The Minister of Industry, Trade and Investment, Jumoke Oduwole, has stated that traders operating within the Lagos International Trade Fair Complex corridor contribute billions of naira to Nigeria’s Gross Domestic Product.

She described the axis as one of the most vibrant commercial hubs in West Africa.

Oduwole made the remarks during a visit to the complex in Lagos yesterday.

She also urged Nigerians operating factories overseas to consider relocating their manufacturing activities to Nigeria. The minister said this would help create jobs and strengthen local production.

According to the minister, the scale of commercial activities within the Trade Fair corridor is evident even without relying on official statistics.

“I may not need to track the figures in statistics to understand the level of activity here. I have seen it with my own eyes just by riding around this corridor.

“The trade you are doing is contributing to the Gross Domestic Product of Nigeria, ECOWAS and indeed the African continent. So you are very important to us.”

The minister acknowledged that much of the commercial activity within the complex operates within the informal sector. However, she noted that the scale and sophistication of the businesses involved are substantial.

“You are asking to be formalised. Yes, this is a highly informal sector, but that informality is not because you lack sophistication,” she said.

“I used to be a lecturer at the University of Lagos and I once carried out research around this area. I know that some of you prefer to operate under the radar. But many of you are moving billions of naira in international trade. You cannot convince us that informality means small scale. You are not small.”

Oduwole assured traders that the Federal Government would work with them to deepen formalisation and improve the business environment within the complex.

She also revealed that many traders operating in the Trade Fair corridor are industrial investors who own factories outside Nigeria. She urged them to consider shifting production to the domestic market.

“Some of you are industrialists. Many Nigerian investors own factories in other countries. But you should not be enriching other countries and creating jobs elsewhere when those opportunities can exist here,” she said.

Oduwole acknowledged several regulatory and logistics challenges raised by traders. These include multiple checkpoints along access roads and the activities of regulatory agencies such as the Nigeria Customs Service.

She noted that she had previously worked on ease-of-doing-business reforms for several years. She said she was familiar with many of the challenges affecting the corridor.

The minister said the Federal Government would work with traders and other tiers of government to address bottlenecks affecting the complex.