FG pledges AfCFTA leadership amid regional rivalries
The federal government has pledged to spearhead the future of the African Continental Free Trade Area (AfCFTA) initiative, even as competition intensifies with regional economic powerhouses.
President Bola Ahmed Tinubu made this known on Friday at the 39th edition of the Lagos International Fair 2025 (LITF), organised by the Lagos Chamber of Commerce and Industry (LCCI), described AfCFTA as the most ambitious economic project in modern Africa, creating a market of 1.4 billion people and a GDP of 3.4 trillion.
“We must not only participate in it, we must lead it,” said the President, who was represented by John Enoh, minister of State for Industry, Federal Ministry of Industry, Trade and Investment (FMITI).
“This fair provides the partnerships, conversations and networks that will take Nigeria products, from textiles to technology, cocoa to creative arts, to every corner of the continent and beyond,” he said.
“As you network, trade, and showcase your work, remember that every product made in Nigeria is a statement of confidence and every partnership formed here is a step toward shared prosperity,” he added.
The President also declared that the country is open for business, affirming that the country was restructuring to ensure policies stability and clarity, investor engagements and transparent incentives for manufacturers, exporters and small businesses.
He noted that his administration has attracted at least $5 billion in new manufacturing, fintech and energy investments since he came on board two years ago.
He also said that the Presidential Enabling Business Environment Council (PEBEC) reforms which were carried out, have reduced business registration timelines, digitised port operations and simplified regulatory procedures.
He assured businesses of digitised ports, one-stop shop for permits, smarter taxation, and faster dispute resolution.
In his keynote address, Babajide Sanwo-Olu, Lagos state governor who was represented by Folashade Ambrose-Medebem, the State’s commissioner for Commerce, Cooperatives, Trade and Investment, hailed the city as a microcosm of Africa’s entrepreneurial spirit and a place where commerce thrives against all odds.
Stressing that in a bid to support commerce, trade and investment, he said the state has simplified investment procedures through one-stop business facilitation centre, strengthened land and trade documentation processes and improved access to transparent data for investors.
Noting that the state is also expanding its industrial zones and clusters which he said are fast becoming magnets for local and foreign investors, he said this will ensure that manufacturers, exporters and service providers operate in well-serviced, secure and cost-efficient environments.
He went on to reveal that over 50,000 MSMEs have received direct financial support in the last two years, with most of them growing to become exporters, franchise owners and major value-chain players.
Urging the exhibitors to treat the fair as a launchpad for enterprise, trade and commitment to shared prosperity, he called for more investments into the state, adding that the state was always willing and ready to support trade and investment in every possible way.
Speaking about the fair, Gabriel Idahosa, president of LCCI, said the fair, was an incubator of ideas and a catalyst for commerce.
Idahosa stated that it was an opportunity for enterprises to showcase resilience-driven solutions, explore synergies, and drive sustainable growth in Nigeria and the wider region.
He lauded the Federal and state governments for their participation, saying government’s participation is a tangible demonstration of its commitment to empowering the private sector to produce for local consumption and export.
The LCCI president urged Nigerian businesses and entrepreneurs to network with international exhibitors, initiate distributorship deals, and foster trade agreements to enhance their business value chains and diversify their product offerings.
