LAGOS TO EXTEND MSMEs SECTO’S REACH IN THE STATE

Mr. Babajide Olusola Sanwo-Olu, the governor of Lagos State, has declared that his administration is intentionally implementing policies to establish the necessary support system for Micro, Small, and Medium-Sized Enterprises in the State to achieve their export goals to Africa and other markets.

In his keynote speech at the 8th Edition of the Lagos State MSMEs Exclusive Trade Fair, which opened on Tuesday in Ikoyi, Lagos, the governor revealed this today.

The Governor said that this is meant to boost citizen well-being, boost business productivity, and put the state on the path of sustainable economic growth through Deputy Governor Dr. Kadri Obafemi Hamzat’s speech.

“By establishing the State Technical Working Group on AfCFTA, which includes representatives from the public and private sectors, our administration has already demonstrated its preparedness for the next phase,” he said. Furthermore, the state is going above and beyond in order to find fresh chances for value chain development and diversification that are made possible by the Agreement, as well as the complementary measures required to remove the current barriers to intra-African trade.

In order to facilitate the export of MSMEs’ products, he continued, his administration will establish a cluster for specific exportable products and provide the necessary framework, including working with pertinent Federal Government agencies.

The Governor commented on the fair’s theme, “Empowering MSMEs for AFCFTA Excellence through Sustainable Economic Growth,” and called it significant because it directly relates to the administration’s call to action to transform and position the State as a 21st-century economy in accordance with the T.H.E.M.E.S Plus Agenda and the Federal Government’s economic diversification agenda.

He pointed out that as a result of Nigeria’s entry into the AfCFTA, which has the potential to revolutionise the African economy, the government has an obligation to set MSMEs up for success by giving them access to the resources and knowledge necessary to increase the AfCFTA’s ability to stimulate intra-African trade.

He continued by saying that this will have a special effect on the State’s and the Nation’s exports to African nations, raising them by ten to fifteen percent in the near future. He also mentioned how this will greatly boost Nigeria’s GDP, of which Lagos State’s economy is a subset.

Additionally, he believed that his administration had continued to support the state’s infrastructure needs, access to finance through its agencies, and market access through the yearly MSMEs Exclusive Trade Fair and other exhibitions. These services were all part of his administration’s responsive and responsible governmental role. He stated that the goal of these initiatives is to help company owners and entrepreneurs overcome obstacles that impede their ability to access markets, obtain financing, produce goods, and transport them throughout the State.

The Lagos MSMEs Exclusive Trade Fair, according to the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, is unquestionably proof of the Governor Babajide Olusola Sanwo-Olu administration’s steadfast dedication to the ongoing development of Micro, Small, and Medium-Sized Enterprises in the State.

The Commissioner continued by saying that the current administration has continued to give priority to initiatives that aim to strengthen MSMEs’ capacities, encourage entrepreneurship, and create an environment that is conducive to sustainable growth. This is because they are recognised as the engines of innovation, employment creation, and poverty alleviation.

She went on to say that by supporting MSMEs in the state, the government is not only empowering local companies but also establishing the groundwork for Lagos State to develop into a centre for trade and investment in the region. She also mentioned that the success of the AfCFTA depends on our companies’ ability to successfully compete on a bigger scale, and that a strong MSME sector is thought to be essential to achieving this.

The Commissioner continued, saying, “We anticipate economic growth and development that goes beyond Lagos State.” We support the country’s overall economic prosperity, the creation of jobs, and the fight against poverty by strengthening the capabilities of our MSMEs. A thriving MSME sector will boost output, draw in both foreign and domestic capital, and establish Lagos as a key player in the continent’s economy.