Tinubu urges Nigeria to turn economic stability into prosperity at Lagos Trade Fair

Opening remarks at the 40th Lagos International Trade Fair

President Bola Tinubu spoke at the launch of the 40th edition of the Lagos International Trade Fair on 9 November 2026, an event hosted by the Lagos Chamber of Commerce and Industry (LCCI) at Tafawa Balewa Square in Lagos. The president was represented by Senator John Enoh, Minister of State for Industry, who delivered the speech on his behalf.

According to Tinubu, the administration is focused on converting the benefits of current reforms into economic well-being by fostering business activity, industrial expansion, and broader commerce. He described the recent period as one of “stability” and called for a shift toward stimulating production, creating jobs and expanding business opportunities.

Economic indicators and achievements

During the address, Tinubu highlighted several economic statistics that the administration cited as evidence of improving fundamentals:

External foreign currency reserves increased to approximately $55.This figure reached 07 billion dollars in October 2026, marking the peak level recorded over the past 18 years. * Net reserves exceeded $40 billion, up from less than $4 billion in 2023. * Inflation fell to 14.63 percent in September 2026. * The economy grew by 4.43 percent in the second quarter of 2026.

He also noted that non‑oil exports surpassed $6.1 billion in 2025, while capital importation reached roughly $21 billion.

Focus on domestic production and value addition

The head of state emphasized that long-term economic expansion should be powered by home-grown manufacturing and value creation instead of depending on imported goods. He described the National Industrial Policy as a strategic guide for boosting production, enhancing local supply networks, and processing Nigeria's natural resources into completed goods.

The president revealed that the Ministry of Industry, Trade and Investment, along with its affiliated bodies, provided assistance to over 115,000 micro, small, and medium enterprises (MSMEs) during 2025. He pledged continued efforts to improve MSMEs’ access to finance, electricity and markets, and described industrial and trade policies as complementary.

International participation and future events

Exhibitors from more than 20 countries were welcomed at the fair. Tinubu declared that Nigeria will serve as the inaugural venue for the Intra-African Trade Fair in 2027, a collaboration with Afreximbank.

Why it matters

The figures presented by Tinubu illustrate the trajectory of Nigeria’s economy after a period of instability. The rise in external reserves and the fall in inflation suggest a stabilising macro‑economic environment. The emphasis on MSME support and industrial policy signals a shift toward diversification and value‑added manufacturing, which could create jobs and reduce import dependence.

The announcement of the 2027 Intra‑African Trade Fair indicates a strategic move to deepen regional trade ties under the African Continental Free Trade Area (AfCFTA), potentially opening new markets for Nigerian goods.

What happens next

While the speech outlined policy priorities, no specific dates or detailed implementation plans were announced. The next steps will likely involve the Ministry of Industry, Trade and Investment rolling out programmes to support MSMEs and to advance the National Industrial Policy, as well as preparations for the 2027 Intra‑African Trade Fair in partnership with Afreximbank.