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LCCI harps on value addition to non-oil exports for economic development

By BusinessNews Staff on June 25, 2015

The Lagos Chamber of Commerce and Industry (LCCI), ‎Tuesday called on managers of the Nigerian economy to harness the nation’s human resources with modern technology, to add value to non-oil export that will result in improved earnings for the country.

The President, LCCI, Alhaji Remi Bello, said that the nation is currently witnessing daunting economic challenges as a result of the fall in the global price of crude oil, adding that for a country like Nigeria that had over the years depended almost entirely on oil to fund its economy, a fall in crude oil price, poses dire and frightening implications to her economic development.‎

Bello during ‎the public presentation of the prospectus of the 2015 Lagos International Trade Fair scheduled to hold from Friday November 6 to Sunday November 15, 2015, tagged: “Enhancing value addition in the non-oil economy”, stressed the need for not only identifying the alternatives to crude oil, but also giving exposure to the opportunities that abound in value addition to enhance earning and profitability.

He said the public presentation of the prospectus is also coming on the heels of the chamber’s introduction of two trade venues to facilitate corporate exhibitions, business to business meetings and boost the rapidly growing Nigeria’s creative industry.

He stated that with this move, the chamber has opened new vista of opportunities, especially in the non-oil sector of the economy for indigenous and foreign investors to tap the inherent huge benefits.‎
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“Our investment forum, which is planned to hold at the Muson Centre during the fair, on the theme of the fair, will also provide additional resources for discerning business people, as thee forum will serve as a master class and intellectual power house for all that is needed in exploiting the non-oil investment opportunities in Nigeria,” he added‎

“Many States of the federation are currently having challenges meeting their basic financial obligations. It is therefore imperative that if the Nigerian economy is to survive, achieve economic independence, industrialisation, there is‎ an urgent need to diversify our sources of income, “he said.

According to him, Nigeria must exploit other God-given resources at its disposal to achieve economic prosperity, pointing out that a country rich in numerous natural resources is more than enough to support massive agricultural development for economic diversification.

He said as a public policy advocacy and trade promotion organisation, the chamber has over the years played significant role in ensuring a conducive environment for businesses in Nigeria, maintaining that through the fair, it has built economic and commercial linkages between indigenous and foreign businesses.

“These achievements we intend to sustain, with an even better delivery of value. We are committed to ensuring that the fair remains the biggest and the best in Nigeria and possibly in Africa,” he said.

Earlier, the Chairman, Trade Promotion Board, LCCI, Dr. Michael Olawale-Cole, spoke on the same view, calling the need for government to diversify the income base of the Nigerian economy by paying necessary attention to other non-oil sectors like agriculture, solid minerals, domestic production and industrialisation.

He pointed that with the theme of the fair, the chamber wishes to draw attention to the need for repositioning the nation’s economy and correct its dependence on oil.

He added that in creating the new segments and venues, the chamber is quite conscious of the enormity of the requirements and the challenges, saying that LCCI has formed alliances with competent individuals and organisations to improve its capacities.

“These 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 Nigerian economy,” he said.

[ThisDay]

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