President Olusegun Obasanjo hasreiterated the
commitment of the federal government to ensure the development of the Small
and Medium-Scale Enterprises (SMEs) through the diversification of the
economy.
The president, who made this commitment on
Friday at the opening ceremony of the 2004 Lagos International Trade fair at
the Trade fair complex, Badagry Expressway, said �Nigeria will grow when
small businesses grow.�
He called for the support of the private sector
to ensure that government�s reforms were successful, especially with regards
to the National Economic Empowerment Development Strategy (NEEDS).
The president, who was represented by the
Minister of Commerce, Alhaji Idris Waziri, lamented that the over reliance
of the nation on crude oil had been the bane of the economy.
He therefore, urged the private sector to
embrace greater creativity and innovation that would encourage exports �and
make our goods competitive in the global market rather than just being
comparative.��
The President of the Nigerian Association of
Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), Chief John
Odeyemi, in his address frowned on the over reliance on a single product,
crude oil.
He lamented that this had exposed the economy
to shocks and stress leading to policy inconsistency because of the volatile
nature of the world crude oil prices.
�Moreso, it is no longer a hidden fact as
empirical analysis had shown that the country spends a huge chunk of her
hard earned foreign exchange on importation of goods and services that would
rather have been produced and provided locally,�� he said.
He said the theme of this year�s fair:
�Facilitating Economi Diversification in Nigeria��, was not only timely but
embracing, considering the mono-cultural nature of the Nigerian economy.
Odeyemi stressed that the only option open to
facilitate economic growth in the country �is economic diversification��.
Earlier in a welcome address, the President of
the Lagos Chamber of Commerce, Chief Olusola Faleye, stressed the need to
develop the non-oil economy saying: �it is more inclusive and integrated.��
Faleye said in contrast, exclusiveness, poor
economic linkages, limited multiplier effects and widening gap in income
distribution characterised the oil economy.
�It is important for us to appreciate these
fundamental dynamics of the Nigerian economy in order to be able to
construct policies that would ensure sustainable economic development,��
Faleye said.
He called the attention of the federal
government to the huge cost of staging the fair by the chamber since
returning to the permanent site at Badagry Expressway.
He said the chamber had to spend million of
naira to build more facilities such as rehabilitating more buildings.
Faleye therefore, urged the federal government
to come to the aid of the chamber by reimbursing the amount spent on the
fair.
NAN reports that the 10-day fair, which will close on Nov 14,
started today with over 90 per cent of the exhibitors already present, while
some others are still erecting their stands.
