MSMEs central to Lagos development agenda, says Sanwo-Olu

Governor Babajide Sanwo-Olu has said that supporting the growth of Micro, Small and Medium Enterprises (MSMEs) is central to the development agenda of Lagos State.

According to Sanwo-Olu, this is so because the MSMEs sector is critical to productivity, job creation, and economic stability.

He spoke at the opening of the first-ever Lagos MSMEs Exclusive and Eko Round City Trade Fair held at the National Stadium, Surulere, where he stressed the importance of MSMEs as an engine of economic growth.

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Represented by Abiodun Tobun, chairman, State House of Assembly Committee on Commerce, Cooperative, Trade and Investment, the governor said that Lagos was responsible for 30 to 35 percent of Nigeria’s Gross Domestic Product (GDP) with an estimated economic value of $259 billion, relying heavily on the daily output of thousands of MSMEs across its markets, industrial clusters and creative hubs.

He highlighted the contributions of local traders in Balogun and Alaba, fashion designers in Surulere and Yaba, tech innovators in Lekki and Ikeja, agro processors in Epe and Ikorodu, and countless artisans and professionals whose work sustains the state’s competitiveness.

“This is why my administration considers support for MSMEs not as a side programme, but as a central pillar of our development agenda.

“We are renewing a clear commitment to those who keep the Lagos economy moving — the thousands of small businesses that create value in every street, market and industrial cluster across our State,” Sanwo-Olu said.

The governor said the trade fair presents an opportunity for over 3,000 MSMEs to showcase their products and services, expand their markets and gain visibility.

He added that through the Lagos State Employment Trust Fund (LSETF), about 40,000 MSMEs have received financial support while approximately 200,000 direct and indirect jobs have been created since the inception of the initiative.

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Folasade Bada Ambrose, the state commissioner for commerce, cooperative, trade and investment, said the business community remains the engine of Nigeria’s commercial growth, and Lagos, home to over 20 million residents and thousands of enterprises, continues to implement reforms that strengthen market access for MSMEs.

She noted that the state has invested in market development, industrial hubs, enterprise support programmes and initiatives that promote local production to reduce overdependence on imported goods.

According to her, the fair will empower artisans, petty traders, informal-sector players and micro-businesses to grow their enterprises through increased exposure, capacity building and improved commercial linkages.

Fuad Oki, chairman of the trade fair, likened it to a bridge between the government and the grassroots. He also noted that the fair marks a new chapter of empowerment for small businesses and demonstrates what partnership and shared purpose can achieve

SENIOR ANALYST - LABOUR/LAGOS STATE

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