Governor Ademola Adeleke of Osun State has emphasized Nigeria’s vast potential for industrial growth, pointing to the country’s abundant human and natural resources as key drivers for achieving industrialisation.
Speaking at the 2024 Lagos International Trade Fair’s Osun State Special Day, the governor, represented by Bunmi Jenyo, the state’s commissioner for commerce and industry, urged regional collaboration in maximizing the nation’s economic opportunities.
Adeleke noted the promising industrial prospects within Nigeria’s economy, particularly for the South-West region, which he said should be proactive in harnessing these opportunities.
“The South-West must strive to tap into the vast opportunities that abound across sectors of the Nigerian economy,” he asserted, encouraging regional stakeholders to focus on key areas including tourism, information and communication technology (ICT), agriculture, and automobile production.
The governor highlighted the diverse economic sectors ripe for investment, such as chemicals, agro-processing, mining, textiles, and leather, which he believes could serve as major revenue streams for the South-West.
With a significant productive population and a vast market for goods and services, Adeleke argued that the region is strategically positioned to boost industrial development.
Adeleke pointed to the African Continental Free Trade Area (AfCFTA) agreement as a critical avenue for industrial growth, saying, “We must, therefore, use our resources to build our industrial potential, which is one of the important objectives of Africa Continental Free Trade Area (AFCFTA).”
He advocated for effective policy implementation to support industries and manufacturing, aiming to generate millions of jobs and drive economic growth across the region.
The governor also underscored the role of Micro, Small, and Medium Enterprises (MSMEs) in fostering trade under AfCFTA, particularly within the South-West, which he described as a crucial commercial hub.
“Osun, being a commercial region, should not be left behind in the attraction of investments in the commercial and industrial sectors,” he added.
Osun State, he said, is rich in natural and agricultural resources yet to be fully harnessed, with the state government actively working to restore its commercial prominence.
Adeleke stressed the government’s commitment to creating an environment conducive to business, which he believes will solidify the state’s industrial ambitions.
Gabriel Idahosa, president of the Lagos Chamber of Commerce and Industry (LCCI), supported Adeleke’s vision by highlighting the chamber’s dedication to tackling issues like revenue mobilisation, debt sustainability, and economic diversification.
He described the Lagos International Trade Fair as a valuable platform for states to promote investment opportunities, noting that in many developed countries, regional governments play pivotal roles in economic production and growth.
