank Plc and the BoI, were invited to train them

  • LCCI seeks economy’s diversification

    LCCI seeks economy’s diversification

    • Plan trade fair in three venues, same day

    The Lagos Chamber of Commerce and industry (LCCI) has called on the Federal Government to diversify the income base of the economy by paying necessary attention to the non-oil sector, such as agriculture and solid minerals.

    LCCI President Mr. Remi Bello said the need to reposition the economy and correct its dependence on oil has become necessary to ensure that the nation earned more from agric commodities and the solid minerals sector.

    He spoke ahead of the public presentation  of the prospectus of the 2015 Lagos International Trade Fair holding from Friday November 6 to 15.  Its  the theme is “Enhancing value addition in the non-oil economy.”

    He said the daunting economic challenges facing the country are as a result of the fall in the global price of crude oil.

    Bello stated that 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. He regretted that already states of the federation are currently having challenges meeting their basic financial obligations.

    According to him, if the Nigerian economy is to survive and the country achieves industrialization, there is the urgent need to diversify its income sources. He said the Chamber is committed to drawing attention to the imperative of non-oil export and harnessing the nation’s human resources with modern technology to add value to the economy.

    Bello assured that the 2015 trade fair will provide a platform to not only identify these alternatives to oil but also draw attention to the opportunities that abound in value addition to enhance earning and profitability.

    The investment forum, which is planned to hold at the Muson Centre, Lagos, will provide additional resources for discerning business people, as the forum will serve as a master class and intellectual power house for all that is needed in exploiting the investment opportunities in the non-oil sector.

    LCCI, Chairman, Trade promotion Board, Dr. Micheal Olawale-Cole, in his remarks, said  the Chamber took another bold step by expanding the scope of the international trade fair with events billed to hold simultaneously at the Tafawa Balewa Square, Muson Centre and the Freedom Square-all on the Lagos Island.

    On the preparation to make the three venues a success, Olawale-Cole said “We are quite conscious of the enormity of the requirements and the challenges. We have therefore, formed alliances with competent individuals and organisations to improve our capacities. These added capacities will ensure that the 2015 Lagos International Trade Fair provides the necessary and desired dividends of a truly effective trade show with a corresponding positive effect on the economy.”

    Olawale-Cole said the three venues, all within walking distance of each other, creating a huge business hub in Lagos lsland within the ten-day fair period has become a reality. “We have therefore, opened the doors of the Lagos international trade fair to attract exhibitors from virtually all sectors of the nation,” he added.

    He said the fair is expecting a larger number than last year’s that recorded over 150,000 visitors, noting however, that last year’s fair was hampered by the Ebola scare, which prevented the Chinese delegation from being part of the fair.

    According to him, over 90 visitors came for business. He also promised a product diversification as over 70 per cent of last year’s exhibitors indicated interest to participate in addition to new businesses that have shown tremendous interest in participation.

    Olawale-Cole also promised that the electricity situation will improve while adequate care has been taken to provide security and other infrastructure services.