The Lagos International Trade Fair Complex Management Board (LITFCMB) has reiterated its commitment to sustaining a fair, lawful and conducive business environment for Nigerian and foreign investors operating within the complex.
The Executive Director and Chief Executive Officer of the Board, Veronica Safiya Ndanusa, gave the assurance in a statement issued following concerns raised by the Auto Spare Parts and Machinery Dealers Association (ASPMDA) over the activities of Chinese retail traders operating within the complex.
Ndanusa acknowledged that Nigerian traders had, over the years, built their livelihoods around the market, stressing that concerns bordering on fair competition, market access and regulatory compliance deserved appropriate attention.
She reiterated the Board’s commitment to creating an enabling environment for both local and foreign investors in line with its mandate to promote trade and investment, manage infrastructure and support the development of the complex as a major commercial hub.
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She said that Nigeria’s openness to legitimate foreign investment and the protection of Micro, Small and Medium Enterprises (MSMEs) were not conflicting objectives but complementary components of the country’s economic development agenda.
“The business activities of both parties should complement each other and contribute to the nation’s broader economic goals,” she said.
She also assured international investors and other foreign businesses operating lawfully within the complex that their investments, property and physical safety remained protected.
“Nigeria honours its bilateral trade agreements and continues to welcome foreign investors that operate strictly within our statutory framework,” she said.
The LITFCMB chief executive further appealed to members of ASPMDA and youth representatives to remain calm and refrain from taking the law into their own hands.
She said the management was engaging relevant stakeholders with a view to finding a lasting resolution to the concerns surrounding the activities of foreign retail traders within the complex.
Ndanusa urged all parties to maintain peace and pursue dialogue, stressing the importance of ensuring that commercial activities within the Lagos International Trade Fair Complex remained consistent with applicable laws and regulations.
The development comes amid growing concerns among local traders over competition and the participation of foreign nationals in retail activities within the complex.
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