FIC Report (Lagos State) – Nigeria’s economic reforms have drawn $5 billion in new investments in manufacturing, fintech, and energy, the Federal Government has said, as the country aims to take a leading role in the African Continental Free Trade Area (AfCFTA).
President Bola Ahmed Tinubu, speaking through the Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, announced this on Friday during the opening of the 2025 Lagos International Trade Fair (LITF). The fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), carries the theme: “Connecting Businesses, Creating Value.”
Senator Enoh, representing the President, stressed that Nigeria must not only participate in AfCFTA but also lead it. He said nations that act with clarity and courage are the ones that shape the future.
“$5 billion in new investments in manufacturing, fintech, and energy have been attracted through clear policies and active engagement with investors,” he said. “Distinguished captains of industry, members of the diplomatic corps, entrepreneurs, innovators, and exhibitors from across Nigeria, Africa, and the world, it is with renewed optimism that I declare open the 2025 Lagos International Trade Fair.”
The President highlighted the importance of the fair as a symbol of Nigerian enterprise, creativity, and resilience. He added that the global economy is changing, and countries that respond with clear and courageous strategies will define the next decade.
On his administration’s economic reforms, Tinubu said, “Over the past two years, we have taken deliberate, sometimes difficult but necessary steps, including fuel subsidy removal and foreign exchange unification, to restore transparency, rebuild investor trust, and place Nigeria on a sustainable fiscal path.”
He acknowledged the challenges the country faces but emphasized that “challenges do not define the Nigerian story. Our response to them does.” Tinubu also invited investors to Nigeria, promising stable policies, honoured contracts, transparent incentives for manufacturers, exporters, and SMEs, digitised ports, one-stop business permits, smarter taxation, and faster dispute resolution.
Lagos State Governor Babajide Sanwo-Olu described the trade fair as more than an exhibition, calling it “a marketplace of ideas, a theatre of innovation, and a crucible for partnerships that will shape the economic future of our state and nation.” He encouraged investors from Africa, Europe, Asia, and the Americas to “invest here, produce here, trade here,” praising Lagos for its speed, connectivity, youthful population, and resilience.
In his welcome address, LCCI President Gabriel Idahosa thanked the federal and state governments for their support, noting that government participation demonstrates commitment to empowering the private sector to produce for local consumption and export. He said the fair also provides a platform for states and federal agencies to showcase investment opportunities and development initiatives.
Idahosa added that the 2025 LITF, running from November 7 to 16, will highlight Nigerian entrepreneurship and innovation, as well as global economic partnerships. He noted that this year’s edition introduces a multi-exhibition format, allowing visitors to explore various sectors in a single vibrant location.
“I welcome everyone to the 2025 Lagos International Trade Fair. May this event spark new ideas, create lasting partnerships, and demonstrate the power of unity in driving economic transformation,” he concluded.
Signed
Gloria Dawodu
CI&PRO
