Nigeria – The Lagos Chamber of Commerce and Industry (LCCI) has called on the sectors of the government at all levels to reinforce efforts on bettering the creation of a business enabling environment in the country.
The President of LCCI, Dr. Michael Olawale-Cole gave the call at the closing ceremony of the 2022 Lagos International Trade Fair held on Monday.
Olawale-Cole stated, “It is our hope that the governments at all levels would continue to address the issues of enabling environment in the country, especially as regards infrastructures, insecurity, and right policies to fix the key drivers of high inflation.
“We need to do these in order to fully harness the huge enterprising resource of domestic and foreign investors for the diversification of our economy and the welfare of our people.”
He added that, despite the numerous challenges that go with hosting a large exhibition like this, we have endeavoured to ensure a hitch-free and successful fair.
He thanked President Muhammadu Buhari and the Lagos State Governor, Mr Babajide Sanwo-Olu, saying “we applaud the disposition and commitment of Lagos State Governor to the promotion of close collaboration between the State government and the Organised Private Sector in Lagos.”
Speaking, Lagos State governor, Mr Babajide Sanwo-Olu lauded the astounding resilience of participants especially the Small and Medium Scale Entrepreneurs, “whose level of participation at the annual exhibition has remained very strong despite the prevailing business environment.”
According to Sanwo-Olu, the theme of this year’s fair, “Connecting Businesses, Creating Value,” is a wake-up call for every entrepreneur, as it is a powerful strategy to grow a business and overcome the challenges present in every business environment globally. He believed that business owners and investors have taken due notice of this.
Sanwo-Olu noted that “the realities of the time have placed on us the responsibility of creating and harnessing opportunities through improved private sector participation to accelerate economic growth, create more jobs for our teeming youths and enhance our revenue generating capacity.
“We will continue to work hard and implement innovative and creative ideas driven by technology to meet expectations and the aspirations of Lagosians for a Greater Lagos that is functional, productive safe, secure and provides limitless opportunities for all.”
According to the commissioner for Commerce, Industry and Co-operatives, Mrs Lola Akande, the foundation of any business is value creation. It is what distinguishes a brand from rivals, ensures long-term client loyalty, and gives the brand a unique meaning through the solution it offers.
“Without creating value for business, its unique offering will be lost, among other commodities, to the target market,” she said.
She emphasized how important it is to comprehend value creation and how to link firms in this unstable economic environment stating there is a need for purposeful and meaningful involvement with important stakeholders to better grasp the benefits of networking in business.
“This can form a basis for continuous assessment of the benefits, and development of strategic roadmap towards its long term implementation, while drawing on the strength of e-commerce or digital marketing. These will help to reduce overhead cost, increase profit and create more wealth among other benefits,” she said.
