Key players in Nigeria's business landscape, including Lagos State Governor Babajide Sanwo-Olu and Minister of Industry, Trade and Investment Jumoke Oduwole, have urged full implementation of local content policies to grow Small and Medium Enterprises (SMEs).
Speaking at the 16th National Council on Industry, Trade and Investment meeting in Lagos, Sanwo-Olu, represented by Dr. Olugbemiga Aina, said Nigeria must act on years of policy recommendations to truly diversify its economy and empower local manufacturers.
"We must convert brilliant ideas into measurable results. Diversification demands implementation and accountability," he said.
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Oduwole added that President Tinubu is laying strong foundations to shift the economy from oil dependence, stressing that economic diversification requires strong synergy between federal and state governments.
Minister of State John Ewan Onoh echoed their concerns, noting that Nigeria spends $10 billion annually on imports while SMEs contribute less than 20% to the GDP. "It's time to shift from policy talk to real action. SMEs need financing and support to thrive," he said.
The call is clear: grow local, support SMEs, and drive Nigeria's economic transformation.
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