Tinubu: Nigeria Must Stop Trading Without Producing, Build Export-driven Economy

Dike Onwuamaeze President Bola Ahmed Tinubu has stated that Nigeria’s trade and industrial policies were designed to reverse the trend whereby the country’s participation in international trade is characterised by trading without production and buying and selling other countries’ goods. President Tinubu stated this yesterday at the Tafawa Balewa Square, Lagos, during the official opening ceremony of the 40th edition of Lagos International Trade Fair (LAIF) with the theme ‘Connecting Businesses, Creating Value’. The trade fair, which will run from November 6 to November 15, 2026, is being organised by the Lagos Chamber of Commerce and Industry (LCCI). Delivering the fair’s keynote address, Tinubu, who was represented by the Minister of State, Federal Ministry of Industry, Trade and Investment (FMITI), Senator John Owan Enoh, explained that Nigeria’s industrial policy and its trade policy are two halves of one strategy and not two separate agendas. He said, “Trade without production is merely buying and selling other people’s work. “True growth comes when we make things here, when we add value here and when we employ people here. “That is why the Federal Executive Council has approved the Nigeria Industrial Policy (NIP), which gives us a clear roadmap to strengthen manufacturing, to deepen local value chains and turn our raw materials into finished goods.” He added, “Our industrial policy and our trade policy are not two separate agendas. They are two halves of one strategy. And neither can succeed without the other. “Industry gives us something to sell. Trade gives us somewhere to sell it. A factory with no access to markets will close its gates. “A trade agreement with nothing to export only opens our markets to other nations’ goods, which is why industry, trade and investment sit together under one ministry, working towards one set of goals. “The Nigerian industrial policy works hand in hand with the trade policy for Nigeria and the Nigerian investment policy.” He said that industrial parks and special economic zones are serving Nigeria’s export corridors so that when it negotiates under the African Continental Free Trade Area with global partners, it “bargains for the sectors we are building at home such as textiles and garments, automotive parts, pharmaceuticals and creative industries.” The President of LCCI, Mr. Leye Kupoluyi, in his welcome address said that the 40th edition of the LITF attracted over 1,000 exhibitors, brought producers closer to consumers, introduced emerging businesses to new customers and enabled relationships across industries and borders. Kupoluyi said that behind every exhibition stand is a story of an entrepreneur who took a risk, a manufacturer who invested in production, a team that developed a solution, or a business seeking its next opportunity. He said, “These stories give the fair its purpose. Our responsibility is to help turn participation into commercial relationships, stronger enterprises and lasting economic value.” In her goodwill message, the Chief Executive Officer of Zenith Bank Plc, Dr. Adaora Umeoji, said that the fair has held its place as a meeting point for buyers, sellers, manufacturers, and investors from across Africa and beyond. Umeoji said, “Trade creates transactions. Growth comes when that transaction is financed and scaled. Global connection is what allows a business in Lagos to find a buyer in Accra, a supplier in Nairobi, and a partner in London.” She declared that Zenith Bank is proud to serve as the official banker of this fair for the year 2026, as well as 2027 and 2028. “Our partnership reflects our confidence in Nigerian enterprise and in the small and medium-sized businesses that keep this economy going. “To manufacturers, traders, and service providers here, we salute your enterprise. To our international exhibitors and visitors, we welcome you to Lagos,” she said. The Regional Director for Anglophone West Africa, African Export and Import Bank (AFREXIMBANK), Mr. Kudakwashe Matereke, commended the LCCI for sustaining the trade fair for 40 years, adding that Afeximbank is a proud partner of the chamber in advancing Africa’s trade agenda. Matereke said, “This fair is, therefore, an important step on the road to Intra-African Trade Fair 2027, and we look forward to building on that momentum together with the chamber and the government of Nigeria.”