The Lagos International Trade Fair Complex Management Board (LITFCMB) has reiterated its commitment to sustaining a fair and lawful business environment for both Nigerian and foreign investors operating within the complex.
The Executive Director and Chief Executive Officer of the Board, Veronica Safiya Ndanusa stated this in a statement on Thursday, following the concern raised by the Auto Spare Parts and Machinery Dealers Association (ASPMDA) over activities of Chinese retail traders in the complex.
Ndanusa emphasised that Nigerian traders have over the years built their livelihoods within the market, stressing that concerns relating to fair competition, market access and regulatory compliance deserved attention.
She said the Agency was committed to creating an enabling environment for both local and foreign investors, in line with its mandate of promoting trade and investment, manage infrastructure and support the development of the complex as a commercial hub.
According to the LITFCMB boss, Nigeria’s openness to legitimate foreign investment and the protection of Micro, Small and Medium Enterprises (MSMEs) are not conflicting objectives, but complementary components of the country’s economic development agenda.
She said the business activities of both parties should complement each other and contribute to the nation’s broader economic goals, assisting the international communities operating lawfully within the complex that their investments, property and physical safety remain protected.
“Nigeria honours its bilateral trade agreements and continues to welcome foreign investors that operates strictly within our statutory framework,” she said.
The LITFCMB boss also appealed to ASPMDA members and youth representatives to remain calm and avoid taking laws into their hands, noting that the management was engaging stakeholders to find a lasting resolution to the issue.
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