Lagos To Promote Commodity Export, Reduce Dependency On Oil

Lagos State Government has assured of its support to promote the export of locally-made goods, in a bid to reduce the nation’s dependency on crude oil.

Eko Hot Blog reports that the Commissioner for Commerce, Industry and Cooperatives, Dr. (Mrs.) Lola Akande gave the assurance when the leadership of the Chartered Institute of Export and Commodity Brokers of Nigeria (CIECOBON) paid a courtesy visit to the Ministry.

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She stated that Lagos, as the host of the two major sea ports in Nigeria, the Tin Can Island and Apapa Port Terminals, has a great role to play in promoting the export of Nigerian products while addressing the imbalance in the nation’s foreign trade.

Her words: “Governor Babajide Sanwo-Olu is very keen at encouraging increased export of locally made goods, which is why the government has extended numerous support, especially to the Micro, Small and Medium Enterprises (MSMEs) and provided platforms such as the MSMEs Exclusive Fair and others for entrepreneurs to showcase their products and services to the world”.

“I believe that Lagos has a major role to play in reducing the nation’s dependency on crude oil revenue and we will continue to work with organisations such as yours to achieve this,” she added.

Akande, who spoke through the Deputy Director, Commerce, Dayo Shobayo, averred that the role of the state government is to provide an enabling environment for businesses to thrive and encourage export through an export promotion committee in the ministry, which is collaborating with various stakeholders to position products and services in the state for increased export.

The President/Council Chairman of the Chartered Institute of Export and Commodity Brokers of Nigeria, Dr. Ayobami Omotoso, stated that the institute needs the support of the government to tap into the abundant opportunities in commodity brokerage and export.

He added that these will discourage informal export as the state and the people involved are losing great resources, stressing that the body requires the regulatory support of the ministry to standardise operations and ensure the orderly conduct of its businesses.

Omotoso stressed that most countries are focusing on export, and Lagos with its huge economic activities, stands a greater chance to be a big player in the nation’s export business, emphasising the need to concentrate on the production of organic products for easier compliance with regulatory provisions of the destination countries.

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According to a member of the National Working Committee of the Institute, Mr. Olatunji Bello, most of the producers, especially MSMEs, lack adequate knowledge in export education, which has not allowed some of them to take advantage of the foreign markets, saying the Institute can bridge the gap through theoretical and practical training it offers.

The Chartered Institute of Export And Commodity Brokers of Nigeria is an amalgamation of the Institute of Export Brokers of Nigeria and Commodity Brokers Association of Nigeria.

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