Trade minister Jumoke Oduwole promises infrastructure upgrades, tax reforms, and stronger government-business collaboration at West Africa’s largest commercial hub….
Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, has pledged Federal Government support to help formalise thousands of businesses operating around the Lagos International Trade Fair Complex, one of the country’s busiest commercial corridors.
The minister made the commitment on Wednesday during a visit to the sprawling trading hub in Lagos, where she met with market leaders, investors, and representatives of several business associations.
Oduwole said the government intends to work closely with traders to address long-standing issues such as infrastructure gaps, logistics challenges, and multiple taxation that have affected businesses in the area.
According to her, the scale of commercial activity at the complex demonstrates its strategic importance not only to Nigeria but also to the broader Economic Community of West African States (ECOWAS) market.
“Even while driving around, the level of activity here is remarkable,” she told traders during the meeting. “The various associations and the volume of trade happening here are certainly among the largest in West Africa.”
She noted that the trading activities within the corridor contribute significantly to Nigeria’s gross domestic product and support commerce across the West African region.
Despite the size and sophistication of many businesses operating in the complex, Oduwole observed that a large portion of the sector still operates informally.
She said this informality does not reflect the true scale of the businesses involved, many of which are engaged in high-value international transactions.
“You are begging to be formalised,” the minister said. “This is a highly informal sector, but it is not because you lack sophistication. Some of you may prefer to stay under the radar, but you are moving billions of naira across borders.”
Oduwole said the government will work with stakeholders to gradually integrate these enterprises into the formal economy while ensuring that regulations and policies support business growth rather than hinder it.
Key areas of focus will include addressing regulatory bottlenecks, improving logistics systems, and upgrading infrastructure within the trade corridor.
The minister also encouraged traders who operate manufacturing facilities abroad to consider relocating production to Nigeria in order to create jobs and strengthen the country’s industrial base.
“Many of you are industrialists,” she said. “Some of you own factories in other countries. We cannot continue to create jobs for others when those investments can be made here.”
She added that the government is ready to support local manufacturers through partnerships that promote backward integration—allowing businesses to produce goods locally, sell domestically, and export to regional markets.
Oduwole also emphasised that the administration of Bola Ahmed Tinubu is prioritising domestic investors as part of its broader economic strategy.
According to her, creating a supportive environment for local entrepreneurs is essential before the country can successfully attract foreign investment.
“Before we talk about bringing in foreign investors, we must first look at how we treat and support our own domestic investors,” she said.
During the engagement, traders raised concerns about the operational challenges they face in the area, particularly the high number of security checkpoints and the poor condition of infrastructure along the trade corridor.
Chairman of the Board of Trustees of the Balogun Business Association, Okechukwu Ezeibe, said excessive checkpoints along the access roads are adding to operational costs for businesses.
“If you look at the road leading here, we have about 34 checkpoints from one end and 53 from the other,” Ezeibe said, noting that these delays increase transportation expenses that are eventually passed on to consumers.
He also criticised the deteriorating infrastructure in the area, arguing that traders who contribute billions of naira in taxes have seen little improvement in roads, lighting, or power supply.
“We are paying huge amounts in taxes but have not seen basic infrastructure such as bridges, streetlights, or transformers,” he said.
Ezeibe called for sustained dialogue between the government and the business community to address these issues and revive commercial activities in the area.
Responding to the concerns, Oduwole acknowledged the challenges and promised that the government would work with federal, state, and local authorities to ease congestion and improve infrastructure along the corridor.
She revealed that she personally experienced the traffic conditions during her visit and recognised the impact they have on businesses.
“Time is money,” the minister said. “Without this level of traffic and with better roads, more people would come here and more trade would take place.”
Oduwole also assured traders that their complaints about multiple taxes and levies would be addressed through efforts to harmonise tax structures across different levels of government.
As part of efforts to maintain engagement with the business community, she proposed regular meetings between the ministry and business associations operating within the complex.
According to the minister, quarterly engagements will help both sides track progress and ensure accountability in implementing agreed reforms.
“This is the beginning of building trust,” she said. “Every quarter we will meet, set goals, measure progress, and hold ourselves accountable.”
Earlier, the Executive Director of the Lagos International Trade Fair Complex, Veronica Nadanusa, described the facility as one of Nigeria’s most important commercial centres.
She noted that the complex plays a crucial role in facilitating trade, supporting entrepreneurs, and hosting major exhibitions and business events that attract participants from across Nigeria and beyond.
Nadanusa said the minister’s visit provided an opportunity to highlight the challenges facing the complex while also presenting plans to revitalise the facility and position it as a modern trade hub capable of meeting global standards.
About the Author
