Lagos To Increase Commodity Exports, Reduce Reliance On Oil

In an effort to lessen the country's reliance on crude oil, the Lagos State Government has pledged its support to encourage the export of items created in the region.

During a courtesy visit from the leadership of the Chartered Institute of Export and Commodity Brokers of Nigeria (CIECOBON), the Commissioner for Commerce, Industry, and Cooperatives, Dr. Lola Akande, provided the assurance.

She ssid that Lagos, which is home to Tin Can Island and Apapa Port Terminals, two of Nigeria's main seaports, has a significant role to play in encouraging the export of Nigerian goods while resolving the imbalance in the country's foreign commerce.

“Governor Babajide Sanwo-Olu is very keen at encouraging increased export of locally made goods, which is why the government has extended numerous support, especially to the Micro, Small and Medium Enterprises (MSMEs) and provided platforms such as the MSMEs Exclusive Fair and others for entrepreneurs to showcase their products and services to the world”.

“I believe that Lagos has a major role to play in reducing the nation’s dependency on crude oil revenue and we will continue to work with organisations such as yours to achieve this,” she added.
 
Speaking through Dayo Shobayo, the deputy director of commerce, Akande asserted that the state government's responsibility is to create an environment that fosters business growth and promotes exports through the ministry's export promotion committee, which works with various stakeholders to position goods and services in the state for increased export.

According to Dr Ayobami Omotoso, President/Council Chairman of the Chartered Institute of Export and Commodity Brokers of Nigeria, the organisation requires government assistance to take advantage of the many potentials in commodity brokerage and export.

The state and those involved are losing significant resources, he continued, and this would discourage informal export.

He emphasised that the ministry's regulatory support is necessary for the body to standardise procedures and ensure the smooth functioning of its companies.

Omotoso emphasised the need to concentrate on the production of organic products in order to more easily comply with the regulatory requirements of the destination countries, saying that since the majority of countries are focusing on export, Lagos stands a greater chance of being a major player in the country's export business.
 
Olatunji Bello, a member of the Institute's National Working Committee, asserts that the majority of producers, particularly MSMEs, lack adequate knowledge in export education, which prevents some of them from taking advantage of international markets.

He claims that the Institute can close this gap through the theoretical and practical training it provides.

The Institute of Export Brokers of Nigeria and the Commodity Brokers Association of Nigeria have combined to form the Chartered Institute of Export And Commodity Brokers of Nigeria.