•Says private sector remains economic backbone
•Opens 2025 Lagos Trade Fair
By Yinka Kolawole
President Bola Tinubu has announced that the Federal Government has attracted more than $5 billion in investments across the manufacturing, fintech, and energy sectors through deliberate policy actions over the past two years.
The president made this statement at the opening ceremony of the 2025 Lagos International Trade Fair (LITF), held yesterday at Tafawa Balewa Square (TBS) in Lagos. He emphasized that the private sector remains the backbone of the nation’s economy.
Represented by the Minister of State for Industry, Senator John Enoh, President Tinubu also commended the Lagos Chamber of Commerce and Industry (LCCI) for its consistent commitment to organizing the Fair over the years.
He stated: “Over the past two years, we have taken deliberate-sometimes difficult but necessary-steps, such as the removal of fuel subsidies and the unification of foreign exchange rates, to restore transparency and rebuild investor trust. We have also reformed the Presidential Enabling Business Environment Council (PEBEC), which has reduced business registration timelines, digitized port operations, and simplified regulatory procedures.”
The president added: “We have attracted $5 billion in new manufacturing, fintech, and energy investments through policy clarity and investor engagement. We have also empowered our young innovators, creative entrepreneurs, and digital exporters by implementing the Nigeria Startup Act.”
President Tinubu highlighted the expansion of Special Agro-Industrial Processing Zones (SAPZs), noting that farm produce is now being transformed into finished goods in states such as Kano, Ogun, Kaduna, and Calabar. This, he said, is helping to shift agriculture from subsistence to industrial scale.
While acknowledging ongoing challenges such as high inflation, energy deficits, and insecurity, he stressed:
“These challenges do not define the Nigerian story-our response to them does.”
Paying tribute to the private sector, which he described as the “real builders of the economy,” Tinubu praised the LCCI for its stewardship of the LITF for over six decades.
“To the private sector, large and small, you remain the backbone of this economy. You create over 90% of jobs. You power global exports. You continue to invest, innovate, and employ-even when conditions are harsh,” he said.
The president concluded by calling on both local and international investors, declaring that “Nigeria is open for business.”
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