President Bola Tinubu says enterprise-driven growth is key to turning Nigeria’s improving economic stability into sustainable prosperity through increased production, investment, trade and job creation.
Tinubu said this on Friday in Lagos while declaring open the 40th Lagos International Trade Fair, organised by the Lagos Chamber of Commerce and Industry (LCCI).
Represented by the Minister of State for Industry, Sen. John Enoh, the President said the Federal Government’s economic reforms had begun yielding results.
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This, he said, made it imperative to convert the gains into tangible improvements in the productive sector.
He said the country’s gross external reserves stood at approximately 55.26 billion dollars as of October, the highest level in 18 years, while net reserves had risen above 40 billion dollars from less than one billion dollars in 2023.
Tinubu added that headline inflation had declined to 14.63 per cent in September from above 34 per cent at its peak, while the economy grew by 4.43 per cent in the second quarter.
He, however, acknowledged the difficulties associated with the reforms, expressing appreciation to Nigerians for their patience and sacrifices.
“When the emergency is over, the foundation has been repaired and our task now is to turn stability into prosperity, and enterprise is at the heart of that task,” he said.
The President said the administration was pursuing economic diversification by strengthening non-oil exports and creating opportunities for Nigerian producers to access international markets.
He disclosed that Nigeria’s non-oil exports exceeded 6.1 billion dollars in 2025, while capital importation reached approximately 21 billion dollars.
According to him, the figures indicate growing investor confidence and opportunities for Nigerian businesses to expand their reach.
Tinubu said the African Continental Free Trade Area (AfCFTA), with a potential market of 1.4 billion people, presented significant opportunities for Nigerian enterprises.
He stressed the need for improved product standards, faster customs clearance and the removal of trade barriers to enable local businesses to compete effectively within the continental market.
The President emphasised that sustainable economic growth required increased domestic production and value addition rather than dependence on trading in finished goods produced elsewhere.
“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,” he said.
He said the Federal Government’s Nigeria Industrial Policy provided a roadmap for strengthening manufacturing, deepening local value chains and converting raw materials into finished products.
Tinubu explained that industrial, trade and investment policies were complementary, noting that manufacturing provided goods for trade, while access to markets created opportunities for industrial expansion.
“Our industrial policy and our trade policy are not two separate agendas. They are two halves of one strategy.
“Industry gives us something to sell. Trade gives us somewhere to sell it,” he said.
He identified agro-processing, textiles and garments, automotive components, pharmaceuticals and creative industries as priority sectors for expanding domestic production and exports.
The President also described Micro, Small and Medium-sized Enterprises (MSMEs) as critical drivers of economic growth, saying the Federal Ministry of Industry, Trade and Investment and its agencies supported more than 115,000 enterprises in 2025.
He assured businesses of continued government efforts to improve access to finance, electricity and markets, disclosing that ministerial roundtables had been organised to address challenges relating to energy and affordable long-term financing.
Tinubu said growth must also be inclusive, with opportunities extended to women entrepreneurs, young innovators and artisans.
He urged exhibitors to maximise the fair’s business-to-business and business-to-government platforms to secure commercial contracts, establish partnerships and attract investments.
He encouraged Nigerian businesses to embrace digital trade and e-commerce to reach international buyers and sustain commercial relationships beyond physical exhibitions.
Gov. Babajide Sanwo-Olu of Lagos State said the state was working to strengthen its position as a centre for production, innovation, investment and exports.
Sanwo-Olu was represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folasade Ambrose-Medebem
Sanwo-Olu said the Lagos State Industrial Policy 2025–2030 provided a framework for a more competitive and sustainable industrial economy.
He disclosed that the Lagos State Export Readiness Programme, implemented in partnership with Afreximbank and ImpactHer, had supported 253 small and medium-sized enterprises to prepare for international markets.
President of LCCI, Mr Leye Kupoluyi, said the 40th edition of the fair represented four decades of connecting producers with consumers, facilitating partnerships and helping businesses access new markets.
He called for improved electricity supply, accessible finance, efficient logistics, security and predictable government policies to create an enabling environment for businesses.
Kupoluyi said the fair, featuring more than 1,000 exhibitors from over 20 countries, would provide opportunities for networking, market expansion and commercial partnerships.
The 10-day fair has the theme: “Trade, Growth and Global Connection”.
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