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 (GDP). She described the corridor as one of the most active and economically significant commercial hubs in West Africa, noting that the volume of trade carried out in the area plays a major role in supporting both local and regional economies.
Oduwole made this known during an official visit to the complex in Lagos, where she also encouraged Nigerian business owners who currently run factories outside the country to consider relocating their production facilities back to Nigeria. According to her, domestic manufacturing will help create employment opportunities, strengthen the local supply chain, and increase the nation’s industrial capacity.
The minister explained that the level of business activity within the Trade Fair corridor is obvious even without consulting official economic data. She said that simply moving around the area shows how large the commercial operations have become and how much value they generate daily.
Oduwole acknowledged that a large portion of the businesses within the complex still operate in the informal sector. However, she emphasized that the informal nature of the sector does not mean the traders lack experience, knowledge, or financial strength.
She recalled that during her time as a lecturer at the University of Lagos, she conducted research around the Trade Fair area and observed that many traders intentionally operate quietly despite handling very large volumes of international transactions. She said that some of the businesses move billions of naira through global trade networks, proving that informality does not mean small-scale operations.
She also revealed that several traders within the Trade Fair corridor are not only merchants but also industrial investors who own factories in other countries. She urged such investors to consider establishing their production plants in Nigeria instead of overseas, stressing that local production will help the country retain wealth and create jobs for citizens.
According to her, Nigeria should not lose opportunities for industrial growth when the same investors have the capacity to build and operate factories within the country.
During the visit, traders also raised concerns about several operational challenges affecting business activities in the corridor. These include multiple checkpoints along access roads, delays in cargo movement, and regulatory issues involving agencies such as the Nigeria Customs Service.
Oduwole said she understands many of these difficulties because she previously worked on ease-of-doing-business reforms for several years. She added that the government is aware of the bottlenecks affecting the Trade Fair corridor and will collaborate with traders, regulators, and other levels of government to find lasting solutions.
She assured stakeholders that improving infrastructure, reducing unnecessary checkpoints, and strengthening cooperation between agencies will remain part of the government’s efforts to make the complex more business-friendly and globally competitive.
The minister concluded that the Lagos Trade Fair corridor remains a strategic economic zone whose growth has direct impact on Nigeria’s GDP, regional commerce, and industrial development across Africa.
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