President Bola Tinubu told delegates that Nigeria’s next economic priority is to translate the gains of ongoing reforms into prosperity through enterprise, industrial growth and expanded trade. He made the remarks at the opening of the 40th Lagos International Trade Fair, held at Tafawa Balewa Square in Lagos, where the event was organised by the Lagos Chamber of Commerce and Industry.
Speaking on behalf of the government, Minister of State for Industry Senator John Enoh highlighted the progress made in stabilising the economy. Tinubu said the emergency was over, the foundation had been repaired, and the focus must now shift to stimulating production, creating jobs and expanding business opportunities.
The president cited a number of economic achievements to support his message. Gross external reserves rose to about $55.07 billion in October 2026, the highest level in 18 years, while net reserves exceeded $40 billion, up from less than $4 billion in 2023. Inflation fell to 14.63 percent in September 2026, and the economy grew 4.43 percent in the second quarter of 2026.
On trade, Tinubu noted that non‑oil exports reached $6.1 billion in 2025, while capital imports were about $21 billion. He expressed optimism that Nigerian businesses could leverage the African Continental Free Trade Area (AfCFTA) to access wider markets, but stressed that sustainable growth must be driven by domestic production and value addition rather than import dependence.
The president described the National Industrial Policy as a roadmap for strengthening manufacturing, deepening local value chains and converting Nigeria’s raw materials into finished products. He added that the Ministry of Industry, Trade and Investment and its agencies supported more than 115,000 micro, small and medium enterprises in 2025, and pledged continued efforts to improve their access to finance, electricity and markets.
Tinubu welcomed exhibitors from more than 20 countries and announced that Nigeria would host the Intra‑African Trade Fair for the first time in 2027, in partnership with Afreximbank. He concluded that the task now is to turn stability into prosperity, with enterprise at the heart of that endeavour.
<small>Source: Vanguard News — read the original story there.</small>
