Sanwo-Olu ends LITF with call for survival strategy
By Felicia Nwosu
After 10 days of an engaging and exciting exhibition filled with remarkable sales, the annual Lagos International Trade Fair (LITF) has ended with a clarion call from Mr. Babajide Sanwo-Olu, the Lagos State Governor, who urged business owners to reinvent the wheel and adapt to new challenges while staying true to their objectives.
This year’s edition came to a close as the governor charged business operators to develop the ability to effectively lead change and navigate through the prevailing uncertainties.
Speaking at the fair venue, Tafawa Balewa Square, Babajide Sanwo-Olu, who was represented by his Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, re-echoed the urgency for every business owner to devise a new business model amidst economic fluctuations and brace for more challenges.
“Because of the local and global economic challenges, businesses must adapt to various economic variables for survival and prosperity, while building an internal mechanism to face more challenges ahead.
“At the crux of this is the unrelenting commitment to combine factors of production to create marketable value that can be converted to wealth. You know it is not that simple, but with determination, it is truly the surest way to navigate the current economic headwinds,” the governor said.
He noted that businesses must devise means to adapt to the current inflationary pressure driven by soaring commodity prices and persistent supply shortages, to enable them weather the economic turbulence.
Sanwo-Olu also promised that, to navigate the economic challenges and forge a path to prosperity, the Lagos State Government, through the Ministry of Commerce, Cooperatives, Trade and Investment is willing and ready to interface with businesses by creating a friendly environment and enhancing the ease of doing business in the state.
The President of the Lagos Chamber of Commerce and Industry, Michael Olawale-Cole, pointed out the uniqueness of this year’s outing which recorded tremendous success for both the exhibitors and shoppers. The LCCI president explained the need to fully harness the huge enterprising resources of domestic and foreign investors for the diversification of the economy and the welfare of the people.
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