The Lagos State Government has reiterated its commitment to standardising the auctioneering sector in the state.
The government, joined by major stakeholders in the sector, also called for proper regulation and an improved operational environment to fully tap the potential of the business.
Speaking at an interactive session with representatives of the Chartered Institute of Auctioneers and National Association of Auctioneers held at the weekend at the Secretariat, Alausa, the Permanent Secretary, Ministry of Commerce, Industry and Cooperatives, Mrs Adetutu Ososanya, stated that the standardisation of auction business would be mutually beneficial to the state and the practitioners.
She said: “The state government came up with the Auction Law to protect practitioners and ensure only licensed professionals are engaged for auctioneering.
“Since the passage of the Law, the ministry has been engaging various stakeholders starting with Ministries, Departments and Agencies and the local government councils.”
Ososanya reiterated the commitment of the ministry to working closely with all stakeholders in the auctioneering sector, expressing optimism that the collaborative efforts would not only lead to a more robust and profitable auctioneering business, but also contribute significantly to the state’s economic development.
She, therefore, charged practitioners to support the government to ensure sustainable growth and success of the auctioneering industry in Nigeria.